Art opportunities with modern collectors
The taste of popularity of millennials ( Millennials or Gen Y, who were born during the years 1981-1996 or the current age is between 24 – 39 years) has revolutionized everything from the business of car sharing to delivery. Food fashion sneakers. Until reaching the dating trend. But if it is about the art market cycle. It is still consider far away.
To move slowly But there is an issue that encourages the new generation to pay more attention to art collection. Trading channels are add. According to a 2020 report by the Art Basel and UBS Global Art Market Report. Gen Y has become the fastest growing collector and highest paying segment of any segment.
Galleries focus on appealing to Gen Y
In recent years Many galleries focus on appealing to Gen Y, who are financially strong, but may not have time, commented by New York-based art consultant Heather Flow that about 70% of the clients she works for. Is Gen Y group, which this business Accuracy is the key to any operation. The fact that galleries are transparent, resilient, diverse and sustainable Would attract new generations of collectors to their attention and approach
A new look at art through the social values
A new look at art through the social values and in terms of investment. Heather Flow noted that the orientation of the formation of the new generation is the same as the Baby Boomers ( on Baby the Boomer group of people aged between. 55 to 73 years) that the 1960s and ’70s were link to dynamic social and political change. Are similar in parallel As this older generation open up to the art of photography and mixed media. The younger generation is interest in video art and the New Media media shows that they all understand the evolution of it.
However, according to The Art Market 2020. Collectors aged 40 to 64 are still the largest, accounting for 62% of all buyers in 2019, but the up-and-coming group is the under-age collectors. Over 40 years, the proportion has increased by 6 – 19%. In addition, it is more interesting that female collectors pay 25% more than male collectors.
Ian Cheng and Jill Mulleady
Ian Cheng and Jill Mulleady made the most significant purchase at Art Basel Miami in 2011. He also established himself as a base when paying for art. Whether it is to build intimacy with the artist directly. Supporting a foundation or museum group. He once said one of the priorities of his life and society was entering the art world and the art collection market. Transparency was important to Leong. He sought to establish a relationship between collectors and galleries. But he sees art market expansion and easy access to information as a double-edged sword. Because people all over the world can quickly find new artists or reveal their work on social media. It may result in a need for rapid and excessive accumulation of work that resembles the occurrence of inflation. Making it harder to find a quality artist as well.
Today’s young collectors have become the drivers of the online art scene. This can be see from the gallery’s digital channels offer through popular applications. Such as Instagram or Art Basel’s Online Viewing Rooms. Which, in the survey, found that young people bought their work online to 92% ever. While three quarters of baby boomers are not involve in buying art online. I must admit, Instagram has become a vital marketing tool, creating interest and confidence to either the artist or the gallery. While three-quarters of the boomers never use social channels to buy it.
Of course after this We will continue to see the direction of growth for the young collector over the long term through a variety of trading channels. It also encourages institutions or agencies to start adapting to this change. Otherwise, one day they might be left so far away that there are no opportunities to catch up.