Over the last few years, Millennials have played a crucial role in transitioning the art world to what we know today. In particular, millennials have hugely helped the art market recover after the pandemic, which saw museums, galleries, and shows close their doors.
According to a recent report by Art Basel-UBS, millennials spent the most on artwork in the first half of 2021. This helped to boost the recovery of the art world. Consequently, sales were up 10% in the first half of 2021. Of these sales, millennials spent four times as much as boomers and doubled the spending of Gen X.
This article discusses millennials’ crucial role in the modern art market with expert insights from Olyvia Kwok.
Millennials have overtaken boomers.
The report by Art Basel-USB has revealed that millennials spend more on the art market than boomers. The sudden demand for digital art and NFTs can explain this.
The COVID-19 pandemic pushed the digital transformation of the art world. During this time, shows and exhibitions moved onto virtual platforms, and collectors bought increasing digital creations. The digital transformation allowed the art world to keep doing business despite rules against socializing and face-to-face contact with others.
It is thought that millennials are more accustomed to the digital age than boomers because millennials grew up with technology and are more familiar with technological practices.
With millennials becoming such a large audience, we could assume that artists will increasingly appeal to this age group over others. This could mean an even stronger push into the digital world.
Digital platforms have kept the art world alive.
Integrating digital platforms into art has been a lifesaver during the pandemic. The ability to host art events online, purchase art through digital markets, and connect with fellow enthusiasts through social media has allowed art to flourish despite lockdown restrictions.
Furthermore, millennials have been the driving force behind this integration. Moreover, embracing digital tools in art has helped attract more millennials. This has opened the doors to a new type of art enthusiast drawn via social media.
Olyvia says, “Social media has been a significant marketing tool for artists and galleries to appeal to the millennial audience – who tend to consume art via digital.”
Why do millennials have a sudden interest in art?
Olyvia Kwok Decani says, “More and more people see art as enjoyable assets. So, this top tier will be solid. Many new millennial collectors are buying art and spending hundreds of thousands to be ‘part of the gang.’ But simultaneously, they seem driven by their desires to help artists during the COVID pandemic.”
As well as this, art is becoming a popular way to build wealth amongst millennials. Millennials are twice as likely to consider art a financial asset than boomers. When inflation is at an all-time high, this could explain why many millennials purchase artwork.
Millennial Artists
It is not only consumers that are becoming increasingly millennials. There has been a recent surge in millennial artists who have made it onto the scene. Sadie Burnette, Sam Falls, and Lu Yang are already being taught to students in Art History classes.
Many famous millennial artists use their work to support movements, voice opinions, and send messages to their audience. For this reason, there has been a significant rise in politically-themed artwork over recent years.
Millennials want to feel something when they look at art instead of buying a painting because it looks pretty. Also, millennials lean towards contemporary art and essentially value experience over objects. As a result, artists are beginning to focus more on providing an exceptional consumer experience than making things look pleasing to the eye.
In Sum
Millennials are increasingly impacting the art world, from driving the digital transformation of art throughout COVID-19 to inspiring new angles for creators to explore. The millennial influence can largely be seen in the sudden move to digital platforms over the last few years.