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Online Art Market Booms with Multiple Million-Dollar Sales

June 26, 2020 Lifestyle No Comments Email Email

An online art auction house is disrupting the art world with buyers and artists clapping their hands, but traditional galleries left scrambling with the new normal.

As the world adapts and enters into a new era, Lloyds Auctions a 15 year old online auction company have seen their non-traditional online only auctions spike over the last few months where sales have exceeded expectations selling
millions of dollars of fine art and jewellery each month.

“We’ve reached a whole new market with our fine art and jewellery auctions over the last few months, people who appreciate art might not have the time or may feel a little daunted to walk into a gallery but they know what they want and the budget they have,” commented Amanda Benson the Head of Fine Art and Antiquities for Lloyds Auctions.

Many art auction houses have been removing their paintings from the walls in the midst of plummeting sales across the Globe but Lloyds Auctions were initially conducting 10 online certified art auctions per month in Australia however that number has increased recently by 500%.

The current boom in online auctions during the government enforced Covid-19 restrictions is leaving traditional art galleries flat-footed and needing to catch up quickly on a market that often has been “sneered” at by established brick and mortar stalwarts. Although down, the galleries are certainly not out as they turn sharply to online auctions to reignite falling sales.

“Our biggest issue is actually getting enough art to satisfy the unprecedented demand so if anyone has anything they wish to sell we encourage you to give us a call urgently,” said Ms Benson.

This month Lloyds Auctions are showcasing fine art and jewellery of a very high caliber featuring a painting from the 17th Century and even prehistoric pottery over 3000 years old.

“We have an original antique oil painting by Caspar Netscher which is incredibly special as it is from the 17th century and in 2012 an example of this artists work sold through an auction in New York for over 7 million Australian Dollars,” commented Ms Benson.

“The auction includes unique one of a kind items that you simply just never see and the fact we have multiple items like this in the one auction is very special,” continued Ms Benson.

Over 100 items in the auction incorporate fine art from iconic artists such as Arthur Boyd, Clifford Possum, Tommy Watson and many more.

As high-end art, jewellery and rare collectables fall in favour with online savvy investors the online auction platform may well be having a “Kogan” impact on the rapidly changing art industry. The Auction is listed online now at
www.lloydsauctions.com.au/art

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