This platform has been developed to nurture the broader art market, make quality fine and decorative art works accessible to a wider market and give the company the ability to host sales more regularly. Potential buyers and emergent collectors will have the benefit of being able to view and bid at sales from anywhere in the world, thereby making art auctions accessible to prospective buyers unfamiliar with the auction process. Selling online is today essential to engaging younger buyers.
Not to be confused with online bidding (which simply refers to placing bids on lots during live, physical auctions via the internet), online-only auctions are virtual auction sales conducted exclusively on the internet, where all sales are time-limited.
Earlier this year, Christie's launched an online-only site with successful sales of Andy Warhol fashion drawings, Hong Kong jewels and wines, with more to follow. There has been a marked increase in virtual stores and online sales platforms globally.
The online art trade 2013 showed that an increasing number of people are prepared to spend £50 000 or more on a single item online, without seeing it 'in the flesh'. Recently TEFAF reported the value of the global art market at $56 billion. ArtTactic estimates that online sales across all platforms for 2012 were US$870 million and will rise to $2.1 billion by 2017.
The inaugural auction closes on Friday 15 November. The workings of the site will be demonstrated at the previews of forthcoming auctions in Cape Town (17 - 20 October) at The Vineyard Hotel and Johannesburg (7- 10 November) at The Wanderer's Club. Strauss Online will also be present at The Artforme Contemporary Art Fair at The Lookout, Waterfront, in Cape Town (25-27 October).
For more information, go to www.straussartonline.co.za.
