Research

Introduction

An online art gallery is a digital platform that provides artists with an opportunity to showcase and sell their artwork to a global audience. In recent years, the growth of e-commerce and the increasing popularity of online shopping has led to the rise of online art galleries. This market research report aims to provide insights into the online art gallery industry, including market size, growth potential, and key trends.

Market Size and Growth Potential

According to a report by Art Basel and UBS, the global art market was valued at $67.4 billion in 2018, with online sales accounting for 9% of the market share. The report also estimated that the online art market would grow to $9.6 billion by 2023. Another report by Hiscox found that online art sales grew by 4% in 2020 despite the COVID-19 pandemic, highlighting the resilience of the industry.

Target Audience

The target audience for an online art gallery includes art collectors, art enthusiasts, and interior designers. According to a report by ArtTactic, the average age of online art buyers is between 35-54, and they spend an average of $5,000 per year on art purchases. Additionally, ArtTactic found that 50% of online art buyers are based in the United States, making it the largest market for online art sales.

Key Trends

One of the key trends in the online art gallery industry is the rise of artificial intelligence (AI) and virtual reality (VR) technology. Online art galleries are using AI and VR to create immersive experiences for customers, allowing them to preview artworks in their homes or offices before making a purchase. Another trend is the increasing use of social media and influencer marketing to promote artwork and engage with potential buyers.

Sources

Art Basel and UBS, "The Art Market 2019"

Hiscox, "The Online Art Trade Report 2021"

ArtTactic, "The Online Art Market Report 2020"

Forbes, "The Top Art Trends For 2021"

The Guardian, "Will virtual reality art galleries change the way we experience art?"