Galleries view online marketplaces as a more impactful source of meeting new clients than art fairs.
Per the report
When asked to select the three most impactful options, respondents who reported an increase in new clients in 2023 selected in-person gallery walk-ins as the most important (55%), followed by online marketplaces (42%) and art fairs (36%).
This picture changes slightly among larger galleries, where online marketplaces outrank all other channels as the most impactful means of meeting new clients. The option was selected by 73% of these respondents, more than art fairs (45%), art advisors (45%), emails (27%), and in-person walk-ins at galleries (27%).
When asked to select the methods that are a growing source of artwork sales for their business, most large galleries (54%) selected online marketplace / e-commerce, followed by art fairs (38%). This contrasts with what we found among smaller galleries identified as having three or fewer full-time employees – where 26% said that online marketplaces were a growing source of artwork sales. Among this group, in-person conversations (39%) and email conversations / sending PDFs via email (35%) ranked at the top.
In terms of online sales, the picture is largely one of overall stability. For large galleries, the same percentage of respondents (44%) reported that online sales in 2023 had risen or stayed the same compared with 2022. For smaller galleries, the majority reported that online sales had either stayed the same (37%) or increased (28%), but a higher percentage (23%) said that their online sales had decreased.
When it comes to marketing, physical and digital channels are viewed on a broadly equal footing, confirming the hybrid state of the post-pandemic art world. Galleries across all groups said that email newsletters and in-person events are the most important marketing channels, with each option being selected by 51% of respondents when asked to identify up to three of their most important channels. This is followed by gallery websites (37%), online marketplaces (32%), organic social media (31%), and in-person art fairs (25%).
Comments
As a marketplace for fine prints, this trend is consistent with our conversations with gallery owners. For those galleries that can afford to participate, art fairs will always remain an important way that galleries can meet new collectors.
We have been aware of this trend for a while and have worked hard to introduce new features that have helped galleries meet new clients. These actually include putting on two online art fairs. We know that online marketplaces will increasingly be a valuable and effective way galleries can meet new collectors.
Galleries will find it progressively harder to meet new clients if they only keep to their existing marketing channels without looking for new ways to find new collectors . Restricting themselves to listing on only one online marketplace will reduce their chances of being found online by new clients. Galleries that have a presence on multiple online marketplaces will meet new clients quicker.