10 habits of millennial art collectorsSeptember 28, 2015
According to the Wall Street Journal, the largest generation in the U.S labor force is the millennials. As consumers, they’re on track to spend US$ 1.4 trillion annually by 2020 and inherit US$ 30 billion in the coming years, according to the New York Times. Therefore, it's no wonder businesses are catering to millennial buyers.
A recent article written by Christie Chu published on artnet News, a global art market newswire, explains 10 habits of millennial art collectors. They tend to:
- Have less access to capital than older collectors
- Network and hustle
- Buy equally online and offline
- Take more risks
- Use social media to stay in touch with artists and galleries
- Collectors often reinvest their money
- Generally have less understanding of the canon
- Do less research
- Acquire art that has meaning to them
- Want to get involved
Commenting about this piece of insight, Fred Weijgertse, Crown’s Director of Fine Art, said: “We have seen a rise in online auction sales and we believe that millennials greatly contribute to that rise.”
You can read the article yourself to find out more details.