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As an industry that still finalizes multimillion-dollar deals over email, the art trade has special vulnerabilities.
May 25, 2021
An employee of EnBW, an EDF subsidiary in Berlin, works at her computer monitor. (JOHANNES EISELE/AFP via Getty Images)
Forget art thieves. The art trade has a new foe: cybercriminals.
Almost 60 percent of galleries surveyed in the 2020 Hiscox Online Art Trade Report were either “concerned” or “very concerned” about cybercrime a big leap from the previous year.
This rising anxiety makes sense: the pandemic, the craze for NFTs, and a collector base newly rich in cryptocurrency have all served to shift transactions into the virtual sphere.