Insurance group Hiscox's Online Art Trade report has revealed that in a survey of contemporary art buyers, collectors and galleries (carried out by art market analysis firm ArtTactic), 71% of collectors have bought work based on a digital image alone, with a quarter of established collectors (defined as those whose annual art buying amounts to over £75,000) spending £50,000 in this way.

The research also highlights the differences in attitudes to online art buying that exist around the world, with European and American art buyers placing more trust in the online art buying experience than those in Asia. However, Asian collectors were more likely to spend higher amounts - 38% would be happy to spend £50,000 or more on a single artwork online (most likely at auction), compared to 20% of Americans and 15% of Europeans. While European and American galleries generally sell to a local and regional client base, 40% of the Asian galleries surveyed said the internet is an important way to attract buyers from the US and Europe.