Art Market blogger Nic Forrest sits down for an interview with artnet CEO Hans Neuendorf to talk about the state of the online art auction sphere and how he sees it developing. Neuendorf presents a very rosy view of the online sales growth and mentions that he is seeing a large number of first time buyers, especially from the United States. Below are a few key points,
1. 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?
Definitely! The artnet auctions have reached the break-even point after only 3 years.
9. Which mediums are the most popular with online art buyers?
Photography is big and so are fine prints but original works are gaining ground fast.
12. Anything else you would like to add?
Turnaround at artnet online auctions is only 5 weeks compared to 5 months in conventional auctions and the cost is only half!
Unfortunately, the stock market does not share his enthusiasm. Artnet went public in 1999 just before the bursting of the dotcom bubble. Late last April the stock spiked at about 7.86 EUR per share, however over the past year the stock is down more than 50% at 3.50 EUR.