How Millennials Have Shaped the Art Market
Millennials are responsible for shaping the art world. This demographic, including collectors under the age of 40, have different tastes and priorities. One difference that you’ll notice right from the start is that millennials have shaped the way art is viewed and purchased.
Collectors of the past would have gone to galleries and had private showing for larger pieces. Sure, this still happens in today’s world of art collection, but there’s also a rise in online art galleries. Collectors in the past would never think of purchasing artwork unseen. Now, a lot of art is being collected virtually. But millennials are doing much more than just causing online art galleries to thrive. We're also finding that:
- 15% – 27% of art collectors are young collectors that fall into the millennial demographic.
- Art is being seen as an asset among younger groups, and this asset can be leveraged to create wealth.
- The love of art is being passed down over generations.
- Contemporary art is what 90% of millennials are interested in collecting.
- Collectors are avid, with 97% of millennials expecting to acquire at least one artwork this coming year.
When it comes to online collecting, millennials are much more likely to find and purchase art online. Older millennials are flocking to social media, including Instagram, to find art to purchase. This in itself is helping create a social art industry wherein artists are able to promote themselves to the millennial buyer using platforms that are popular around the world.
No longer is art exclusive to the select few, rich buyers.
Online Art Galleries in Social Media
Millennials of all ages and all income brackets can find potential buyers on social media. Nearly half of all millennials find art online. And art collecting isn’t just for millionaires anymore. Collectors have started a trend where they purchase art that is worth $5,000 or less. This is far from the Dahls or Picassos that celebrities purchase. Young collectors often have $10,000 budgets, but there are a lot of new artists that see the value in their work. There was a time when arts’ value only rose when an artist had died. But we’re seeing art pieces starting at $50,000 for some art works of people that are still alive. Financial considerations of art are at the forefront of the millennial collector, too.
These young collectors are great at networking, and they will continue to shape the art market for decades to come thanks to their technology-savvy approach to art collections.