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The rise of wealthy, young art collectors in Asia signifies a notable shift in the market.
What was once an investing class primarily for older, wealthier people, younger collectors are getting in on the action. And with this, the online market and auction houses are adjusting accordingly.
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According to the British auction house Christie’s, there is a strong influx of new buyers — 35% of total clients — with increasing participation of millennials and Gen Z. While young Asian buyers are leading the way, the same holds true — though to a lesser extent — in other parts of the world.
What Are Younger Investors Collecting?
A recent CNBC article examined what younger investors are collecting, and it’s different from what the market has experienced to date.
In the article, Erin Remington, director of sales and curation at online gallery and marketplace Saatchi Art, said, “Millennial collectors are drawn to figurative work … there is also a demand among young buyers for surrealist landscapes that portray spiritual spaces.”
According to online art brokerage Artsy, 64% of young buyers aged 18 to 36 prioritize including emerging artists in their collections, compared to just 43% of older buyers.
Online Art Auctions Attract A Younger Crowd
Online art auctions have become popular with young investors for several reasons:
1. Digital Convenience
Young investors, growing up in a digital age, find online platforms more accessible and convenient. The ability to browse, bid and buy art from the comfort of their homes or on the go aligns with their tech-savvy lifestyles.
2. Diverse Selection
Online auctions offer a vast and varied selection of art, ranging from contemporary to classic pieces. This diversity appeals to young investors looking to explore different styles and artists.
3. Global Access
Online auctions break down geographical barriers, giving young investors access to artworks from around the world. This global reach is particularly appealing to a generation known for its appreciation of diverse cultures and perspectives.
Are you interested in investing in art at a fraction of the cost? Masterworks allows you to invest fractionally in artists such as Andy Warhol, Banksy and Claude Monet.
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This article Young Money In This Country Is Flocking To Art As An Investment originally appeared on Benzinga.com
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