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The rise of wealthy young art collectors in Asia signals a significant shift in the market.
While it used to be primarily an investment for the elderly and wealthy, younger collectors are also starting to get involved. As a result, online marketplaces and auction houses are also adjusting accordingly.
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British auction house Christie’s says it is seeing a significant influx of new buyers, with increasing participation from Millennials and Gen Z, accounting for 35% of its customers. The same is true, although young Asian buyers are leading the way. Scope — even in other parts of the world.
What are young investors collecting?
A recent CNBC article looked at what young investors are collecting, and it’s unlike anything the market has experienced in the past.
In the article, Erin Remington, director of sales and curation at Saatchi Art, an online gallery and marketplace, said, “Millennial collectors are drawn to figurative works…among younger buyers. , there is also a demand for surrealist landscapes depicting spiritual spaces.”
According to online art brokerage Artsy, 64% of young buyers between the ages of 18 and 36 prioritize including up-and-coming artists in their collections, compared to just 43% of older buyers.
Online art auction attracts young crowd
Online art auctions have become popular among young investors for several reasons.
1. Digital convenience
Young investors who grew up in the digital age find online platforms more accessible and convenient. The ability to view, bid, and purchase art from the comfort of your home or on the go fits a tech-savvy lifestyle.
2. Wide selection of products
Our online auction offers a wide variety of art, from contemporary to classic pieces. This diversity is attractive to young investors who want to explore different styles and artists.
3. Global access
Online auctions remove geographic barriers and give young investors access to works of art from around the world. This global reach is especially appealing to a generation known for understanding diverse cultures and perspectives.
Interested in investing in art at a fraction of the cost? With Masterworks, you can invest in pieces on artists like Andy Warhol, Banksy, Claude Monet, and more.
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This article, “This country’s young money is flocking to art as an investment” originally appeared on Benzinga.com
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