Art buying was supposed to be disrupted by the internet – what happened?
Despite a flurry of online art startups launching in the past decade, the art world remains dominated by elite auction houses such as Christie’s and Sotheby’s
You’d expect the art trade to have changed radically since auction houses first came into existence around 300 years ago. But the market is still dominated by two of the world’s oldest sales houses: 253-year-old Christie’s, and Sotheby’s – which turned 275 this year.
Despite a flurry of online art sales startups launching over the past decade, many with the aim of disrupting the art world in the style of Spotify or Amazon, it’s still business as usual where the real money is. Most of the work sold by online art companies last year was under $5,000 (£3,900), with less than 10% above $250,000, according this year’s UBS/Art Basel Art Market Report.