Going Digital: Evolution of the Art Gallery
Ever since the pandemic, more and more art collectors are turning to online markets to make their purchases. Here’s why you should join them.
Online Art Sales by the Numbers
The global COVID-19 pandemic has significantly impacted the landscape of art sales, leading to a sharp increase in online sales. In 2018, online art sales totaled $6 billion—a record-breaking figure at the time. By 2021, that number had more than doubled to $13.3 billion. Online sales were already on the rise before the pandemic, but the inability to pursue in-person sales during lockdown accelerated this trend and led to many traditional art galleries expanding their infrastructure for digital transactions. Online art sales have fallen slightly from their peak in 2021, but are still much higher than pre-pandemic levels, with 2022 online art sales totaling $11 billion. While the worst years of the pandemic are behind us, it is safe to say that the trend of online art sales is here to stay.
This shift in the market is also reflected in the changing perceptions of art buyers. In 2014, only 40% of art buyers in one survey were making online art purchases; however, by 2022, that figure had risen to 78%. While 56% of art buyers in 2014 preferred to buy art in physical gallery spaces rather than online, the online sales boom during COVID-19 has increased buyers’ confidence in the legitimacy and staying power of online art spaces. 51% of buyers said the COVID-19 pandemic made them more interested in buying art online and more confident in the online art market.
Online art buyers prioritize several factors when looking to make a purchase. The ability to easily search for and locate pieces and artists they are interested in was key for 85% of online art buyers in 2023. Another element that was important to 85% of buyers is the availability of detailed background information about the artist. Buyers want to be able to research the history and significance of a piece before they commit to buying it, which can be easily done on an online platform. The most important feature of online purchasing from a buyer’s perspective is price transparency; 91% of buyers reported that a clearly labeled price and displayed history of past prices was critical to their experience of buying art online. This aspect marks a shift from the in-person gallery experience, where buyers often have to seek out a gallerist to tell them the price of a work they are interested in. Art buyers today know what they want, and are increasingly confident that they will be able to achieve their goal from an online experience.
Offline Galleries: The Traditional Way
In order to understand why art sales have shifted toward online platforms, it is helpful to understand the traditional gallery experience that has existed since long before the internet was invented. Many buyers enjoy attending art gallery events in person for the social aspect of meeting fellow art lovers, especially before the advent of social media. These events provided a curated experience where potential buyers could have a special night out while browsing for their investments. Gallery attendees also appreciate the physical connection with the art and the ability to see the texture and scale of pieces in person. These pros of the gallery experience have kept buyers coming for decades.
However, offline galleries also have their drawbacks. They often have limited availability, with buyers having to wait for events on a certain date to buy pieces from artists they are interested in. There are also geographical limitations--a buyer in a rural area will most likely not be able to invest in art pieces that are only sold at gallery events in faraway cities. Even if they are in close proximity to a gallery, many buyers find the in-person experience intimidating if they don’t know many people in the art world or aren’t familiar with the conventions within it. To add to the intimidation factor, galleries often lack price transparency, and a face-to-face conversation about pricing with a gallerist can become awkward for a buyer if the price of a desired work does not match what they had envisioned. Due to the overhead costs of running a physical space, galleries often have to compensate by raising the prices of their artwork, increasing the likelihood of sticker shock for an interested buyer. The gallery experience is special and memorable, but it is not for everyone--especially in today’s economy.
Online Galleries: A New Frontier
While physical art galleries still exist today and are enjoyed by many, there are many reasons why online platforms have been trending upward in recent years. Convenience is a major factor that online buyers value. With only a few clicks, they can browse art collections from a variety of artists to choose a piece that perfectly aligns with their taste, style and budget. Busy individuals do not have to worry about planning time in their schedule to shop for art from limited collections they may not actually resonate with. Online platforms also contain a large amount of information about the artist and their work, making buyers feel informed about and connected to their purchase. Finally, online art galleries offer both lower prices and increased transparency about pricing. Online art spaces have democratized the market and made art investment more accessible for those who wish to pursue it.
Online art buying does have its cons, which buyers should also be aware of. One element of the gallery experience that online markets can’t deliver is the ability to see pieces in person. Although online platforms can improve the experience with high-quality photographs and visualization software, some buyers may feel that the in-person experience just can’t be replicated. Additionally, the amount of choices when buying online may feel overwhelming to some people who would rather pick from a smaller pool of curated art pieces.
With all of this information in mind, buyers can make an informed decision about how they want to go about making their purchases. For those who prefer a curated experience and have a larger budget to work with, traditional gallery shopping may still be ideal. However, for anyone who prioritizes convenience, transparency, and a high amount of affordable options, the online art market is worth looking into.
