Art Market Cooling, But Online Sales Booming
The art market is changing, and social media has become the primary way consumers discover art, according to a study commissioned by Invaluable. The survey found that nearly a quarter (22.7%) of art buyers find new works of art via social media, which edged out museums (20%) and galleries (15.9%) as buyers’ primary source of discovery. Millennials are leading this change, with 44.3% of young millennials (ages 18–24) and 33.8% of older millennials (ages 25–34) saying they discover art on social media. Millennials are also increasingly buying art online, viewing the purchasing of art as both a long-term investment and a unique experience.