The Future of Online Art Sales

Posted filed underArt Dealers, Art Market, Auctions, Blogs, Internet.

Nicholas Forrest from The Art Market Blog starts a new series of interviews here: “The number of websites that facilitate the online sale and purchase of fine art has increased significantly over the last few years as collectors and investors become more confident in the ability of online art sales portals to provide a sufficiently high level of service, quality art, security and peace of mind.

High-end online art sales portals such as Blacklots, Artnet Auctions, Christie’s, Paddle 8, Saffron Art and Artprice Auctions have emerged as leaders of the online art market due mainly to the reputation and influence of the people involved in the development of these websites.

In this series of interviews, Nicholas Forrest, owner of the Art Market Blog, talks to some of the most influential leaders of the online art market about the future of online art sales and the development of the online art market. In this, the first interview of the series, Minor Childers, the co-founder of online art auction site Blacklots*, discusses the auction model and the state of the market for online art sales.”

Nicholas Forrest: Has the online market for fine art matured to a point where stand-alone ventures relying on the sale of online art are a viable option?

Minor Childers: There are few industries left with the kind of inefficiencies that exist in this market — It’s inevitable. I hope we are the ones to do it. We launched Blacklots in April of last year. From the moment we started we have gotten a positive and engaged reaction from collectors. The global “art market” is huge and roughly 90 percent of the works out there are sold across 3600 auction houses — it’s a very segmented market. It’s an inefficient market, one of the last industries with these kind of inefficiencies — we created Blacklots in response to this.

How would you rate your success?

Since launching in April 2011, we have maintained a sell through rate consistent with the Brick + Mortars. We achieved a record price for an Elad Lassry. See our sold lots section. The response has been amazing from sellers — we receive many unsolicited consignment inquiries a day. Buyers have been surprised about how easy the post sale process is, within a short time their purchase is at their door regardless of where they or the seller is located.

Read on at The Art Market Blog.