The US online art and sculpture market is set to reach $2.4bn by 2025, according to a report by Hexa Research. The market is expected to grow due to the increased use of the internet by shoppers using it to bid on art auctions online, therefore saving on traveling costs and time, alongside the easy return policies generally offered by websites. The growth is also aided by the low trade-weighted index, which is also the measure of the US dollar compared to other foreign currencies, and is anticipated to boost the demand for overseas art sales.
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"The demand for art and sculptures has grown essentially on account of the rise in the awareness of importance to conserve art and major structural transformations which are mainly triggered by online buying and globalization," said Hexa Research. "More and more people these days are interested in obtaining and purchasing artworks despite high art prices which is expected to drive the growth for the online art and sculpture market."
The report links the growth in the market to the rise in customer demand for transparency and that companies disclose all the information required for art pieces and sculptures, such as artist reports, past prices and the origin and nature of the artwork, made accessible through the use of websites.