Friday, October 30, 2015

$5,000 seems to be the current ceiling for online art collecting

THE NEW YORK TIMES
By Vindu Goel

Since the dawn of the web, companies have tried — and mostly failed — to sell fine art online. Fast-forward, and you discover that online buyers are far more willing to spend thousands — and, in a few cases, hundreds of thousands — to purchase fine art and furnishings on the Internet. Now dozens of companies, from small fry like Artsy and 1stdibs to retail giants like Amazon and yes, eBay, hope to use the latest digital technology to improve a business that for centuries has relied on personal salesmanship. Mr. Cwilich (Artsy’s chief operating officer) said that buyers generally seemed to be comfortable paying up to $5,000 online. [link]
The 1stdibs office. The company has raised $117 million from some top tech industry venture funds, including Benchmark Capital, Index Ventures and Insight Venture Partners. Credit Karsten Moran for The New York Times