In the “olden” days, you would have to go to a museum or art gallery to appreciate works of art. However, now, according to a new survey, Americans discover works of art more often on social media than they do in a physical location. 23% of them to be exact. Only 20% now discover art by going to a museum and 16% discover art by going to an art gallery. Who cares about art? You might wonder. You should care! Arts and entertainment is a $150 billion dollar industry in the US. As millennials come into an age where they might have more disposable income, they are starting to buy more art. Something that should not be a surprise to anyone is that it is coming to light that millennials are more comfortable buying art online than in a gallery or other venue. Some online art auction sites say that as much as 40% of their traffic comes from mobile devices – so not only are millennials shopping for art online, they are shopping for it right from their smartphones.
The online art trade is expected to reach $6.3 billion by 2019, so it’s not something to sneeze at. However, that doesn’t mean that museums and galleries are going to the grave. 40% of people in America still visit a museum about once a year. It just shows that art dealers and sellers need to get into the modern game with more online art sales and auctions that millennials will flock to. This isn’t just limited to art. Any industry will benefit from figuring out what millennials and those who have extra cash want right now, and how they want to purchase things in any given area of commerce. Most ideas that have been around for a while could probably benefit from a new spin!
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