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Online art auctions are luring new bidders to the market: rich millennials under lockdown - Business Insider

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Online art auctions are luring new bidders to the market: rich millennials under lockdown

" pop up events, who said that the younger generation wants to buy their art online, rather than attend the traditional in-person art events and auction sales because it's easy.have also reported a massive uptick in site traffic, with Artsy CEO Mike Steib telling Business Insider that in April, the site saw a 200% increase in sales and that its online art fairs were seeing "20 times the traffic" that they usually saw pre-pandemic.

in the US is going to be inherited by a largely millennial and digital-native audience," Steib told Business Insider. "People used to walk around SoHo, go from gallery to gallery; used to get on a jet and go art fair to art fair," Steib continued. "But they're passing money down to a new generation who has never bought anything that way. Their expectation has been: you see something you love online, you click a button, then you own it.

 

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