Overview
‘CUR8’ is a platform for the purchase of art via auction that safely allows artists to post and clients to purchase.
Problem
Oftentimes, artists without a proper platform are overlooked, despite their skill level.
Assumptions
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Auction Exposure
A good portion of the public has purchased art online, but a much smaller portion has purchased art via auctions.
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Purchase Rate
People do not often purchase art more than once or twice a year.
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Location of Sale
People prefer to purchase art in person.
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Device Preference
A computer is generally used over a smart phone when buying art online.
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Price Point
Those who buy art online via auction spend a good amount of money.
Qualitative Conclusions
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Financial Risk
Millennials tend to take financial risks relating to art, network within the art industry, and use social media to research and purchase art.
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Collector Motivation
A person might obtain a piece of art for any combination of these 5 motivations; investment, belonging, emotions, prestige, and history.
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Boomers vs Millennials
Baby Boomer collectors often purchase art to document an artist's progress without much thought of immediate financial gain, whereas Millennials are often thinking of investment.
Conclusions
Qualitative
Financial Risk
Millennials tend to take financial risks relating to art, network within the art industry, and use social media to research and purchase art.
Motive
A person might obtain a piece of art for any combination of these 5 motivations; investment, belonging, emotions, prestige, and history.
Age Demographic
Baby Boomer collectors often purchase art to document an artist's progress without much thought of immediate financial gain, whereas Millennials are often thinking of investment.
Quantitative
Client Demographic
Individuals who consider themselves art collectors generally start somewhere between 13 and 23 years old.
Mode of Purchase
Those who bought art online bought via auction and commission more so than retail.
Preference of Medium
Fewer collectors purchased sculptural art online than other mediums of art.
Search II
Keyword search is less relevant when searching for providers, instead, a filter and sort function is suggested for this platform.
Competition
Although there is a large amount of competition in the sector, the companies seem to be making money and thriving, showing there may be enough space for healthy competition in the field.
Use Cases
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Buying
Users can browse the website, exposing themselves to a myriad of new local artists and pieces.
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Selling
Artists can post their art to the site, knowing it will be curated and presented in a professional manner, providing them with a new platform for pieces they want to sell.
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Auction Purchase
Users can browse live auctions, giving users the option to snag pieces for lower prices as well as affording artists the opportunity to get paid their value for unique pieces.
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Buy it Now
If an artist has a price ceiling they would like to set for an item, they can give users the option to instantly buy an auction piece for a set price. This also helps move auctions along quicker, lowering clutter.
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Local News
Local artists often share their work in galleries and hold public showings for them. The news section will include information on events such as these based on your location.
