Technology has been changing the way we do just about everything in our lives. Whereas before art collectors had to find their way to a physical gallery, to buy artworks that they liked, nowadays, they can do so in the comfort of their home, using social media, but mostly roaming through virtual galleries. Here is what you need to know about the new generation of art collectors.
Where do they buy Art in 2022?
If we said that the biggest art dealer in the world, today, is Instagram, would you be surprised? That may depend on your age, but also on your compatibility to social media. Those that already use the world famous Instagram know that they can buy artwork
on it, and just about everything else they can think of, as well. It creates different versions of a conventional art gallery. The most common one will be a mix of virtual and physical. In other words, you will be able to see the artworks that the gallery owns, either on the website or the various social media of the gallery, but they will also have a physical showroom, where you can get to see their paintings, sculptures, etc., live.
The new platforms that have appeared through time, might be the most interesting way to acquire art, on the internet. The main advantage that they have, is that they can propose international artworks, from a much larger variety of artists, since they dont have to keep it in stock. They can also sell to any market, by shipping directly to the buyer, wherever he may be residing. These galleries usually show their art through high-end technology, so that buyers can get a real feel about the work, without having to stand right in front of it.
Who is part of the Next Generation Collectors?
The first thing you need to know, is that it cant be identified through only one generation. The art buyers today are a mix of Generation X, Z and Millennials. The main hubs, where they can be found, are New York, London, Seoul, Beijing, Shanghai and Hong Kong. But in truth, they are quite dispersed around the world, since they can buy art from their PC.
They certainly have the money for it, but it didnt come to their bank accounts, in the same way. There are quite a few self-made on the lists, thanks to various start-up geniuses at the top of their group, but many have inherited the money, from their parents or grand-parents. In that respect, there is no doubt that the Millennials will be the most powerful, as it is expected that they will inherit between $20 and $70 trillion, within the next ten years.
The whole group is much more active in the art sector than their predecessors (the Boomers). In fact, there are about 30% of them active on the market, while there were only 17% from the previous generation. This is partly explainable from the fact that people can show art ownership online these days, which has become a part of their individual self-promotion.
Welcome to the New World!