Growth of Art Collectors During the Years 2000 2018

Today's young collectors (under the age of twoscore) are a various group with varied tastes and priorities. Yet, there are some general trends and tendencies that characterize their appointment with the fine art world and differentiate them from previous generations of collectors.

This written report will encompass multiple facets of millennials' interest in the fine art globe. It will discuss who these young collectors are, both in general terms and through individual profiles of several dozen prominent collectors. It will then explore millennials' motivations for collecting art and their preferences for viewing, consuming, and purchasing art. Finally, it will consider which genres and artists have gained the most popularity among younger collectors with the intent to uncover whatever key trends.

Key FINDINGS

• Young art collectors comprise effectually a quarter of all collectors: a 2018 article from insurance company AXA estimated that 15-25% of collectors are young, while the 2018 S. Trust Insights on Wealth and Worth study establish that 27% of its respondents were millennials.
• Young collectors remain primarily driven by personal enjoyment of art, an appreciation for aesthetics, and a want for cocky-expression. They oftentimes see their collections equally a way to communicate their personalities and raise their personal brands (Northern Trust).
• Millennials are, however, more likely than other generations to see art every bit a fiscal asset and as part of a comprehensive wealth-building strategy. 33% of millennial collectors agreed with the statement that fine art is "an asset that tin exist leveraged to build wealth" vs. only 16% of collectors overall (2018 S. Trust Insights on Wealth and Worth).
• Many immature collectors inherit a dear of art from their families, and oft await to inherit fine art collections every bit well. 87% of established fine art collectors intend to laissez passer their collection on to their heirs, and roughly one tertiary of these heirs say that they have get active art collectors themselves (2017 UBS Investor Watch).
• Millennials demonstrate a strong preference for gimmicky art. Over 90% of immature collectors are interested in gimmicky pieces (2014 AXA Art Survey).
• 97% of U.Southward. millennial collectors said that they were either very or somewhat likely to buy at least one work of art in the side by side yr, versus 78% of collectors overall. (2018 S. Trust Insights on Wealth and Worth).
• 85% of millennials said they were very or somewhat probable to sell in the next twelvemonth, versus 41% of Gen 10 collectors and but 24% of Boomers (2018 Due south. Trust Insights on Wealth and Worth).
• 78% of U.S. millennial collectors acquired art online in the last year, versus twoscore% of collectors from all age groups. Overall, there has been significant growth in the online fine art market, largely driven by young people. (2018 S. Trust Insights on Wealth and Worth).
• Millennials are more than likely than other age groups to discover and buy art online. A survey of U.S. collectors indicated that 44% of younger millennials and 34% of older millennials notice new art and artists via platforms similar Instagram and Pinterest (2016 Invaluable survey).
• 57% of younger U.Due south. millennials and 52% of older U.Southward. millennials say that they are open to purchasing art online. In dissimilarity, but nineteen% of Baby Boomers said the same (2016 Invaluable survey).

WHO ARE TODAY'S YOUNG Fine art ENTHUSIASTS?

For the purposes of this study, a immature collector is defined equally someone who is under historic period forty. Most of the collectors discussed and featured below vest to the millennial generation and were born between 1980 and 2000.

According to a 2018 article posted by insurance company AXA, immature collectors make up approximately 15 to 25% of all art collectors. In a 2014 AXA survey, the age breakdown of participants was as follows:

• Majority of respondents were center-anile (73% were 40-69 years old).
• ix% were seventy or older.
• thirteen% were 30-39.
• 3% were 29 or younger.
• Overall, 16% of respondents were immature/millennial collectors (under age 39).

Millennials' affect on the art and luxury goods market place is steadily growing. A 2017 report past Bain & Visitor predicts that past 2025, millennial and generation Z consumers will business relationship for 45% of the personal luxury goods market overall. This report highlights the need to appeal to a "millennial state of mind" rather than simply to millennials themselves. Young people's tastes and preferences influence those of other generations; millennial attitudes and preferences thus extend to other generations as well.

Millennials who develop a deep fascination with art often beginning their collections early, equally immature equally their teenage years. Michael Xufu Huang and Tiffany Zabludowicz are two such examples, who both began collecting at historic period sixteen.

Young collectors are an international group. Prominent collectors hail from across the globe: the U.s.a., Mexico, Germany, Mainland china, the Philippines, Malaysia, and elsewhere. In general, the United States, China, and the United kingdom of great britain and northern ireland are the largest participants in the contemporary art market.

Generally speaking, millennial collectors take less money than older generations. Many collectors get started by purchasing less expensive pieces, ofttimes valued at $5000 or nether, and gradually expanding their collections over time. Veteran art collector Sylvain Levy notes that in his experience, active younger collectors tend to accept budgets of effectually $10,000. Fine art collector and adviser Nilani Trent notes that in today's art market, however, it can exist hard to learn work even by early-career artists for less than $50,000 (Beard, Cocked). The price of building an art drove is thus a house barrier to the bulk of millennials.

Of class, in that location are some noteworthy exceptions such as Robbie Antonio and Sheikha Al-Mayassa Al-Thani, whose budgets stretch into the millions. Moreover, many immature collectors come from families of fine art collectors, who encourage and support their children'southward dear of art, ofttimes through gifts. According to Evan Beard, writing for Cocked, millennial collectors tend to fall into two major categories: "wealth inheritors, and a burgeoning grouping of rising private equity, real estate, and hedge fund professionals (the young tech aristocracy notwithstanding don't collect)."

Millennials are significantly more than likely than previous generations to collect with financial considerations in mind. Beard connects the cultural and social context in which millennials were raised with their collecting habits: "we collect similar capitalists." In other words, millennials are more likely than Generation 10 and Baby Boomers to sell works from their collections and to cite financial motivations for collecting art.

Younger collectors tend to be active networkers, both on- and off-line. They prefer gaining early and direct access to works, sometimes even arranging to see a piece while it is however in the studio. In an interview with artnet News, Kenneth Schlenker noted that this propensity distinguishes millennial collectors from older generations. According to him, older collectors might hire an adviser, work closely with only one or two galleries, or read Artforum to make decisions about which pieces to acquire. Younger collectors, on the other hand, aided by new technology that makes communication easier than ever, forge connections with a broader array of artists and galleries. They seek more personal, less mediated access to art.

French collector Joseph Kouli explained to Arterritory how this kind of active networking is especially of import for collectors who are not extremely wealthy: "I am convinced (because over the years, I've proven that you tin collect with express funds) that if you're smart, you take risks, and if you approach an artist before the institutions and big collectors begin showing involvement – it tin can be done."

READ Full REPORT

HOW MILLENNIALS ARE Irresolute THE Art WORLD

WHO ARE TODAY'S Immature ART ENTHUSIASTS?

Art COLLECTING AS A FAMILY ENTERPRISE

WHY DO MILLENNIALS COLLECT ART?

• Aesthetic appreciation
• Passion, personal fulfillment, and cocky-expression
• Family or cultural tradition
• Want to support artists and creatives
• Resale potential ("art flipping")
• Investment value

WHERE Exercise MILLENNIALS Adopt TO VIEW AND ACQUIRE Fine art?

• Online
• Museums
• Select list of museums with programs for young collectors
• Studios
• Art Fairs
• Galleries
• Auction houses

WHAT KIND OF ART Exercise MILLENNIALS COLLECT?

MAJOR YOUNG COLLECTORS

This report provides:

• 53 pages of Comprehensive Insights
• 100 Acme Millennials Collectors (Names and short biographies)
  
• An Overview of the Art Market place
• Key figures
• Relevant links to institutions and associations
• Links to Instagram accounts (when available)
• Details of works and major purchases alongside artists represented in key collections

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Source: https://www.artmarket.guru/le-journal/market/millennials-changing-art-world/

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