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BY ALBERT CHEN
Younger generations in Asia are increasingly shaping the art market, with millennials and Generation X collectors spending heavily on contemporary and digital art. According to CNBC, millennials and Gen X buyers are emerging as dominant forces in auction houses, driving a significant portion of sales across the region.
Nicolas Chow, Sotheby’s chairman for Asia, revealed that millennials account for over 40% of Sotheby’s contemporary art buyers in Asia. Meanwhile, Generation X collectors—those born between 1965 and 1980—have become the most significant spenders, particularly for pieces valued at over $1 million. Speaking to CNBC’s The Art of Appreciation, Chow noted, “What we’ve seen in 2023 is that Gen X dominates the market for high-value art.”
“Gen X dominates the market for high-value art”
Chow also mentioned that younger buyers from Generation Z are making their presence felt. He highlighted a recent example of a 20-year-old collector in Shanghai who purchased a piece to celebrate his graduation. CNBC writes that wealthy millennials in Asia spent a median of $59,785 on art and antiques in the first half of 2023, while for Gen Z, the figure stood at $56,000, according to the Art Basel & UBS Survey of Global Collecting 2023.
This growing interest is not limited to traditional art forms. CNBC reports that digital art, including AI-generated works and NFTs, is particularly appealing to younger buyers. At Christie’s Hong Kong spring season auction in 2023, millennials made up 43% of new buyers, reflecting the trend of younger collectors turning to auction houses rather than traditional galleries or dealers.
The global art market saw a slight decline in 2023, falling by 4% to approximately $65 billion, according to the Art Basel & UBS Art Market Report 2024. However, CNBC notes that sales in China bucked this trend, rising by 9%, which allowed China to overtake the United Kingdom as the world’s second-largest art market. Clare McAndrew, the founder of Arts Economics and the report’s author, attributed this growth to post-pandemic buying, as well as the resurgence of full-scale art fairs and exhibitions in Hong Kong.
Sotheby’s credits the rise in younger buyers to the increasing importance of online sales. CNBC reports that Sotheby’s enhanced its digital capabilities during the pandemic, making it easier for collectors to engage in live-streamed auctions, which attracted a wider audience. This shift has allowed the auction house to connect with buyers around the world.
For Angelle Siyang-Le, director of the Art Basel fair in Hong Kong, the rise of younger buyers also signals a broader interest in digital art forms. CNBC reports that Gen Z collectors have the highest average spending on digital art, which includes NFTs and AI-generated works, compared to other generations. Siyang-Le emphasized that digital art has evolved beyond photography and video, now encompassing more cutting-edge forms like NFTs and AI-generated pieces.
According to CNBC, the market for art-related NFTs saw $1.2 billion in sales in 2023, a significant drop from the $2.9 billion peak in 2021. However, this is still a notable increase from the $20 million recorded in 2020, showing the continued appeal of digital art.
Hong Kong-based artist Mak2 is among those at the forefront of blending traditional and digital art. CNBC highlights her work “You Better Watch Out,” a 2017 installation featuring an inflatable snow globe with floating QR codes that audiences could scan, reflecting on themes of surveillance and self-awareness in the digital age. At Art Basel Hong Kong in 2023, she exhibited her installation “Copy of Copy of Copy of Copy,” which draws on the aesthetics of the video game The Sims and explores digital identity.
Sotheby’s has adapted to this evolving market, expanding its offerings to include contemporary and digital art. CNBC reports that the auction house will open a new flagship “maison” in Hong Kong in July 2024, which will offer a wide range of items for purchase, including NFTs and other digital works. Chow explained that Sotheby’s has “opened the market to new experiences,” adding that its offerings now span from prehistoric artifacts to the latest in digital art.
As the art market continues to evolve, younger generations, especially in Asia, are set to play a pivotal role in shaping its future, with increasing investments in both contemporary and digital art.
Source: CNBC
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