Out With the Old and in With the New; Shifts in Collecting Habits Among Next Generation Collectors With Matt Beasant
June 6, 2016
Sure there will always be a place for the old masters and impressionist painters but as Laura Doyle of Chubb National Fine Art Specialists points out, younger collectors are choosing new and innovative art forms like never before. But these newer forms of art also pose challenges involving storing, shipping, and displaying.
Next gen collectors are increasingly opting for contemporary paintings as well as photography and design from emerging artists.
One of the challenges with this trend is that unlike more traditional paintings, contemporary works are sometimes crafted with everything from bubblegum to bodily fluids. Preserving these works is therefore more difficult and requires specialized care from the help of conservators.
Laura highlights the unique challenge of preserving work with an example by Marc Quinn. His works are created using his own blood and can take years to produce. Each piece by Marc has to be displayed in a custom refrigerated case (and no you can’t store your wine in it). So, if a collector wants to preserve the work they really should consider a backup power supply in the event of a disruption.
An interesting stat she highlights is a recent Merrill Lunch study that found 64% of millennials are more comfortable investing in physical assets than in stocks.
Increasingly this generation is fully comfortable viewing their art collections as part of an investment portfolio. Because of this they are not only storing more of their work for preservation but also lending it to museums and galleries at a higher frequency. This generosity has its rewards as greater exposure of the work can lead to an increase in value.
Whether you’re a millennial or a seasoned collector this webinar on Trends Among Next Gen Collectors will get you thinking about new trends and various ways to protect your assets. Watch Now!