Sharp increase in art sales as records continue to be broken

This report matches data from many of the world’s largest art dealers, including West Park Gallery, which has been running online auctions for april 2020. “I think we are seeing a fundamental change in the way people buy art,” said Park West Founder and CEO Albert Scaglione. “There are many benefits to the online experience, from convenience and selection to price, and I think online auctions are here to stay. And collectors tell us that through the sales figures that we see. “

Park west Online art auctions have shown steady growth throughout 2020, but have seen a dramatic increase in popularity in the first few weeks of 2021. After breaking their all-time online record the New Years weekend with a special three-year-old art auctioneer dropping the final mallet, West Park began a series of record-breaking three consecutive events just two weeks later, each event posting multi-million dollar sales. In January, West Park broke previous online records for total sales, highest attendance, total number of works sold, and highest dollar value sold in a single event.

“We run online auctions every weekend and January 2021 has been our best month yet, ”said Scaglione. “Every week, we break our previous online records. It has been incredible. ” Park west last auction weekend starting Jan. 28 — featuring works by artists like Romero Britto, Marc Chagall and Victor Vasarely — was their highest-grossing online auction weekend to date.

Barron, the magazine Dow Jones & Company, reported that in 2020, the total worldwide sales of art only online has $ 1.05 billion, “pierce the $ 1 billion mark for the first time. “

The Hiscox report– which was created in collaboration with ArtTactic, a renowned art research company – portends a positive future for online art auctions in 2021 and beyond. In the Buyer’s Behavior Report study, he found that 4 in 10 online art buyers said they were likely to buy Following art in 2021 than in 2020 (5 in 10 online art buyers said they expected to purchase the same amount year over year.)

The report also notes that a majority of millennials (53%) bought their art through online auctions in 2020, and that online art buyers spent more per purchase in 2020 than in 2019. The Hiscox report argued that these trends did not appear to be temporary in nature, saying that “65% of online sales platforms said they expected the pandemic to have a permanent and transformative impact on the industry.”

What does this say about the future of the online art market? Jean Bloc, Park west The executive vice president said he was excited to have a new way of sharing art with his collectors. “Initially, we switched to online auctions out of necessity due to COVID-19, but we quickly learned that going online was not just a stopgap. This opened up a whole new market for our business. This should tell you a lot about the global importance of art. Even during a pandemic, online art sales have exploded because people still want the pleasure of collecting art. We just had to find the right way to give them what they were looking for. “

West Park Gallery hosts live online art auctions every weekend. To learn more about Park west online collection events, visit https://www.parkwestgallery.com/online/

On West Park Gallery

West Park Gallery is the largest art dealer in the world, bringing the art collection experience to over 3 million customers since 1969. Be it masterpieces by the greatest artists history or the latest works of art of the greatest contemporary icons, West Park offers something for everyone through its accessible art exhibitions and auctions around the world. You can find out more about West Park Gallery and its history of more than 50 years at http://www.parkwestgallery.com

CONTACT: Tom burns
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THE SOURCE West Park Gallery

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