Online sales of artworks are rising as technology becomes more advanced
The art world takes a giant step forward by giving artists an online presence through virtual galleries
Virtual art galleries have taken the internet by storm in recent years. While major international art fairs such as the globally renowned Art Basel and Frieze art fairs, and emerging art fairs such as the Asia Contemporary Art Show which is held twice a year, bring together artists and galleries from around the globe for easy viewing and access for interested clients looking to buy, the general consensus seems to be that it is no longer enough.
According to industry experts, online channels are offering avenues for emerging artists and new buyers to interact with established artists, sellers and buyers. As trust and technology grow, so does the level of interest in this new way of buying art.
"There is a fundamental issue with the industry we are in," says Mark Saunderson, director and co-founder of the Asia Contemporary Art Show. "There are far too many artists than galleries to represent them. Often artists just miss out on opportunities to be represented.
"In Hong Kong, as is typical of any other major art ecology, galleries will do around 10 shows a year. The show gets put on and then put off very quickly, [and then] the works end up back in storage," he adds. "Before the internet, the artworks will [spend a lot of time] in storage. The internet offers a very significant opportunity to expose the artworks to those who are interested."
John Auerbach, international managing director of digital and e-commerce initiatives for international auction house Christie's, agrees: "As the global client base for collecting art and luxury goods grows, online is the only practical way to meet the demand, given the physical capacity constraints of travelling exhibitions and salerooms."
It is undeniably a growing trend. According to The Hiscox Online Art Trade Report 2015, published by British art insurers Hiscox, "the evolution of online art sales means that the value of the global online art market has risen from just US$1 billion in 2013 to an estimated US$2.64 billion this year [2015]".
Online art sales can be split into two categories. The first type of online sales began as a natural development with modern consumer trends - clients would view and inquire about pieces found on a website before the artworks are taken offline and replaced by the traditional method of the seller inspecting the artwork in person. The second, more evolutionary method of online art purchase is conducted solely through virtual means.
The 2015 report focused on the latter "click-and-buy", online-only purchase of art. In the report, Robert Read, head of fine art for Hiscox, acknowledged this type of online platform faces challenges as the world continues to embrace the trend.