Silicon Valley is known for many things, and modesty is certainly not one of them. With the huge explosion of technology startups and obscene wealth flowing around the area, the newly rich residents are looking for expensive art pieces for investment and of course prestige. However, there is a new wrinkle in this old tale: the vast majority of sales are being done online. Perhaps this is a natural evolution for artwork in the digital age, as Silicon Valley is renowned for recreating everything in the digital space. All of this money was made through online and mobile applications, so naturally they are looking to spend their money online.
This article outlines some interesting statistics among the art buyers of Silicon Valley and the bay area. The mid-range market for artworks (between $100-5000) is seeing massive growth, and online galleries have replaced brick and mortar locations. This is also due to the tech bubble driving up rent and housing prices in the region to astronomical levels. Galleries can’t pay their bills, so they start selling online. The average Silicon Valley art purchaser will be between 40 and 60 years old, highly educated with a high income, and more likely to make a purchase from their desktop computers. There is also an interesting generational component at play, as younger buyers are more likely to see the art piece as an investment, as well as a thing of intrinsic value. Whatever the case, art sales are growing in the region.