Keeping up with market trends is critical for any business venture or industry. Market experts often recommend consumers and retail owners to keep an ear to the ground in order to stay competitive and informed about the future of every industry. If you are in the retro pop art industry, therefore, it is imperative to be aware of the direction that the industry seems to be taking. What should we expect in 2019 and the coming years, especially in the online art market?
Well, according to the latest Hiscox report, the online art industry has grown significantly in the recent years. From 2013 to date, impressive sales have been recorded. For example, in 2013, the art sales stood at $1.5 billion. In 2014, the sales rose to $2.6 billion, and the following year, it was $3.2 billion. In 2016, the sales improved to $3.8 billion. 2017 saw the highest sales ever recorded—about $4.2 billion. According to art analysts, the sales for this year are expected to be better the ones for last year.
Why the Rising Trend?
Market analysts argue that the reason behind the upward trends in online art sales is because of an increased demand in the online market. Most art lovers like the idea of purchasing retro pop art online without having to travel to physical stores assess the pieces. Additionally, from a seller’s perspective, it’s easier to showcase one’s pieces to a wider market due to improved network connectivity. The other reason is that there has been improved smartphone usage. Basically, artists with smartphones can post their pieces and wait for the buyers to bid. According to Hiscox, the online art business has reached its maturity, and for this reason, you can argue that the market is becoming sustainable.
What’s the Future Like for Online Art?
Looking at the values expressed in the Hiscox report, you can tell that the numbers are not increasing at a constant difference. Nonetheless, one thing is clear: the business is getting better. As at now, it’s pretty early to estimate the sales value or the number of art lovers who are purchasing retro pop art online. What’s evident though is that more pieces will exchange hands since more investors are investing in the industry. Whichever side you are, you have to agree that the value of online art is perpetually improving. If you compare the number of pieces sold or bought in the online and offline art market, the online market is a clear winner. The reason is obvious; convenient sampling, buying, and delivery of art.
Bottom-line
Clearly, the online art business has shown impressive market numbers. The direction seems great for both the buyers and sellers. Sellers can now rely on the market to make a living. On the other hand, buyers can look forward to purchasing affordable pieces in a convenient way.
