Online Art Sales Industry Report Now Available from IBISWorld

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Art dealers with an e-tailing or online auction presence are well-positioned to take advantage of consumers' preference for online shopping, according to a new report from IBISWorld. During the past five years, the ease of e-shopping has grown the E-Commerce and Online Auctions industry at double-digit rates. The growth of this overarching industry is forecast to continue through 2016 on the back of growing consumer spending and increased access through more broadband connections. Mobile apps are anticipated to provide further room for innovation through 2016, with industry leader Christie's paving the way through the development of their iPad app in late 2010. For this reason, industry research firm IBISWorld has added a report on the Online Art Sales industry to its growing Online Furniture & Home Furnishings Report collection.

IBISWorld Market Research

IBISWorld Market Research

Like a rising tide raising all ships, worldwide consumer demand for online shopping has benefitted online art dealers.

Art dealers with an e-tailing or online auction presence are well-positioned to take advantage of consumers' preference for online shopping, according to a new report from IBISWorld. During the past five years, the ease of e-shopping has grown the E-Commerce and Online Auctions industry at double-digit rates. The growth of this overarching industry is forecast to continue through 2016 on the back of growing consumer spending and increased access through more broadband connections. Mobile apps are anticipated to provide further room for innovation through 2016, with industry leader Christie's paving the way through the development of their iPad app in late 2010. For this reason, industry research firm IBISWorld has added a report on the Online Art Sales industry to its growing Online Furniture & Home Furnishings Report collection.

For more information on the online art sales industry, including latest Industry trends, statistics, analysis and market share information, purchase the full report from IBISWorld, the nation’s largest publisher of industry research on the Online Art Sales industry for $825.

Online Art Sales Industry Overview

They say a picture is worth a thousand words. According to IBISWorld estimates, the Online Art Sales industry is worth about $287.5 million in 2011. The market for online art sales has been growing in line with strong demand from overseas markets and increasing access to internet-based retail outlets. Even as brick-and-mortar art dealers experienced declines during the past five years, online-based art sales have stayed strong.

One of the reasons for the strength of the online art market stems from the nature of its customer base. The goods sold though the largest auction houses like Sotheby's and Christies are targeted toward high-end consumers (in some cases, the highest end). As such, demand for these goods tends to remain constant even during times of greater economic turmoil (i.e. the recession). Also, the trade-weighted index, which measures the value of the US dollar relative to foreign currencies, has driven export sales to newly industrialized countries. Consumers in those regions have recently found themselves with greater levels of disposable income, thus providing a financial basis upon which to invest in soft commodities, such as original works of art. Last, online art dealers operate within the larger industrial realm of e-commerce (IBISWorld report 45411a), which has exhibited double-digit growth during the five years to 2011. “Like a rising tide raising all ships, worldwide consumer demand for online shopping has benefitted online art dealers,” says McBee, an industry analyst at IBISWorld.

According to IBISWorld analyst, Josh McBee, the market for online art sales will continue to benefit from an affluent and global customer base through 2016. Exports will continue to provide a substantial share of revenue, but imports will begin challenging domestic sales as art dealers slowly recover from the recession and the value of the dollar strengthens somewhat. Other growth drivers include continued advances in technological innovation and expanding access to art-focused e-tailers.

For more information, including latest Industry trends, statistics, analysis and market share information, purchase the full report from IBISWorld, the nation’s largest publisher of industry research on the Online Art Sales industry for $825.

IBISWorld Industry Market Research Reports Contain:

About this Industry
Industry Definition
Main Activities
Similar Industries
Additional Resources

Industry at a Glance

Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle

Products & Markets
Supply Chain
Products & Services
Major Markets

Globalisation & Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry

Major Companies

Operating Conditions
Capital Intensity

Key Statistics
Industry Data
Annual Change
Key Ratios

Jargon & Glossary

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About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.

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James Karklins
IBISWorld
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