This generation has shown a growing interest in acquiring artwork, with a marked preference for digital art and innovative forms of artistic expression, such as NFTs and tech-based art. Generation Z is also more likely to use digital platforms and social media to discover, buy, and sell art, reflecting a shift in how younger generations interact with the art market.
Moreover, the study indicates that younger collectors, especially those from this generation, are more inclined to support emerging artists and seek pieces that reflect their social, political, and environmental concerns. In fact, some key highlights include:
Growth of art as an alternative asset: Art continues to solidify itself as an attractive option for portfolio diversification, particularly in times of economic uncertainty. The global art market remains stable and offers long-term appreciation potential, attracting a new generation of investors.
Interest in digital assets: As mentioned in the Art Basel and UBS report, Deloitte’s study highlights the rise of NFTs and digital art. The growing participation of investors in this sector reflects an expansion of the traditional concept of collecting, with a focus on blockchain-based assets.
Focus on sustainability: The report notes an increase in demand for sustainable practices in the art market. Both investors and collectors are paying closer attention to how artworks are produced and marketed, as well as the social and environmental issues they represent.
Evolution of art financing: Using artwork as collateral for loans continues to be a growing practice, particularly in high-value segments. Private banks and other financial institutions are developing specialized products to meet the increasing demand for art financing services.
Transparency and technology: The implementation of new technologies, such as blockchain, has enhanced transparency in the art market, something that collectors and investors are increasingly demanding. This is driving the development of digital platforms and technological solutions that offer greater traceability and authenticity of artworks.
What does this mean?
It indicates that the purchasing power in art is larger, more accessible, and more widespread than ever. However, the same source mentions that Deloitte’s 2023 Art & Finance Report (published in November) found that 95% of collectors under 35 prioritize market information and research when buying art. This means they are not only passive consumers of art but also take an active and well-informed approach.
Take a look at the key highlights of art buyers’ interests, and you’ll be up to date.
Photo by SIMON LEE