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The front cover of the Hiscox Online Art Trade Report 2017 which has the subtitle A market yet to awaken?

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It states that an estimated $3.75bn changed hands in the online art market in 2016, a share of 8.4% of the entire market (up from 7.4% in 2015).

However, while existing buyers bought more, the report said the number of new online art buyers remained static for the third consecutive year.

Buyers’ main concerns about buying online “are currently focused around the lack of physical inspection and worries about the work’s condition, authenticity and the seller’s reputation”.

This report puts established auctioneers in pole position to lead the online space.

The collapse of online-only auctioneer Auctionata led the authors to “question the ability of new online-only players to grow fast enough and become profitable in an increasingly congested marketplace”.