After Seeing Record Results in 2013, UGallery on Track for Best Year Ever

News provided by

Crenshaw Communications

Jun 09, 2014, 11:35 ET

San Francisco, CA (PRWEB) June 09, 2014 -- UGallery (http://www.ugallery.com), a leading online art gallery offering curated, original art for sale from the world’s most talented mid-career and emerging artists, today announced 79 percent revenue growth for Q1 2014. The company also reported its 2013 results, highlighted by more than 40 percent overall revenue growth. To date, UGallery has experienced double-digit growth every year since its founding in 2006.

“After another great year for UGallery, our artists, and our users, we’ve seen that success continue into 2014,” said Stephen Tanenbaum, President & Co-Founder of UGallery. “Our results showcase the overall shift of people moving to buy online, specifically the art market which was traditionally dependent on brick-and-mortar galleries. We’ve revolutionized the longstanding art buying process for both artists and collectors, building an online community that makes it easier than ever to sell, discover and purchase original, high-quality artwork—all at an accessible price.”

Q1 2014 and overall 2013 UGallery highlights include:

  • Revenue: UGallery posted a more than 40 percent revenue increase year-over-year, with a fourth quarter 2013 revenue surge of 82 percent—the largest quarterly increase in UGallery history. UGallery has now seen back-to-back quarters of around 80 percent revenue growth or more. Additionally, the average price of artwork sold via UGallery has grown 15 percent to $787.
  • International Success: In 2013, UGallery saw international growth at 96 percent. That success has continued in 2014, with 210 percent growth abroad to date. Largest overseas gains have occurred in Europe at 800 percent, with France the fastest-growing EU market, and South America at 600 percent, with Mexico and Chile the fastest-growing. Asia also grew 200 percent, with Hong Kong the biggest market in the region.
  • Artists: In May 2013, UGallery exceeded 500 artists and 6,000 pieces of original, affordable artwork, making it one of the largest curated galleries of its kind. Artist revenue also increased over 40 percent, with over 80 percent of UGallery artists selling artwork through the platform and nearly 50 percent selling multiple pieces in the year.
  • Buyers: Over 35 percent of UGallery customers return to the site regularly to browse the hundreds of new pieces released each week. In Q1 2014, unique visitor traffic also grew by 35 percent—the biggest increase ever for http://www.ugallery.com.
  • Headcount: UGallery increased its staff in 2013 by more than 50 percent and is continuing to hire and build its team.
  • New Offerings: In March 2013, UGallery entered the $19 billion wedding gift market with an online Art Gift Registry. UGallery also debuted an online Art Commissions Portal that October.
  • New Partners: Amazon.com launched a new art category in 2013 and selected UGallery as one of their leading partners. UGallery is one of the largest suppliers of original paintings on Amazon and represents nearly 14 percent of the overall one-of-a-kind inventory. The partnership has exposed the brand, artists, and artwork to Amazon’s 200 million clients.

Since its founding in 2006, UGallery has spearheaded the growing trend towards selling and collecting art online. Previously, collecting original art was limited to the physical infrastructure of the gallery and auction houses, leaving an untapped community of artists and collectors eager to connect with one another. UGallery is a platform that brings these two groups together—no matter where they are in the world.

The online art industry continues to experience rapid growth, with over 300 online art ventures having launched in recent years* and at least 71 percent of art collectors having now purchased artwork online.** Online sales of art are projected to grow 19 percent per year to $3.76 billion by 2018.***

To date, UGallery has received $1.3 million in seed funding from Trailhead Ventures, located in the Bay Area.

For further information on UGallery, please visit http://www.ugallery.com.

About UGallery

UGallery is a curated online art gallery that sells original, one-of-a-kind artworks. Founders Stephen Tanenbaum, Alex Farkas, and Greg Rosborough came together in 2006 to create a revolutionary approach to online art sales that democratizes the entire art buying process. Clients can browse the collection by price, medium, style, size, color, or artist and give any piece a weeklong test run in their home risk-free. More information about UGallery can be found at http://www.UGallery.com, or by visiting UGallery on Facebook (http://www.facebook.com/ugallery), Twitter (http://www.twitter.com/ugallery) or Pinterest (http://www.pinterest.com/ugallery).

(* According to the Deloitte and ArtTactic 2013 Art and Finance Report)
(** According to the Hiscox 2013 Online Art Trade Report)
(*** According to the Hiscox 2014 Online Art Trade Report)

Chris Harihar, Crenshaw Communications, 212-367-9748, [email protected]