June 2, 2020 - In 2019, Online Art Sales reached nearly 6 Billion US Dollars. Online Art Sales comprise 9 percent of Total Art Sales. This percentage will continue to grow as Brick and Mortar Art Galleries are announcing they are shuttering their doors due to the Coronavirus and its effects on the global economy.
Over 30 percent of Brick and Mortar Art Galleries will be shutting down permanently, unable to survive a global economic recession. Customers that usually turned to traditional art galleries are now seeking safer ways to purchase art and it is being done online. Customers are spending more time at home, causing them to decorate their homes to a greater extent.
Traditional Fine Art gallery customers are finding that buying art online is more time efficient. The traditional model of artist to gallery and gallery to customer is transforming to artist to customer with online art sellers acting as a medium for that exchange.
Kambiz Mostofizadeh, Curator at Mostofi Art said "Many traditional art galleries are outdated in their business approach and mode of operation. Online Art Sales will continue to increase for the foreseeable future as art buyers seek safer ways to view and purchase art and that means purchasing art online.