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In April the art Insurers Hiscox published their Online Art Trade Report 2014. The findings point to a major change in how people are buying art. There is now an appetite amongst all buyers to buy contemporary art online, without seeing the actual work, with 71% of the survey respondents saying they had bought art this way, and 26% saying they had spent over £59,000.
The online platform is seen as less intimidating to buyers who view the established art world as exclusive and inaccessible. The largest share of buyers (45%) had bought in the £1000–£10,000 range. Major auction houses and galleries do have online sites, but for a younger generation art online is proving to be the way to purchase art and limited edition prints are a popular entry point for many online buyers. These younger purchasers will have to be wooed and cultivated which...