Personalization and “Uberisation” Key as the Online Market Booms

Art News from Switzerland. Published by ArtAndOnly - Platform for Art Collectors on Wednesday 25 May 2016.

Personalization and “Uberisation” Key as the Online Market Booms image

We recently published an article in Le Journal about how the online art market is booming. The Hiscox Online Art Trade Report listed impressive numbers with online sales jumping 24% last year to a high of $3.27 billion.

It is good news for sure, but newly released data from Invaluable points to something even more interesting: “There has never been a more critical time for our industry to prepare and execute digital strategies that engage, inspire and capture the next generation of art buyers” said Rob Weisberg, Invaluable CEO.

This is where ArtAndOnly really excels. From day one, we created ArtAndOnly to be a unique platform that engages buyers, sellers, and artists through a vocal social media community and personal consultation. Collectors want real advice and input from curators, private viewings, and the ability to discuss the work at length with an actual human being. As traditional galleries and other players enter the market, we see an impersonal and risky auction style or a purely transactional model leaving little to no interaction between everyone involved.

Almost all data from the Invaluable report focuses on the strong (and growing) consumer base of 18-34 year olds which confirms the trends towards an “uberisation” of the market. Not only do these consumers search for and buy art primarily via online and social media, they also expect a certain level of engagement and direct access to the market. That is precisely why we take a highly-selective, curated approach to choosing each work and then add a full-service, personal touch throughout the process. Essentially providing a gallery experience with a global reach. We contribute to the “uberisation” of the market by being able to both influence and respond to trends in the art world differently than others and therefore provide a unique advantage to collectors and artists.

The entire report is worth the read, with many key takeaways that overwhelmingly confirm something we’ve known since launch: Simply having a digital platform is not enough (even in this booming online market). You must be able to personally engage and provide direct access for collectors in this new, new market.