The online art sales in the US alone were $3.8 billion in 2017. The value of the overall high-art market was over $60 billion. Online art sales are the fastest growing market segment and are bound to account for the majority of the market in the coming years.
The business is the first true fine-art online gallery. It offers original museum-level quality artwork as well as exclusive limited edition fine-art prints that are not available at any other source.
In order to be able to compete with the other high-end fine art establishments, over the period of three years, the business invested over 18,000 man-hours to obtain the requisite high-end artwork and publishing rights. At this time, the business owns exclusive selling rights to an unparalleled collection of over 500 original fine art pieces from 60 high-profile artists valued at over $7 million as well as the exclusive publishing rights for limited edition fine art prints valued at over $27 million.
The business is not directly competing with the other online galleries. Instead, the rationale for its establishment was to disrupt the traditional high-end galleries. The other online art vendors, including Art Finder, Artsy, Saatchi Art, Artspace, and 1st Dibs, are all competing in the lower segment, as the high-profile artists are almost invariably unwilling to provide artwork to online galleries.
The business was able to address the issue by developing a unique concept, assembling a strong team of art and business professionals, investing significant resources, and initially providing very favorable incentives to very prominent artists.
The owner is interested in selling the business to an investor that would build on his vision and develop a new high-end art marketplace.
The business has significant assets and is already generating a modest revenue. However, scaling it to its full potential will take additional investment and experienced executive leadership.
Sale Pending: No
First Seen: Tue, May 8th 2018
Last Updated: Fri, May 25th 2018