Invaluable will convene representatives from the worlds top auction houses in London in early February for its second Global Auction House Summit to examine the industrys rapidly evolving online future and identify opportunities for growth.
The invitation-only event, themed Navigating Our Transforming Industry, will be held at The Landmark London hotel from Feb. 4-6. It will include panels, keynotes and interviews led by CEOs, auction house expert, art market journalists and key influencers from across the art, auction and e-commerce industries.
Topics include big data and new technology, globalization, strategies for attracting next generation collectors, the expanding role of women in the industry in the midst of the #MeToo movement, the art of building an online brand, a major breakthrough in art authentication, and more. See the full schedule here.
The auction industry is evolving rapidly as more business shifts to online and mobile channels, said Rob Weisberg, CEO of Invaluable, the worlds leading online marketplace for fine art, antiques and collectibles. Were bringing together leaders from many of the worlds top auction houses and an impressive list of experts to examine common challenges and opportunities to help drive success for our industry.
The Art Market 2018 report by Art Basel and UBS showed total art market sales reaching nearly $64 million “ up 12% year-over-year. Online sales reached a new high of $5.4 billion, a 72% increase over the previous five years, according to the report. The Hiscox Online Art Trade Report estimates that the online market will nearly double by 2021.
Invaluables 2018 data shows a strong industry growth story:
- A record half-million lots were sold on Invaluable “ up 20% over the previous year, and nearly 130% over the last five years.
- Fine art, the largest category on the marketplace, saw the number of lots sold jump 35% year-over-year.
- Hammer grew 18%, helping propel online sales to more than $365 million.
- Buyers grew by 18% over the previous year.
- Bidders using mobile devices jumped 27%, including a 65% increase in the use of the companys native apps on iOS and Android.
- Site visits were up 10%, to more than 33 million.
- New auction house clients increased 21% over the previous year.
- The number of international auction houses increased 15% “ giving Invaluable a nearly 50-50 split of U.S. and international houses.
Were seeing increased buyer comfort and a greater willingness to transact online with our auction house partners “ both critical factors as the industry looks to develop a new generation of collectors, said Weisberg. The strong growth in the number of European and Asian houses joining the marketplace in 2018 highlights the ever-expanding globalization thats transforming the auction business.
For inquiries and credentials to cover the Summit, contact Andrew Gully at 978.886.3200 or at [email protected]. For more information on Invaluable, please visit www.Invaluable.com or follow us on Twitter at @InvaluableLive.
About Invaluable Invaluable is the worlds leading online marketplace for fine art, antiques and collectibles. Working with more than 5,000 of the worlds premier auction houses, dealers and galleries, Invaluable helps buyers from more than 180 countries connect with the things they love. With best-in-class online bidding technology, along with a fixed-price retail platform, Invaluable provides sellers with e-commerce and marketing solutions, as well as auction management software.