21-05-2025
Younger art collectors are redefining traditional rules
Younger art collectors are redefining traditional rules
Millennials, now the largest generation in the U.S., are a force in today's art market, rebooting the rules of collecting.
In fact, they've been the biggest spenders on art in recent years. That's a departure from the investment-driven, pedigree-focused strategy that guided many older collectors.
The landscape is changing
Millennial musician Alicia Keys and her husband, Gen X producer Swizz Beatz's stunning, world-class art collection was the focus of the groundbreaking GIANTS exhibit, which debuted at the Brooklyn Museum in February 2024. It electrified the art world, prompting conversations about culture and identity, two important considerations for younger collectors.
'Alicia and Swizz's collection is beautiful, thoughtful and intentionally focused on emerging Black artists,' says Phillip Collins, founder of Good Black Art, the first and only tech-enabled company that provides a full-service platform dedicated to art by emerging Black artists.
'The exhibit was such a huge moment not just for Brooklyn or the entertainment or arts community,' Collins says. 'It was the first time we've seen collectors so famous really showcase such a broad spectrum of art at that scale. It's ignited interest among young, diverse Black collectors.'
Liz Woolf, co-founder of Los Angeles art gallery Song-Word Art House, also speaks to the change in patronage and priorities. 'Art is for reflection and activism and exploration of identity,' Woolf says. ''Real art today is fluid, shaped by cultural, philosophical and technological shifts. It's about engaging with innovative media and creating work that pushes boundaries.'
Woolf says younger people are also craving an experience. 'They want interactive, they want to be a part of it. That's why our gallery is loud, engaging, controversial, experiential. We want to push the limits, have people walk away, thinking, talking and sharing,' she says.
And it's not just young high-net-worth individuals buying art. Collins initially thought price was a deterrent for younger collectors, but he was mistaken. 'What we found was the majority of first-time buyers, who may never have purchased art, spent an average of $500 on their first small work, then doubled that spending nearly every six months.'
Millennials often purchase artwork online. As a result, the technology-forward Good Black platform has incorporated digital education tools to support newer collectors, with an emphasis on storytelling and making art accessible, with works at multiple price points.
Coloring outside the lines
Contemporary collectors under age 50 have broadened the scope of what constitutes art, from street art to multimedia installations and wearables.
The themes represented are equally wide-ranging, from identity politics to environmental concerns and social justice. And young collectors are willing to buy from emerging versus established artists.
Lauren O'Connell, a millennial herself, is the curator of contemporary art at the Scottsdale Museum of Contemporary Art in Arizona. She says younger collectors are more open and more willing to take risks, often taking cues from celebrity culture. She's observed young collectors investing in and building community through their purchases.
O'Connell points to the 'audacity' of an artist who duct-taped a banana to a wall that sent shock waves through the art world when the pieced fetched $6.24 million in November from a 34-year old Chinese cryptocurrency founder. That's not something their parents would have bought, she notes.
'Young collectors are interested in the art of the now, in works by living artists. After all, we were young when the 2008 recession hit. We know that money comes and goes. Our parents had multiple marriages and kids. It's all part of the changing idea of the American dream,' O'Connell says.
Younger collectors also view art as a dialogue. 'Whether it's a photograph or a sculpture, art is engagement and a conversation starter,' O'Connell says. Woolf agrees. 'A cultural voice is being expressed through art and it's very attractive to this demographic. It's no longer a stuffy, elite landscape but art that speaks their language.'
And in a sense, millennials are seeking a mirror with their collecting. 'They seek artwork that resonates with their values of authenticity, individuality and connection, and expresses their own identity,' Collins says. 'Millennials are leading the future of the art world.'
Entering the Art World
Everyone's art journey is individual, but here are some tips to help you get started:
Start with a spark. Good Black Art founder Phillip Collins recommends a few questions: Who are you? What stories represent you? What are things you love? What experiences matter most to you? 'Collecting starts from within, and what you connect with,' he says.
Become a sponge. Art museums and galleries are great places to learn what resonates with you, and ask questions.
Build relationships. If you connect with a gallerist, they can become a great resource. But you can also buy directly from an artist who doesn't have gallery representation, often at a lower price.
Prints are legitimate. Can't afford an original work? Consider a high-quality print, especially those of limited run that are signed.
