AXA insurance group organized a series of panel discussions focusing on the theme of young Art collectors and their impact on the Fine Arts market. The question is to evaluate the extent of their influence and their new practices. Here is a report of the discussions as well as Art-Trope’s analysis.
A College base: Thibault Bissirier’s thesis
The conference organized by AXA, and more specifically by Frédéric de Clercq, specialized in insurance in the Art sector, took place on January 31st 2018. Indeed, around 300 participants attended the event. Composed by young collectors, gallerists, auction houses representatives and other Fine Arts market professionals, the audience was very diverse. The central theme of the young collectors’ new practices was based on Thibault Bissirier‘s thesis as part of his education at the École du Louvre. Effectively, he wondered what are the behavior and motivations of young collectors of Contemporary Art in France for those who were born after 1969. According to AXA, such a category represents 15% to 25% of the total number of Art collectors. Thibault Bissirier’s research also includes 18 interviews with young collectors such as Hélianthe Bourdeaux-Maurin, Joseph Kouli, and Sébastien Peyret.
The young Art collectors’ behavior
The series of panel discussions combined with the college research perspective shine a new light on the young Art collectors’ behavior. Indeed, they seem to share a common interest in their intention to embody the Avant-Garde. As a result, they mostly buy young emerging Artists and tend to take more important risks as opposed to their peers. However, their practice in real life isn’t so different from the one of their more experienced counterparts. Indeed, they support their Artists the same way except that they use the Internet as a promotion and research tool more. The relationship they have with the exhibition spaces remains unchanged, generally speaking. Nevertheless, these young collectors attend auctions less because it is usually too expensive. However, such a tendency can evolve with new initiatives coming from young Art dealers.
The young Fine Arts market players as a whole: the new influence of young Art dealers
Art-Trope takes this analysis to another extent by taking into account the young auction houses’ players while young collectors don’t necessarily attend auctions. Indeed, the TETAF Art fair in Maastricht which takes place from March 10th to March 18th 2018 and specializes in ancient Art and Old Masters is one of the most important events for Fine Arts collectors. On this occasion, the main Art dealers all attend the fair. In fact, the Old Masters market has been very lucrative lately and, according to the last Artnet‘s report, Christie’s and Sotheby’s January 2018 auctions in New York totaled 50.2 million dollars of revenue. However, the young Art dealers intend on diversifying their clientele by attracting a younger crowd. Effectively, their peers tend to focus more on a few elderly clients who also are connoisseurs and therefore insure their revenue. As a result, Nanne Dekking, the TETAF’s President told Artnet: “If you look at museums and what they do to attract new audiences, or at Sotheby’s and Christie’s, they are ahead.” The young Art dealers, usually more at ease and open to new practices, including on the Internet, both in terms of promotion and selling, want to create a new generation of Art lovers. Developing new technological tools is also essential to Art-Trope in order to offer worldwide Artists services dedicated to their needs.
Read our article about the artistic dialogue between France and the Netherlands at the Petit Palais here.