Millennials, born between the years of 1980s to late 1990s, make up the largest consumer group today. There is a rapid rise in millennial art collectors and they actually offer large market potential for galleries, artists, and dealers. Many people bag on Millennials calling them self-centered and obsessed with their smartphones. Yet, these are just stereotypes and the social-media loving generation could also be positively impacting the art scene. We will take a look at how collecting art is becoming more important amongst millennials in recent years.
How Do Millennials Discover Art?
Millennials spend a lot of their time on social media, especially Instagram. And it just so happens that Instagram is the art world’s most popular social media platform. With this said, many millennials use the platform to discover art, follow their favorite artists, and figure out what’s on trend. Social media isn’t so bad if it leads users to finding an independent artist or business they love! They can also easily connect and see their work by visiting their page. Instagram is designed for the visual aspect. Additionally, any digital medium that is designed for sharing artwork will attract millennials everywhere.
Where Do Collectors Buy Their Art?
Unlike other generations, millennials are more willing to purchase their art online. Although they do purchase in-person as well, online buying is popular amongst the generation, where it would previously have been rare. The rise of online marketplaces and auctions have taken off because of this trend of buying. Artists and content creators alike have had to get more creative with their presentation method to woo the right audience.
Social And Political Implications
Millennials seem to care about the social and political climate a lot more. Not only that, but they understand the impact of environmentally friendly products and techniques. This generation tends to support more sustainable brands and artists. When making a buying decision, millennials think about the big picture decision they are making rather than short-term impact. They will support artists who have a strong social or political impact or send a positive message to the world. If the art has a more important meaning, it will attract millennials.
Millennials don’t always have the highest budget for purchasing pieces of art, compared to the generation before them. They are less interested in purchasing the most expensive boujee piece, but instead strive to support emerging artists. Then, in hopes the collection piece will accrue in value over time and support the person they feel connected with! Spending habits are a little different and they want to know that if they are going to spend the money it reflects something they find valuable.
More Drawn To Unique Pieces
Millennial collectors are more drawn to unique pieces that use different types of materials and mediums. They also gravitate towards anything vintage or antique if they see value in it. Old paintings like pastel landscapes reflect a vintage style that they are into. Just like their fascination with sustainable clothing, any art piece that is sustainable or recycled for the past checks their boxes. Additionally. New mediums like AR/VR technology showcasing art are also popular. There are more pop-up museums and artists that leverage immersive technology to sell their artwork.
Communication Through Social Media
Because of this group’s tech-savvy nature, they connect with artists through social media channels. It can broaden the artist’s exposure and influence people to buy. Whether it’s Pinterest, Instagram, or Facebook, many people follow their favorite artists’ channels. Users can communicate directly with these artists and ask them for information about their exhibitions or work! With their familiarity with technology, it makes it the easiest way to browse and buy.
More Likely To Take Risks
In general, this group is more likely to take risks in all aspects of life. They will live in a van and travel the world, in comparison to other generations that are more hesitant to try something new. This correlates to artwork and buying habits as well. Millennials will take risks with buying pieces that are new or never seen before. With less sensibility, they will purchase unusual art collections.