"4 Barbras" (The Jewish Jackie Series) by Deborah Kass, from the Andy Warhol Museum Auction, starting on May 1 on Paddle8.com. (Photo via Paddle8/Courtesy of Paul Kasmin Gallery)
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The value of the online fine art market is expected to more than double to $3.76 billion in the next five years as it increasingly attracts younger and first-time buyers, British insurer Hiscox said Monday.London-listed Hiscox, which underwrites cover for oil rigs, kidnappings, fine art and vintage cars, estimated the value of global online art sales at $1.57 billion in 2013 .In its second annual report on the online art market, in conjunction with market research company ArtTactic, Hiscox projects this figure will grow to $3.76 billion in 2018 .Nevertheless, seeing the physical object remained important, with 82 percent of those surveyed saying the most difficult aspect of buying art online was not being able to inspect it.
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