IDENTIKIT OF THE MILLENNIAL COLLECTOR
The art market changes, collectors change: who buys art today?
The U.S. Trust Insights on Wealth and Worth® already anticipated what the recent The Art Market Report conducted by UBS and Art Basel confirmed: the Millennials (i.e. those born between the 1980s and mid-1990s) and the “Generation Z” (i.e. those born between the mid-1990s and 2010) are the collectors of the future.
Although Baby Boomers (i.e. those born between 1945 and 1964) still make up the majority of collectors, Millennials are the fastest growing segment.
But what characteristics does the young millennial have? The collector of the future is…
Dynamic, always up to date and used to have everything and immediately: the millennial collector needs to be constantly stimulated and is very careful to buy according to ethical consciousness
Young collectors are wary of previous generations: they demand transparency in transactions, clear prices and information immediately available at the time of purchase.
The millennial collector informs, interacts and buys on the web. According to the UBS and Art Basel report 92% of HNW (High Net Worth Collectors) collectors claim to have purchased works online, through the use of sales platforms and Instagram.
Millenials use social media to discover new artists, but are not influenced by them in the final choice. Instagram is the most used social media to inform themselves, build relationships, find galleries and even buy.
Young collectors tend to be driven primarily by financial motives and the work of art is primarily conceived as an investment
Millennials collectors are interested and buy the most diverse forms of art, from paintings to installations; from street art to digital art, passing through video art and illustration.
Well liked and respected
When they enter the gallery or visit a fair, the Millennials and Generation Z want to feel welcomed and taken seriously, like a middle-aged collector.
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And you, are you ready to become a Millennial collector?
Photo credits: Photo by Fuse, via Getty Images.