Think like a Millennial: How to Buy Art in the Age of Social Media
In the age of social media, we’re all spending more time connected online. So, it makes sense that rising numbers of people, especially younger ones, are now using online resources to learn about and buy fine art.
In fact, nearly half of all younger Millennials, aged 18–24, and 33.8% of older members of that group (aged 25–34) use social media forums to discover new art, according to a new study by Invaluable, an online art marketplace. Although art lovers have traditionally flocked to galleries and museums to find great pieces, today the internet is taking the place of live galleries, especially for younger people. According to the same study, over half of all Millennials buy their art online too.
That means that those looking to sell art and manage art investments are increasingly adapting to this trend. Brick-and-mortar galleries now have to provide digital materials to publicize their collections, and auctions have to make it easier for buyers to comparison shop online. Collectors expect to be able to manage their collections using digital tools. No longer can buyers afford to be dependent on one expert’s opinion.
Interestingly, as art collectors’ buying habits change, interest in investing in art is growing — especially among younger people. About 40% of young Millennials surveyed think that buying art is a good investment. Among the general public, a whopping 65.3 % of US consumers buy art every few years and almost 40% of those buyers say they would be open to buying online. It’s clear that Baby Boomers and Gen-Xers are joining Millennials in moving their art collecting activities online as the pursuit further shifts from a pastime of the uber-wealthy to a solid, profitable investment within reach of many more of us.
So, whether you are a first-time collector, or a veteran, how can you take advantage of these trends?
1. Start thinking like a Millennial. Subscribe to blogs and forums on social media. Share and discuss what you learn with others interested in buying art.
2. Manage your collection digitally to best keep up on the changing worth of what you own and maximize the value of your art.
3. Work with art experts who are literate in social media and are as educated about online art options as they are about live auctions.
4. Don’t neglect live galleries. Nearly 40% of consumers continue to visit museums and galleries once a year. While it’s important to be educated about the choices online, there is still a lot of live action to enjoy.
This is an exciting time to be buying and collecting art. By keeping an open mind and adapting to the move towards social engagement, you can fully participate in new opportunities. As we look to the future, we can expect this trend to continue. So, get started now and you’ll be ahead of the game.
By Rayah Levy, Art Market Expert
Mutual Art, April 20, 2016:
http://www.mutualart.com/OpenArticle/Think-like-a-Millennial--How-to-Buy-Art-/01FB8B4BFDBEB9CB
