Buying Art Online, Newcomers and Blockchain

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The art world is an extraordinary and creative sector in constant evolution. A market that until a few years ago was exclusively limited to collectors and local auctions, something that repeatedly turned to a few market niches. Then, technologies and digital breakthroughs have completely revolutionized this sector as well as the entire journey of buying art online. New technologies have opened up this sector to new categories of consumers, such as millennials and newcomers who have begun to buy art online both out of passion and as a new type of investment.

The idea behind approaching the art world can be daunting. Talking to a gallery owner, visiting an international art fair or attending an auction can be so scary. Moreover, it can represent a barrier, a kind of process of discouragement for all new potential customers and followers against those who approach the art market for the first time.

These problems have been overcome in recent decades. Indeed, the rise of new digital channels and art platforms – such as the Italian e-commerce pioneer Kooness (LINK – https://www.kooness.com/) – profoundly simplified access to this market, allowing different people to buy art online and therefore making it more attractive to non-experts.

As in many other industries, the introduction of digital channels and the ability to purchase art online by simply surfing a digital platform has dramatically changed consumer behaviors. As a result, the global art market has experienced double-digit growth in recent years. According to The Art Market 2019 from Artprice (a leading art company in art information), global art sales amounted to $13.3 billion in 2019. Moreover, the pandemic situation due to Covid19 has strongly contributed to the digitization of the art world, improving the process of “buying art online”.

The art market has been through a challenging and transformative time since the start of 2020, as the COVID-19 pandemic has created new and unexpected demands for dealers. Along with the challenges it has presented, the crisis has also created a window of opportunity for restructuring and innovation in the sector, as organizations have been forced to consider new ways of operating, with the procedures of the past becoming untenable and new methods and technologies needed to survive.” (The Art Market 2021 by Art Basel | UBS Report).

Therefore, faced with the massive influx of Millennials who are comfortable behind a screen and prefer to buy art online on dedicated platforms, contemporary art is also proving to be an alternative investment asset. Along the same lines, Blockchain technology is also gaining momentum in the art market, better known as Crypto-Art.

In the field of works of art, Blockchain technology makes it possible to endow a unique work of art with a unique code recording information on the author, the date of creation, the description, etc. (NFT Token). This new technology has two main advantages. On the one hand, it has cut off counterfeiting issues and the consequent loss of its economic value. On the other hand, it encourages the buying and selling process, as changes in ownership can be tracked much more easily.

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