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.
About SeaPRwire
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.
Media Contact
Tina Lee, PR manager
cs@SeaPRwire.com
SOURCE: https://eastorynet.blogspot.com/2024/01/seaprwire-report-online-auctions-see.html