The ArtTactic Autumn 2024 Online Art Market Report reveals exciting trends shaping the digital art world. From rising online sales to shifts in buyer behaviour and the soaring popularity of Contemporary art, the report highlights how online platforms continue to transform the art market. Below, we delve into the highlights of the report.
Online Art Sales and Auctions
Online art sales showed resilience and growth despite challenges in the broader auction market. While global online art sales grew modestly by 1.1% to $10.9 billion in 2023, the momentum picked up significantly in H1 2024, with an estimated 6.3% growth. If this pace continues, total online sales could reach $11.6 billion by year-end, signalling the increasing importance of the digital space in the art market.
Online-only auctions were a standout performer in early 2024. While global auction sales at Christie’s, Sotheby’s, and Phillips declined by 27%, their Online-only auction sales surged by 14.2% to $407 million. This represents 47.1% of total lots sold and 9.6% of total sales value—both significant increases compared to 2023 and a sign of changing buyer preferences favouring digital platforms.
Shifting Art Buyer Trends
Online art buying habits evolved significantly in 2024.
-
Increased online buying frequency: Art buyers purchased more frequently online, with 27% buying more than five times in the last year. Most buyers (57%) bought between two and five times, though younger and newer buyers bought less frequently.
-
Concentrated platform usage but declining loyalty: A majority of art buyers use only two or three platforms, with loyalty to specific platforms decreasing in 2024. This drop may signal growing buyer confidence in finding art across multiple platforms.
-
Rising interest in Online-Only auctions: Online-Only auction purchases rose, with 69% of buyers buying through this format in the past year, contributing to a 14% sales increase for major auction houses in early 2024. Online marketplaces and auction aggregators also saw increased engagement
Contemporary Art and Top 20 Contemporary Artists
The Contemporary art market emerged as a leader in online sales, with 38.8% year-on-year growth in H1 2024. This segment accounted for 42% of fine art sales in Online-Only auctions, underscoring its popularity among collectors.
Despite a 48.6% rise in lot volumes sold during the first half of 2024, average prices for Contemporary art saw limited impact, with a 6.6% decline to $20,199 compared to H1 2023.
The top-selling Contemporary artists in Online-Only auctions since 2020 have been George Condo, Damien Hirst, and Alighiero Boetti, while Jean-Michel Basquiat led sales in early 2024. The record for an Online-Only auction sale remains Ed Ruscha’s California Grape Skins, which fetched $2.35 million at Sotheby’s New York in 2021.
Discover available works by Yoshitomo Nara, KAWS, and David Hockney.
Top 20 Young Contemporary Artists
The rise in online sales for Young Contemporary artists in H1 2024 was largely driven by a 53.6% increase in lots sold, totalling 691; however, average prices dropped 14.8% year-on-year.
Since 2020, the top-selling young artists in Online-Only auctions have been Aboudia, Ayako Rokkaku, and Tyler Hobbs. The highest Online-Only auction price for this category was Ayako Rokkaku's Untitled (2016), which sold for $489,258 at Sotheby’s Hong Kong in 2021.
Discover available works by Jordy Kerwick, Nicolas Party, and STIK.
Conclusion
The ArtTactic Autumn 2024 Online Art Market Report highlights a rapidly evolving landscape, with online platforms solidifying their role as key players in art sales. From the growing frequency of online purchases to the dominance of Contemporary and Young Contemporary art in Online-Only auctions, the digital art market offers exciting opportunities for collectors and investors alike.
To explore these trends further and gain insight into the artists shaping the future of art, connect with one of our expert art advisors today. Let us guide you through the thriving world of online art and help you discover remarkable works to enhance your collection.
