Hiscox online art trade report 2020
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Hiscox online art trade report 2020
PART ONE: THE ONLINE ART TRADE
Cover artwork: Ann Craven, Heart of Gold #1, 2009 | 11 x 8 1/2 inches, Zerox Print Edition for White Columns, 2009 | Edition #10 of 50 plus 10 APs Courtesy of the artist, Southard Reid, London and White Columns, New York
INTRODUCTION1
KEY FINDINGS
2
ONLINE ART SALES
4
ONLINE ART SALES GROWTH AND BREAKDOWN
5
OUTLOOK FOR THE NEXT 12 MONTHS
7
TOP AUCTION HOUSES ADAPT TO COVID-19
8
INDUSTRY CONSOLIDATION
10
THE FUTURE OF THE ONLINE ART SALES MARKET
12
TIMELINE14
FROM EVOLUTION TO REVOLUTION?
16
ONLINE ART SALES TRENDS AND FINDINGS
18
METHODOLOGY26
COMPANY PROFILES
27
Introduction
Hiscox online art trade report 2020
1
THIS YEAR THE
Will coronavirus (COVID-19) be
ONLINE ART TRADE
the catalyst to finally ignite a
REPORT IS GOING
spluttering online art market?
TO BE PRESENTED
It is the question all art market
DIFFERENTLY; WE
twitchers are asking.
WILL BE PRODUCING
A SHORTER VERSION I could sit here on the fence and
FOLLOWED BY FURTHER find good reasons to say yes, no
UPDATES DURING THE or maybe. I am going for a bold yes,
YEAR, WHICH WILL
hopefully not as the result of cabin
ALLOW US TO BETTER fever having been locked away so
TRACK DEVELOPMENTS long. The main reason is that social
IN THE MARKET AND
distancing is here to stay for long
SHARPEN OUR FOCUS enough that it will change how
ON SPECIFIC TRENDS. we buy art as well as many other
things. No longer will we have the
joy and pain of crowded art fairs
and gallery openings. Dealers will
have to find new ways to create the
buzz that makes us have to buy
NOW, lest we dwell and lose yet
another treasure that we can't live
without. I am not sure how, but I
am sure they will.
As always I hope you find this report useful as we wait with baited breath to see what happens next, in the immortal words of Captain Jean-Luc Picard "Things are only impossible until they are not".
Robert Read Head of Art and Private Clients Hiscox
2
Hiscox online art trade report 2020
Key findings
1Period: from 1 January 2020 to 28 June 2020.
ONLINE SALES STALL BUT 2020 range of growth patterns; while
COULD BE A PIVOTAL YEAR
Heritage Auction posted a 0.5%
decline in sales in 2019, online-only
Online art and collectible sales
auctions at Sotheby's grew 55%.
stalled in 2019 generating an
We have also seen failures, with
estimated $4.82 billion ? up 4%
Paddle8 filing for bankruptcy in
from 2018. Growth in this market March 2020.
has steadily declined in recent
years, falling from 12.5% in
CHRISTIE'S, SOTHEBY'S AND
2017 to 4% in 2019.
HERITAGE PASS $1 BILLION
IN ONLINE SALES
However, pure online-only auction
sales by Christie's, Sotheby's and Sales at these three auction houses
Phillips generated $370 million in increased from $636 million in 2015
the first half of 20201, which was
to $1.0 billion in 2019 ? a 58%
which was more than five-times
increase (equivalent of 12.1%
higher than the same period
annual compounded growth).
in 2019.
The COVID-19 crisis has significantly
The COVID-19 crisis forced the accelerated online sales, with
art world into an abrupt lockdown Sotheby's reporting a 131% increase
and with little warning, online
in the number of lots sold online so
became the sole promotion and far this year (May 2020) and a 74%
sales channel for much of the
increase in average price compared
industry. With the majority of
to 2019. Heritage Auction reported a
platforms surveyed expecting 10% increase in online sales for the
the pandemic to have a positive first five months of the year.
impact on the online market in
the longer term, could this be
BIG GALLERIES COULD EMERGE
the moment the art world finally AS KEY ONLINE PLAYERS
embraces digital technology?
Some 63% of online platforms
RAPID GROWTH IN
expect existing art market operators
`OTHER COLLECTIBLES'
such as galleries to emerge as big
online players when they finally get
At 32%, fine art accounted for
to grips with digital technology. Over
the largest share of online art and the last months we have seen many
collectibles sales ? some way
galleries embracing technology
behind watches and jewellery (23%). from online private viewing rooms to
`Other collectibles' such as stamps virtual reality. However, some of the
and memorabilia now account
big galleries, such as David Zwirner
for a quarter of online sales, and
and Hauser & Wirth have taken the
as traditional auction houses in
concept of online gallery platforms
particular look to attract younger to another level, by offering smaller
collectors, we expect to see a
galleries and art fairs the opportunity
greater focus on this segment.
to exhibit and sell utilising their
technology platforms, and basically
A MARKET ON DIFFERENT
turning these major galleries into
GROWTH PATHS
third-party online sales platforms.
Online platforms display a broad
Hiscox online art trade report 2020
3
COULD THIS BE THE MOMENT THE ART WORLD FINALLY EMBRACES DIGITAL TECHNOLOGY?
CONSOLIDATION AND CONVERGENCE
A large majority (67%) of platforms think the online art market will be dominated by a few global players within the next five years. While the ten biggest platforms globally account for approximately 68% of the total online market, some of those surveyed (48%) think disruption from an outsider is a real possibility. The tougher market conditions imposed by COVID-19 could speed potential consolidation up, or even trigger an acquisition spree among the stronger players, including traditional auction houses keen on building a stronger online presence.
4%
online sales growth in 2019, but COVID-19 has been rapidly driving sales online.
63%
of online platforms expect major galleries to emerge as big online players.
48%
of online platforms believe disruption from an art market `outsider' is very likely in the next five years.
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