3. Transparent pricing builds trust
88% of online art buyers say price transparency is an “essential ingredient” when buying art online. Hiscox anticipates that as the online art market continues to grow, “price transparency will become the norm rather than the exception.”
Pro Tip: Publish exact prices
We asked our Analytics team to confirm the importance of price information and learned that published works with exact prices are over 800% more likely to convert from inquiry to sale. If you are one of the many partners who already publish price information, keep doing what you’re doing! If you have yet to publish artwork prices (and maybe feel hesitant to share), try listing prices for your accessible works (under $10,000). Remember you can always update price information depending on market demand.
4. Traffic to online platforms continues to grow
In the past year, monthly traffic to Artsy has more than doubled. According to Hiscox, this growth illustrates a larger trend among existing and potential collectors to search for art and design online. 52% of survey respondents said they are “visiting online platforms on at least a weekly basis or more”—that’s an 11% increase since 2016. Additionally, 63% of visitors say their site visit lasts for 10 minutes or more.
Pro Tip: Update inventory regularly
When you publish artworks in CMS, collectors who follow your artists receive notifications via email and iPhone. Take advantage of Artsy’s highly engaged audience and upload new inventory regularly. We recommend setting a calendar reminder at the beginning of each month to upload new works, or add “Upload to Artsy” to your exhibition to-do list.
5. Instagram is the go-to social media app for galleries and collectors
After following behind Facebook for years, Instagram is officially “the preferred social media channel in the art world.” In fact, 57% of galleries say Instagram is “the most effective [social media app] in terms of raising awareness.” But how does this influence collector behavior? According to Hiscox, “the growing use of social media suggests that client feedback (such as likes and followers)...could play an increasingly important role in driving the emotional consideration for proceeding with the online art buying process.”
Pro Tip: Develop an Instagram strategy and stick to it
The Hiscox Online Art Report surveys online art platforms, art buyers, galleries and dealers to inform its findings. The 2017 report includes responses from 42 online art platforms; 758 art buyers identified through ArtTactic’s client mailing list, Twitter, and Facebook; and 142 galleries and dealers.