The Next Big Thing

Young, ambitious, educated and wealthy, a new generation of collectors is taking the art world by storm, writes Payal Uttam.

- Payal Uttam

Snapping up more works than ever before, a new and sharp-eyed generation of buyers is taking risks on emerging names and investing heavily in blue-chip artists. Beyond potential financial gains, these ambitious, educated and wealthy young people are also drawn to the prospect of joining the exclusive club that is the art world.

“The growth has just been phenomenal,” says Charlotte Raybaud, head of evening sale, 20th-century and contemporary art at Phillips Hong Kong, of the number of young art aficionados entering the market. “It’s also undeniable that art has become a very valuable alternative investment. While you should always collect [based on] your passion, it’s hard to not pay attention to the big prices that are being achieved at auction and in galleries.”

Today, young collectors aren’t just buying more art but they’re also willing to shell out more than any other demographic. According to UBS and Art Basel’s 2020 global art market report, among the high-net-worth individuals surveyed, millennials – defined as being under the age of 38 – spent six times more on art than collectors above the age of 55 in the past two years. Compared to older collectors, millennials were also more optimistic about art as an investment and were more likely to sell works from their collection compared with older collectors.