Dublin, Oct. 03, 2023 (GLOBE NEWSWIRE) -- The "Online Art Sales in the US - Industry Market Research Report" report has been added to ResearchAndMarkets.com's offering.
Industry-wide revenue has been increasing at a CAGR of 11.2% over the past five years, including an estimated 4.6% increase in the current year, and is expected to total $5.4 billion in 2023. In the same year, profit is projected to decrease to 8.9%.
This comprehensive report encompasses an analysis of the Online Art Sales industry, providing insights into its scope, size, growth trajectory, and critical success factors. Additionally, it offers a five-year outlook for the industry, including growth projections and a detailed assessment of key market players and their respective market shares.
Online Art Sales, mirroring the broader art market, has experienced a prolonged period of revenue expansion. This growth can be attributed to robust economic performance and a notable shift in consumer preferences towards e-commerce channels. The emergence of the COVID-19 pandemic, initially perceived as a potential disruptor, instead catalyzed a significant transition towards online sales. As a result of health mandates, traditional in-person galleries and art shows temporarily shuttered, further propelling the industry's pivot to online platforms.
Nevertheless, the Federal Reserve's strategic decision to incrementally raise benchmark interest rates has ushered in a tighter economic policy environment. This shift has impacted budgets, curtailed disposable income, and introduced an element of volatility within the industry.
The Online Art Sales sector primarily involves the online retailing and auctioning of original and limited-edition artwork. Key industry participants encompass online marketplaces, auction houses, art dealers, and galleries. Industry operators engage in the acquisition of artwork from artists or individual owners and subsequently facilitate the sale of these artworks to consumers, often without significant further product development.
Additionally, this industry includes platforms that facilitate transactions by connecting buyers and sellers, earning a commission for their intermediary services.
Key Topics Covered:
ABOUT THIS INDUSTRY
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
PRODUCTS & MARKETS
- Supply Chain
- Products & Services
- Demand Determinants
- Major Markets
- International Trade
- Business Locations
COMPETITIVE LANDSCAPE
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Basis of Competition
- Barriers to Entry
- Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
- Capital Intensity
- Technology & Systems
- Revenue Volatility
- Regulation & Policy
- Industry Assistance
KEY STATISTICS
- Industry Data
- Annual Change
- Key Ratios
JARGON & GLOSSARY
A selection of companies mentioned in this report includes
- Heritage Auctions Inc.
For more information about this report visit https://www.researchandmarkets.com/r/p273oy
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