This may be old news, but I had a hard time collecting my thoughts on this one.
A friend of mine shared an article in September about Amazon opening a new venture in art sales. At the time I didn't like the idea so I immediately wrote it off - but it is happening, so I need to except it I guess.
Art on Amazon is currently the most expensive offering on Amazon. It is hard to stomach the idea that a $10 piece from some Joe Shmo is just a click away from a Monet selling for $1.4 m. How can this work?? I don't want it to work. I like the rare access blue-chip art possesses. I can't help but feel that the art market is going to get a hard punch in the balls.
There is more than 150 galleries and dealers and examples of more than 4,500 artists...I guess there is something there for everyone.
Although this is pretty big news, Amazon's arty strides aren't revolutionary. Hundreds of dealers sell art online. Sedition sells digital works, some by famous artists, Artsy researches buyers' tastes through their browsing activity, the self-proclaimed "market leader", Artnet, auctioned $15m-worth of art last year and provides online exhibition space to over 1,700 galleries, and Christie's and Sotheby's, the biggest auction houses, accept online bids as an extension of their traditional sales.
So far this type of art selling hasn't made an impression. Online art sales were $820m in 2012, less than 2% of the $56b global art market (excluding the online bids at the major auction houses) - according to a report published by Hiscox. The art market research firm, Skate's, predicts that the lower end of the art market will shift online though - but higher up things get more complicated.
The Economist
Amazon Art is less risky. It doesn't require any overpriced art world persuasive tactics to navigate - just a click and a credit card. For the art market, which is overflowing with young millionaires who would rather buy Banksy than Eric Fischl, it could be a game changer. There is just one problem, though. Those manipulative tactics are there for a reason. Art dealers and art consultants are there to navigate a complex world - where prices fluctuate for a number of reasons - for clients who would otherwise get ripped off. Art appraisers are finding major problems. There is a lack of information about where these paintings came from and their history. This kind of information greatly affects the price and value of the work - if you are unfamiliar with the art market and its trends you could be making a huge mistake if you buy off impulse rather than research.
Art dealers may have a little to worry about, but if I am correct their expertise cannot be replaced that easily - if not then I'm screwed, I am going to school for art business.
Gizmodo
