Online art market sales continue to grow and reached $10.2 billion in 2021 (compared to $4.64 billion in 2018), and are estimated to be $10.8 billion in 2022.
The tough economy is having an effect with 30% of all art buyers saying that they will buy less in the next 12 months, because they have less disposable income. This was higher among younger art buyers (32%) and new art buyers (35%).
Trust grew in the online art market during the pandemic. Although fewer people bought art online in 2022 (78% compared to 85% the previous year), the number was still considerably above pre-pandemic levels (44% in 2019). More than half (51%) of art buyers said that their confidence and interest in buying art online art had increased during the pandemic.
Instagram increases its dominance with an ever-increasing share (74%) of art buyers are using Instagram, up from 71% in 2022. The platform’s use was even higher (84%) among young art buyers.
Facebook’s role for the art world has diminished every year, and in 2023 only 12% said they would frequently use it for art-related purposes, down from 17% in 2022, and 52% in 2015.
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