All around the world, fine art investment is slowly solidifying its charm with younger collectors. Whether they are wealthy professionals, heirs to their family’s collection, or lovers of art, more and more Millennials are flocking to galleries and auctions to score unique artwork. Not only are they actively looking to buy art for sale, businesses seek to cater for this demographic as well.
Millennials stand as the largest generation in the US labor force who are reportedly a generation of consumers that are on track to spend USD 1.4 trillion annually by 2020 and inherit USD 30 billion in the coming years.
It’s no wonder they are sought after by marketers.
But why are millennials deliberately putting money in the art world?
Networking
Networking is essential for any career. While older collectors buddy up with advisors or work closely with one or two galleries, a millennial collector is networking with real people and being proactive to achieve things themselves. Alongside being a lucrative industry to invest in, it serves as an opportunity to establish stronger business relationships.
Making a real impact
In addition to financial returns, young investors are also interested in finding ways their wealth can have a positive impact on the world. A sizeable 52% of millennials are reportedly interested in investing for community impact. Fine art investments give them the ability to support emerging artists, purchase ethical assets, and ultimately paying attention to grander issues, such as climate change, women’s rights, and so on.
Risk-takers
A subtle difference in old vs. young collectors is their sensibility. Younger collectors gravitate towards unconventional, while their older counterparts seek traditional pieces. The young crowd tends to be closer to the contemporary attitudes that the young, modern artist is in tune with.
Getting involved
Millennials aren’t splurging for artwork per se, they are more looking to get knowledgeable in the art world. American giant institutions like the Guggenheim Museum, the Museum of Modern Art, and the Whitney Museum American Art offer programs that allow millennial collectors to start early. These councils include you on museum acquisitions, special events, VIP access to fairs, and artist studio visits. They’re a definite way to access the special art world, while simultaneously gaining cultural education – a millennial art lover’s dream.
What better way to start investing in art than investing in original, affordable, under-discovered artwork? View our curated collection for art lovers like you to spice up your space. Visit us here The Yellow Brick Road Gallery.
