92% of art buyers under the age of 35 regularly use Instagram for art related purposes, and 35% of millennial art buyers had bought art on Instagram
Steven Sulley • How Millennials Are Challenging And Changing The Art Market
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THE ART WORLD’S SHIFT ONLINE IS PERMANENT
In 2020, half a year after the pandemic broke out, 51% of art buyers said they thought the changes would become permanent. Fast forward 18 months, and 84% now believe the digital shift in the art market will become permanent.
The online opportunity lies mid-market (for now). Pre-covid, the distribution of transaction volume online is skewed towards the middle, while most of the high-value sales still happen offline. Just 1% of the >100k€ artworks are sold online, yet make up for 23% of the value.