Hiscox Online Art Trade Report 2021 – Part 1
- Pages: 46
We are delighted to announce the launch of the 9th annual Hiscox Online Art Trade Report 2021. The Hiscox Online Art Trade Report 2021(Part 1) found online art sales reached a record $6.8 billion in the first six months of the year (72% up on the first half of 2020) and could hit a record-breaking $13.5 billion by the year end if sales continue at the same pace.
OTHER KEY FINDINGS
The shift to online is likely to outlast the pandemic; 56% of art buyers and 65% of online art platforms surveyed in 2020’s report said they believed the switch to digital sales will be permanent.
An estimated $3.125 billion, or 46% of online art sales in the first half of 2021 were sold through mobile devices such as smartphones and tablets. This was up from an estimated $1.92 billion for the pre-pandemic year of 2019 (accounting for 40% of total online art sales that year).
More online platforms are going to accept cryptocurrency payments, with nearly four in ten (38%) planning to accept crypto payments within the next 12 months, a big rise on last year (15%).
An estimated $3.5 billion of NFT crypto art and collectibles have been sold from the beginning of January to the end of September 2021 with NFTs opening new possibilities in the collection of both digital and physical art.