Online Sales
In 2023, the art market continued to evolve in terms of transaction methods and value distribution across different channels. After a significant increase in e-commerce during the pandemic, the market has stabilized into a dual mode of operations, with online sales maintaining a substantial share even as live exhibitions and art fairs have resumed.
Online sales, which had doubled to $12.4 billion in 2020, continued to grow, reaching a peak of $13.3 billion in 2021. Although online-only sales fell to $11 billion in 2022 as live events returned, they rebounded in 2023 to $11.8 billion, a 7% increase from the previous year. This level is nearly double the size of the market in 2019. Online sales encompass transactions made by galleries, dealers, and auction houses through their websites, online viewing rooms, other platforms, or via email without in-person viewing or presale contact.
The share of online-only sales increased to 18% of the total art market turnover in 2023, up 2% year-on-year, though still below the 25% peak in 2020. This share is double that of 2019 and aligns more closely with other industries.
While most high-priced transactions still occur offline, data from the fine art auction sector in 2023 showed that over 95% of online-only auction transactions were for prices under $50,000. Additionally, 58% of the value of online-only fine art auctions came from sales under $50,000, and over 85% from sales under $250,000.
Surveys of high-net-worth (HNW) collectors in 2023 indicated that while price remains a key factor for viewing art in person, many collectors are increasingly comfortable with online transactions. The majority (65%) of those purchasing from dealers did so through online-only, sight-unseen transactions, and these accounted for just over one-third of their total spending through dealers and galleries.
Online channels have become a crucial entry point for new buyers. Most online sales by dealers in 2023 were to new buyers, highlighting the importance of digital channels in attracting new participants to the market.
Chart showing the online sales in the art market and their share of the total market from 2019 to 2023. The blue line represents the online sales in billion dollars, while the green line shows the share of online sales as a percentage of the total market.
