China’s financing and investment spread across 61 BRI countries in 2023 (up...
2024-02-27 31 英文报告下载
The growth of online sales has been one of the most important developments in the art market over the last two years. While e-commerce was already steadily advancing prior to the onset of the COVID-19 pandemic, despite the substantial contraction of sales overall in 2020, online art sales reached their highest-ever recorded level of $12.4 billion, doubling in value from 2019. As businesses, events, and travel were restricted from operating, the pivot to online communications and sales became critical for many businesses’ survival. Traditional galleries and auction companies increased their engagement in digital sales and marketing, and collectors began to use e-commerce in a more mainstream way. Art fairs’ online viewing rooms (OVRs) and a variety of third-party platforms also expanded the range of digital options for sales within the art market.
While some of this expansion was undoubtedly a knee-jerk reaction to the particular context, growth continued in 2021, and most businesses in the art market, having invested more in their online presence and e-commerce functionality, maintained strong online sales alongside their return to live sales and exhibitions. Both dealers and auction houses on aggregate reported a smaller share of online sales in 2021 (discussed in Chapter 2 and 3), but the overall growth in values meant that the online market continued to expand, increasing by a more moderate 7% in 2021 to an estimated $13.3 billion.In 2020, the growth in online sales in the art market meant that its share of e-commerce (at 25%) exceeded that of aggregate global retail for the first time, at 18%.
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