Online art galleries are trending
According to the Hiscox Online Art Trade Report, the online art market grew 9.8% in aggregate in 2018 to $4.64 billion. There are indications that current buyers are buying more online. The estimated average future growth rate for the online art market is 15% per year. Based on this growth trajectory, the online art market is expected to be worth $9.32 billion by 2024. The surge in digital tech has revolutionized careers and businesses. The art market’s shift to e-commerce has experienced phenomenal growth due to the ease in viewing and purchasing art through online art galleries. In the U.S., over the past five years, the Online Art Sales industry has grown by 5.1% to reach revenue of $2bn in 2019. In the same timeframe, the number of businesses has grown by 5.4% and the number of employees has grown by 5.3%.