According to the latest studies, the percentage of Millennials Art Collectors is the one that has been increasing the most to reach 8% of the Fine Arts market buyers. Their habits differ from their senior counterparts.
The Millennials’ increase on the Fine Arts market
As mentioned in an Art-Trope’s dedicated article, recent studies, including the one published by Bank of America’s US Trust, show that the Millennials have a growing power among Collectors. It is partly the result of the increase of young professionals in the finance sector and more specifically in Hedge Funds management. Great inheritors also participate in the growing force of the Millennials. Nonetheless, indicators show that the young elite which includes personalities from the tech sector such as successful Start-Ups’ founders, rarely becomes Art Collectors. Such an increase resulted in the development of new strategies to attract and retain Millennials. Recently, Justin Bieber and Joe Dirt’s Manager Scooter Braun invested important amounts of money in Ikonick which specializes in Millennials Art Collectors who do not necessarily have the financial resources to buy expensive Artworks.
The Millennial Art Collector’s profile
Even though the Millennials are a growing force, they also are a part of the Collectors which behavior differs from their elders. In an article published by Artsy, Evan Beard who is the head of the National Art Services at US Trust, said that “Galleries will need to adapt to our trading mindset”. Indeed, the US Trust study shows that 39% of them tend to consider Art as an investment. However, 89% of them estimate that such an investment has to have a social impact. It is also what confirms Liz Powers, Co-Founder and Director of ArtLifting, a nonprofit which mission is to support and promote Artists living with homelessness or disability. “We have over 100 corporate buyers. They’re trying to retain and attract millennials, who are interesting in working at a company that gives back and is socially conscious” explains Liz Powers. Also, collecting Artworks remains a way to reflect one’s social commitment and identity. That is what Koby Elias, formerly at Cambridge startup Semprus Biosciences and currently at BioFire Diagnostics confirmed in an interview for Americannino: “It’s a way to project a personal sense of style, even a worldview, to people who come to your home. It’s a space that, from the aesthetics, can really communicate a lot about who you are as a person”.
How Art-Trope addresses the Millennials’ issues
Art-Trope, as the New Generation of Artists Agency, offers worldwide Collectors to highlight their Artists and Artworks by supporting them and exhibiting them in the Art capital cities. As a platform giving Artists access to all the services they need to develop their career, Art-Trope ensures the follow up of each Artist on the long-term. Thanks to this support, the Collectors secure their investment by addressing their Artists’ career instability and in doing so, the value of their Artworks. As a result, Art-Trope is the only international Fine Arts market facilitator. During its INTERSECTION exhibition from June 7th to 10th 2018 in Paris, Art-Trope attracted more than 700 visitors in three days with 10 of the Artists from its community. Indeed, important means of communication were used as part of its Exhibitions Service. Therefore, the Collectors are prevented from investments loss.
Read our article about Painter Agata Preyzner’s participation to the Parcours Patrimoine on September 14th 2018 in Paris here.