Born 1981–1996, they are a generation that is old enough to have experienced and comprehend 9/11, while still having memories of landlines telephones. It is also made up of the same individuals who are being most affected by the economic downturn in today’s climate, such as prohibitive tuition fees and difficulties finding jobs (starving artists included) post-graduation. They weren’t born into, but rather grew up with the internet — which became the new way of life.
With the unlimited access of convenience made available through smartphones in 2019, “millennials might never own a car” or real estate. To have full ownership of an object in the age of technological reproducibilities, where updated versions are offered up for consumption every month and prices are fluctuating — it is financially impossible for many millennials to fully indulge in such short-term material assets.
And with so many “influencers”, it is no surprise that social media is further encouraging one’s self-valorization, finding value in oneself by assertion in order to function in this capitalistic world. Take a look at apps like Uber and Airbnb, what used to be an empty room in the house, the guest room, if untenanted is now a loss of money. Whatever value one has — it is ultimately turned into capital. This is why “millennials are seeking out art as their latest investment” — social media only further amplifying the excitement the generation has towards art and art investing.
“It may be a reflection of the unique and often experiential qualities of art and collectibles as long-term assets.” — UBS Group Chief Marketing Officer Johan Jervøe
“Because millennials lead the way with social media and online sales, more artists, galleries, and museums are engaging directly with audiences. Collectors and critics can discover and evaluate more art, more easily, and arts organizations are eager to connect.” — Artwork Archive
“While social media and technology have dramatically impacted millennials’ lifestyles, these developments have also helped contribute to millennials becoming increasingly involved in the art market, specifically as investors.” — Masterworks
In an Artwork Guru article titled, “How Millennials Are Changing The Art World,” it is highlighted that generally speaking, millennial collectors have less money than older generations.
The article continues:
“Art collector and adviser Nilani Trent notes that in today’s art market, […] it can be difficult to acquire work even by early-career artists for less than $50,000 (Beard, Artsy). The cost of building an art collection is thus a firm barrier to the majority of millennials.”
To reduce the burden of existing problems regarding art investments, companies like ARTBLOC were created. Through a split-sale/fractionalized ownership method, the everyday art enthusiast can gain possession of an artwork by purchasing a divided 1/n titles per piece. ARTBLOC offers a highly progressive way of gaining an artwork’s ownership since one does not tangibly obtain the artwork — yet gain profit just as so.
With the increase of art’s digital presence, Millennials are at the forefront of future art investments.
About ARTBLOC
Opening up art investment for all, ARTBLOC enables micro-art investment by tokenizing the fractionalized ownership of masterpieces. ARTBLOC serves as a community for sharing art world information and critiques as well as a platform for art investment. ARTBLOC aims to drive the growth of the art market in general and support the artists, ultimately bringing art to our everyday lives.
