The “2018 Insights on Wealth and Worth — Art Collectors” survey by U.S. Trust revealed that millennials are now the fastest growing segment of art collectors. Growing up with technology by their side, millennials—born between 1982 and 1998—have different values and buying habits than generations before them. Faced with these shifting demographics, what is your gallery doing to reach millennial collectors?
UBS’s 2017 “Millennials — the global guardians of capital” report explained that millennials, who currently account for roughly $17 trillion of global wealth, consistently prioritize “convenience, multi-channel delivery, and transparency.” So, how does this behavior translate to the art world?
To begin, millennials are “more transactional” than their predecessors, the boomers. Many view art as a capital asset, and are likely to sell and trade with more frequency. And not surprisingly—since millennials are also adapting to the online art market at an unparalleled velocity—78% of millennials bought art online in 2018.
This suggests a positive trajectory for the online art market, which is estimated to reach $8.37 billion by 2023. A recent ArtTactic report revealed that “63% of Gen Y (millennials) intend to buy more art online than last year,” and 57% of millennial buyers either prefer buying online or have no preference at all between a website and a brick-and-mortar space.
The article also made note of the increase in using platforms like Instagram to discover artists, as well as the surge in buying art on a mobile device—up to 20% from 4% in 2015.
From financial institutions to luxury brands, businesses around the world have had to adapt to millennial consumer behavior. Market forces are beginning to demand that galleries, dealers, and auction houses do the same. Do you feel the need to cultivate a network of millennial collectors?
Head of Gallery Partnerships, Europe, Middle East, and Africa
Originally published on Artsy.net