What percentage of art sales shifted to online in 2020, and why is this significant?

The share of online sales expanded from 9% of total art sales in 2019 to 25% in 2020. This was the first time e-commerce in the art market exceeded its share in general retail. This is significant because it represents a permanent shift in buying habits. Big companies have studied this extensively: when habits change due to major events, they never go back to the old world. The habits formed during 2020—including comfort with buying high-value items online and through video—are permanent. The online landscape now has capabilities that didn’t exist before, including new marketing tactics and selling methods that were invented out of necessity. This is why the whole game has changed and why the world of 2030 came sooner than expected.

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Asked by general teaching point · Answered by Nick and Patrick Shanahan · art-marketing-podcast · 2021-03-25