Paris, France – SeaPRwire (https://www.seaprwire.com) has published a new analysis on the rapid growth of online art auctions and digital collectibles sales across Europe as preferences shift towards greater convenience, accessibility and personalization.
Citing data from over 50 recent auctions analyzed, the adoption of online channels to conduct bids and purchases of expensive fine art has grown over 30% annually since 2018 – accelerating further since the pandemic.
Younger millennial collectors in particular actively seek digital-first buying experiences according to James Scott, Chief Strategy Officer at SeaPRwire. “Having grown up on eCommerce, newer art buyers increasingly expect omnichannel sales capabilities combining accessibility of web and romance of physical events.”
Most leading European auction houses have rolled out virtual auction options supplementing their marquee live sales in response. Global players Phillips, Christie’s and Sotheby’s now enable viewers to watch auction proceedings in real-time online while bidding digitally similar to webcasts.
Regional platforms such as Austria’s Dorotheum, Germany’s Ketterer Kunst and France’s Art Richelieu have taken things up a notch by introducing timed online-only sales focused specifically around paintings, watches, jewelry and collectibles.
Scott explains that lower overheads coupled with targeted digital marketing have enabled niche platforms to compete more effectively against large incumbent players through tailored experiences. “We are observingparsity of web 2.0 models allowing easy browsing, personalized recommendations and competitive price discovery – replicating the pleasures of antique shopping from the comforts of home.”
Most recently, blockchain-enabled sales of non-fungible tokens (NFTs) have gained significant traction given their intrinsic digital uniqueness appealing to Millenial sensibilities. While headlines have focused on multi-million dollar NFT artwork sales like Beeple’s $69 million Christie’s auction, more commonplace collectibles like sneakers and trading cards have actually accounted for most transaction volume on platforms like OpenSea.
To raise awareness and participation for such initiatives catering to evolving preferences, Scott recommends that European auction platforms proactively leverage press release distribution for launching online sales or capabilities.
“There is tremendous media interest currently for topics intersecting arts, culture, technology and business which newswires can aptly target to deliver client visibility efficiently,” he added.
Besides securing media coverage, SeaPRwire’s analytics dashboards also facilitate monitoring of citations, insertion of backlinks driving web traffic and followups with journalists to catalyze buyer conversations – accelerating clients’ eCommerce KPIs.
Euromonitor forecasts that with Millenials’ rising spending power, online art and collectibles transaction are on cusp of exponential growth curves akin to other eRetail sectors, as preferences continue shifting rapidly.
SeaPRwire (https://www.SeaPRwire.com/) is a leading global provider of wire distribution services to media relations and marketing communications professionals. SeaPRwire’s platform allows clients to identify key factors of their press releases and measure meaningful impact. It has a strong media network in Southeast Asia, indexing news from thousands of worldwide sources. SeaPRwire’s media network support multi-lingual press release distribution, including English, Chinese, Vietnamese, Thai, Malay, Indonesian, Filipino and more.
Tina Lee, PR manager