Online Art Sales in the US - Industry Market Research Report
Description
Online Art Sales in the US
The Online Art Sales industry, similar to the broader art market, has enjoyed several years of revenue growth; this can be attributed to a strong economic performance and a shift in consumer preference towards e-commerce. The COVID-19 pandemic, which had the potential to disrupt the industry, prompted a major transition to online sales as in-person galleries and shows closed because of health mandates. However, the Federal Reserve's decision to strategically raise benchmark interest rates multiple times led to a tighter policy; this has impacted budgets, reduced disposable income and caused some volatility within the industry. Nonetheless, industry-wide revenue has been increasing at a CAGR of 11.2% over the past five years, including an estimated 4.6% increase in the current year, and is expected to total $5.4 billion in 2023. In the same year, profit is projected to decrease to 8.9%.
This industry primarily retails or auctions original and limited-edition artwork over the internet. Industry players include online marketplaces, auction houses, art dealers and galleries. Industry operators purchase artwork from artists or individual owners and then sell the artwork to consumers, with little or no further development of the product. This industry also includes platforms that bring buyers and sellers together, for a commission.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
The Online Art Sales industry, similar to the broader art market, has enjoyed several years of revenue growth; this can be attributed to a strong economic performance and a shift in consumer preference towards e-commerce. The COVID-19 pandemic, which had the potential to disrupt the industry, prompted a major transition to online sales as in-person galleries and shows closed because of health mandates. However, the Federal Reserve's decision to strategically raise benchmark interest rates multiple times led to a tighter policy; this has impacted budgets, reduced disposable income and caused some volatility within the industry. Nonetheless, industry-wide revenue has been increasing at a CAGR of 11.2% over the past five years, including an estimated 4.6% increase in the current year, and is expected to total $5.4 billion in 2023. In the same year, profit is projected to decrease to 8.9%.
This industry primarily retails or auctions original and limited-edition artwork over the internet. Industry players include online marketplaces, auction houses, art dealers and galleries. Industry operators purchase artwork from artists or individual owners and then sell the artwork to consumers, with little or no further development of the product. This industry also includes platforms that bring buyers and sellers together, for a commission.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Table of Contents
40 Pages
- TABLE OF CONTENTS
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
Demand Determinants
Major Markets
International Trade
Business Locations
COMPETITIVE LANDSCAPE
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
KEY STATISTICS
Industry Data
Annual Change
Key Ratios
JARGON & GLOSSARY
Search Inside Report
Pricing
Currency Rates
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