Changes Millennials are Bringing to the Art Market
Art is as old as civilization. Like human history, art encourages us to cherish intuition, uncertainty, and creativity. As time brings change, a growing emphasis on diversity comes along, and the audience for art continues to grow. The history of art is a story of our creative expression and visualization of the world around us. Art is communication, a vehicle for social change, a voice for the politically or socially disenfranchised, and a medium that affects the fundamental sense of self.
Most artists and enthusiasts think of art as the repository of a society's collective memory preserving historical records for future generations to appreciate how it felt to exist in a particular space at a specific time. For instance, studying a painting from the fifteenth century and decoding the symbolism used can help you understand what was important to people during the Renaissance and how they wanted to be remembered.
Millennials form the most significant consumer demographic today. Millennials and Gen Z are generally more comfortable in online spaces than other generations that came before them. Their spending power is being felt in the art landscape, causing a considerable shift in how art has traditionally been consumed and collected.
Millennials in digital spaces
Millennials spend significant time online, mainly working and connecting through social media. Social media is the best place for millennials to discover and buy art. Digital spaces have introduced a new generation of art enthusiasts to the art collection, creation, and appreciation.
The events of the pandemic and the ensuing lockdown resulted in an acceleration of art creation and display in digital spaces. Within the art world, the pandemic increased accessibility to fine art among millennials. 30% of art buyers online were below 40 years old, and galleries, artists, and auction houses are starting to pay attention to this demographic.
To accommodate millennials buying patterns and differing habits, it is essential to acknowledge their presence and what sets them apart. One of their defining characteristics is that they have a higher education level than older generations. This means that they are more likely to question accepted norms within the art world, reject what they consider outdated, and prefer increased accessibility and a less elitist approach to how we view and buy art.
Looking at art from the past significantly influences who we are as a people by gathering the knowledge and inspiration that contributes to how we interact, feel, and view the world around us. Not only have millennials changed how they consume art, but their motivations for purchasing art pieces are also different. Most millennials seek a connection and emotional experience with a particular article instead of status or exclusivity. This can be attributed to a need for increased relatability with artists' works because identity plays a massive role as a motivating factor for young collectors.
