Categories
Art as an Investment News

MILLENNIALS EMBRACING THE ART WORLD

In an ever-changing art market where 15% to 25% of all art collectors are tech savvy under 40-year old’s, are we seeing a glimpse into the future?

Millennials and young art collectors use smart phones and tablets like we use our lungs to breathe, this new generation of collectors are also embracing the best of what the tech revolution has to offer.

Never in history have we seen a demographic group have so much innovation at their finger tips.

Everything in the tech space is geared for the ultimate user experience, at a speed that defies anything that the previous generations have experienced.

So does this mean this new generation will change the art collecting landscape, and what are the early indicators as to what millennials are collecting and what sort of artworks are they buying.

Below are some interesting points that may give some insight to these questions.

  • Millennials or young art collectors are more risk adverse than their previous generations, they see their art collection as an expression of themselves {1}
  • They see artworks as a financial asset, part of a wealth building strategy, 33% of millennial collectors agreed with the statement that art is “an asset that can be leveraged to build wealth” vs. only 16% of collectors overall {2}
  • Often inheriting the love of art and art collections from their families. 87% of established art collectors intend to pass their collection on to their heirs {3}
  • They prefer collecting contemporary artworks {4} with 97% of Millennial’s in the US saying that they will go ahead and purchasing at least one artwork within the next 12 months compare to 78% of collectors overall {5}
  • Strictly speaking contemporary artworks are from living artists but may include from present through to 1940’s-1950’s (painting, sculpture, photography, installation, performance, video art)
  • They are more likely to sell with 85% of them saying that they would sell to acquire better art or a better investment compare to  41% of Gen X collectors and only 24% of boomers{5}
  • 78% of U.S. millennial collectors acquired artworks online in the last year, versus 40% of collectors from all age groups. Overall, there has been significant growth in the online art market, largely driven by young people. {5}
  • Millennials are more likely than other age groups to discover and purchase artworks online. A survey of U.S. collectors indicated that 44% of younger millennials and 34% of older millennials find new artworks and artists via platforms like Instagram and Pinterest {6}
  • 57% of younger U.S. millennials and 52% of older U.S. millennials say that they are open to purchasing art online. In contrast, only 19% of Baby Boomers said the same {6}
  • A new breed of financially driven art collectors is actively transacting in the art world —78 percent of collectors, including 97 percent of millennials, plan to buy, while 46 percent plan to sell art this year {2}
  • Apart from the financial aspect of collecting artworks, surveys have revelled 80% surveyed sight “I love to own beautiful things and to surround myself with them” {4}

As discussed above Millennials and the X generation view art collecting as part of an overall lifestyle choice.

Collecting art has become a statement of who they are and how aesthetically they bring individuality to their homes.

This new generation of art collectors have a feel for the new and the contemporary.

Collecting vintage posters, modernist paintings, prints, sculpture, photography, and graffiti art.

MILLENNIALS EMBRACING THE ART WORLD

Millennials are buying more artworks; and their art collections have become part of a overall wealth building strategy.

{1} Northern Trust

{2} 2018 S. Trust Insights on Wealth and Worth

{3} 2017 UBS Investor Watch

{4} 2014 AXA Art Survey

{5} 2018 S. Trust Insights on Wealth and Worth

{6} 2016 Invaluable survey

https://axa-art.cdn.axa-contento-118412.eu/axa-art%2Fe80843bd-8e1d-4859-bf2d-c64f4f5a4762_e287cd94-1107-4e16-aa8e-acb9c70a30cf.pdf

https://www.google.com/amp/s/docplayer.net/amp/98149463-2018-u-s-trust-insights-on-wealth-and-worth.html

Leave a Reply

Your email address will not be published. Required fields are marked *

19 + 8 =