Great news for enthusiasts, purveyors, and collectors that love art. There is an increase in online art auctions and platforms around the world making the medium more accessible for everyone via technology.
Online art sales had reached US$3.6 billion in 2014, about 6% of all worldwide sales, according to The European Fine Art Foundation (TEFAF). This figure represents an increase from US$2.8 billion in the previous year (5% of global sales). These figures match TEFAF growth estimates of online sales at a minimum rate of 25% per annum.
In the global art market report released by TEFAF in 2013, the report states that “the price level at which people are comfortable to purchase online is slowly moving up, as new generations of collectors become involved.” Founders of online art platforms from Asia agree.