The Millennial Collector's Advantage
Millennials have a ripe opportunity before us to reshape the landscape of art collecting, but most of us are missing this chance. This generation is has the potential to become a powerhouse generation in the art market, to leverage their unique advantages and perspectives on the world to innovate within the industry. But will we?
A huge part of what I help my clients navigate are huge misconceptions about what it takes to collect art meaningfully, how to make an impact with smaller budgets and earlier in life, and countering narratives of who an art collector is.
We are seeing a huge knowledge gap when it comes to art collecting, and as a result most people wait far too long to become collectors, missing out on the chance to shape culture, explore personal development opportunities, and invest in an asset class.
The Digital Art World
Online art sales are up, across the board. We are seeing unprecedented purchases of art from online marketplaces, galleries, and direct from artists. Growing up with technology obviously gives millennials a natural advantage in navigating the increasingly digital art market. While older collectors are adapting, millennial collectors have the opportunity to use their comfort in these spaces to edge out other buyers, and to discover impactful upcoming artists early. This is especially true when we can see social media as a discovery tool. In my consulting business I often will curate collections on instagram for clients to use as a launch point to discover emerging artists. It is a powerful tool for art collectors. Social media can act as a virtual gallery, or a mood board, or a site to foster relationships with artists and galleries, which is essential for effective art collecting. This direct line to the art world democratizes access and allows for the discovery of emerging artists long before they hit mainstream galleries.
This ease with technology allows millennials to access a global art market, discovering artists and works from around the world with incredible ease. However, most people remain ignorant to their own potential as a collector, and as a result are not engaging in the art world.
Millennial collectors are also at the forefront of embracing new art forms like NFTs. Their willingness to explore and invest in these emerging mediums is driving innovation in the art world and expanding the definition of what can be collected.
Value-Driven Collecting
This is where my interest in the next generation of art collectors really grows. Millennials are known for their focus on values and social responsibility, which we are absolutely seeing extend to collecting focus and strategic approaches. I help clients develop an impact statement on their collection which very often centers on personal aspirations, cultural values, and societal issues. Focusing on the artist's story and background is also increasingly of interest, as our society slowlyyy moves away from consumerism and mass production and renews an interest in narratives, connection and people. As a result, this value-driven approach is pushing the art world to be more socially conscious and diverse. Slowly. But with more millennial collectors coming online we have the potential to accelerate this focus.
Shaping the Future of Collecting
Millennials' approach to collecting is significantly more flexible, creative, adaptive and eclectic than traditional collectors. They're much less bound by rigid categories or periods, more experimental and curious, more willing to mix contemporary pieces with vintage finds, and open to rotating their collections regularly.
Again, millennial collectors remain a small percentage of global collectors, but the margins are widening every day. These collectors are actively shaping its future. Their tech-savvy, value-driven, and innovative approach is pushing the industry to evolve, becoming more accessible, diverse, and personalized. This is what I am here for. The art world desperately needs subverting, and I believe this generation of collectors will be responsible for raising the expectations of what art can do in our personal lives and our culture.
As they continue to enter and influence the art market, we can expect to see further innovations in how art is created, discovered, bought, and appreciated. For millennials looking to start or grow their art collections, now is an exciting time to leverage these advantages and make their mark on the art world. If you are interested in joining this movement, consider booking a discovery call with me. I can answer all of your questions and point you in the right direction to get started.