Online art auctions
The ArtNet announcement that they are to shortly begin an online auction service is the latest in a string of online auction initiatives. This seems a logical move from one of the better sources of ArtWorld statistics and prices. But what does this wave of online initiatives mean for the big boys? Obviously consignors of major works will still want the profile and prestige of the established offline auction houses, Sothebys, Christies et al, but if more bread and butter work starts to go through online systems, whither then the profit margins of the major houses?
And what if the new players start to gain traction in the market place? It should be easier to track prices online in real time across a number of different online sales platforms than it is now. And of course let us not forget that the biggest benefit of online transaction systems is the better access it gives buyers to product; access when they want it. This, beyond the help it gives sellers to put works forward in convenient and price efficient form, is what decides the success or otherwise of any online sales system. And of course if middle and lower level consignors start using online channels we may get better visibility on pricing and trends in a chunk of the market that is usually hidden from public view.
It is easy to be sceptical of online transaction systems. One always assumes there are some items that people need to see or touch for themselves before committing to a purchase. I certainly felt that way when I first heard about eBay selling cars or artworks online. But look at the success they have had. This may start at the bottom end of the market but, as with so many other sectors, quality of products offered rises with reach of market. I think we are witnessing the first steps of a paradigm shift in the Art World market place.
It is also potentially another worrying development for the traditional galleries. They are already losing footfall to people who prefer to see more-work-in-less-time at the fairs and biennials. An effective new online market place could also take footfall from them (or direct it elswhere) and, potentially, encourage more bright young artists to avoid galleries and promote directly online. All such artists would need is one respected critic to validate their work and they could sell “direct from the studio”.
Interesting times. Thoughts?