Robert Read, the head of Fine Art at Hiscox, says that there is 'no one winning formula' in terms of the ideal platform for selling art online as of yet. He added that 'the race to find that elusive winning business model continues.'

The research showed that over a quarter of those who had bought art online were aged under 30. Of the 506 buyers surveyed by ArtTactic for Hiscox, of those under 30, 10 had bought entry-level prints priced around £500, whilst 7 people had spent in excess of £50,000 on a work through the internet.