A new generation
of art collectors is emerging – the ambitious, tech-savvy, social media-engaged
millennials. This young demographic are fast becoming the world’s dominant art
collectors, purchasing more art than previous generations, and showing a
willingness to invest more money in art from sellers both local and worldwide.
The millennial’s growing influence on the art world is shaping how and why art is purchased in the contemporary art market. In the new technology-driven world, social media and online accessibility has afforded the tech-savvy millennial a way to view and purchase art. This generation place an emphasis on art as an investment as well as a means to network and build connection.
So, if you’re looking to delve into the art sphere and begin your own art collection, read on to gain valuable tips from MayinArt’s guide for the millennial art collector.
Viewing the art available
Social media in particular has become a key way for millennials to access art. MayinArt’s Instagram (@mayinart) page is an accessible way to view new artworks on offer. In addition, the MayinArt website also allows you to browse our range of artwork, including curated collections which suit your personal taste. Art from the ‘Fall’ collection, for example, will appeal to those with an interest in acrylic or oil paintings with subjects ranging from nature to the female body. You can view the collection here.
From the ‘Fall’ inspired collection: ‘The Autumn’ by Adha Widhayansah.
Purchasing artwork – the benefits of buying online
Another aspect to consider when purchasing art is how to go about buying it. With a preference for browsing and purchasing goods online, the millennial market has driven online sales in various sectors, including art. Buying art online is accessible, with millennials able to buy art from the comfort of their home without having to travel to an in-person gallery. On MayinArt’s website, not only can you easily buy art from our curated selection, but a new ‘buy now pay later’ service will soon be on offer. Atome will allow buyers to purchase art in 3 instalments over 3 months, with 0% interest, making buying online even more worthwhile.
In addition to these benefits, the MayinArt website also offers the online buyer the chance to view their potential artwork within a chosen space. Our ‘view in a room’ feature allows you to place an artwork in either a digital sample room or one of your own spaces. The ability to see your potential purchase in a spatial context is an invaluable tool when considering whether or not a chosen artwork would suit your chosen space.
A MayinArt painting displayed on a wall in a residential space:
‘Liberating’ by Kadek Marta Dwipayana.
Understanding the financial opportunities
The idea of purchasing art for the first time can be daunting, especially when considering the financial implications. But did you know that significant money can be made through buying and investing in artwork?
Compared to previous generations of art collectors, millennials understand that art can be a worthwhile investment. According to a US Trust study, millennials are twice as likely as boomers to view art as a financial asset. This young generation are proving to be savvy investors, often blurring the lines between collector and seller by purchasing art with the intention of swiftly selling it to make a profit. This practice is referred to by those in the industry as ‘art flipping’ and can prove a real and effective way of investing money. Why not consider investing in a new and up-and-coming artist, whose work will grow in popularity and demand?
‘New Life’ by emerging artist Ahmad Alwi. View his profile here.
The long-term benefits – supporting artists and networking
As well as financial benefits, there are long-term social and philanthropic benefits to buying art. As a well-educated, socially conscious and politically engaged generation, millennials have proven that they not only view art as a worthwhile investment, but that they have a genuine drive to support the art market and artists. A survey conducted in 2020 revealed that 68% of millennial art buyers purchasing art from March–September that year did so in order to support artists during the Covid-19 pandemic.
In addition, millennials have shown how engaging and investing in art can allow them to form connections within art communities. Social media sites such as Instagram and Facebook have broken down the barriers between collector and seller, with millennial buyers able to communicate with artists and galleries directly, ask them questions and make specific requests about upcoming exhibitions or new art collections. At MayinArt, you can reach out to our team via our social media accounts to ask any questions you have, or to see live interviews scheduled with our artists from across the globe.
To view a vast range of artwork available for your new collection, visit MayinArt’s website at mayinart.com/artworks. For further queries, contact us via email at [email protected]. MayinArt also offers tailored ‘Art Advisory Services’ for both individuals and companies – further information can be found at mayinart.com/art-advisory-service.