Speaker(s): Laura Murphy Doyle
Trends Among Next Gen Collectors
This session will cover the collecting landscape and risk management for next gen collectors.
As a new generation of "next gen" collectors enters the market, they are increasingly using social media and online sales platforms to access artists and their work. This shift in how art is bought and sold presents both new opportunities and new challenges for those looking to build a collection. Join Laura Murphy Doyle of Chubb Insurance as we explore some of the key buying trends among next gen collectors, as well as some tips on how to protect your collection.
Buying Trends Among Next Gen Collectors
One of the most significant shifts that we've seen among next gen collectors is an increased reliance on social media and online sales platforms. This trend is being driven by a number of factors, including the increased accessibility of information about artists and their work, as well as the convenience of being able to purchase art from the comfort of your own home. While there are certainly benefits to this trend, it's important to be aware of the risks involved in buying art sight unseen.
Another trend that we're seeing among next gen collectors is an increased interest in non-traditional forms of art, such as video art and installations. This is likely due in part to the increased exposure that next gen collectors have to these forms of art through social media and online galleries. While collecting non-traditional forms of art can be exciting and rewarding, it's important to be aware of the unique challenges that come with storing and displaying these types of works.
Protecting Your Art Collection
No matter what type of art you're collecting, it's important to take steps to protect your investment. Here are a few tips on how to do so:
- Do your research: Not all works of art are created equal, so it's important to do your due diligence before making any purchases. Familiarize yourself with the artist's body of work, their prices at auction, and recent sale prices for similar works.
- Work with reputable dealers: One way to minimize your risk when buying art is to only purchase from reputable dealers who have a proven track record of selling high-quality works.
- Get independent appraisals: An independent appraisal can help you establish a fair market value for your collection, which can be helpful in the event that you need to make an insurance claim or sell any art pieces down the line.
- Store your collection properly: Proper storage is key to preserving your collection for future generations. If you're not sure how to properly store a particular work, consult with a specialist who can advise you on the best way to do so.
- Insure your collection: Art insurance can help protect your collection from loss or damage due to a variety of risks, such as theft, fire, or flooding. Be sure to work with an experienced professional who can tailor a policy specifically for your needs.
Collecting Landscape and Risk Management for Next Generation Collectors with Laura Murphy Doyle
As more and more next gen collectors enter the market, it's important to be aware of the trends that are shaping their behavior. By understanding these trends and taking steps to protect your collection, you'll be well-positioned to enjoy many years of collecting enjoyment. This session is led by Laura Murphy Doyle, the National Fine Art Specialist for Chubb Insurance, who will explore:
- Buying trends among Next Gen collectors
- What Next Gen collectors need to know about protecting a collection
Laura Murphy Doyle
Laura Murphy Doyle is the National Fine Art Specialist for Chubb Insurance. She attended the University of Richmond in Richmond, VA and the University of Bristol in Florence, Italy, earning a Bachelor of Arts degree in Art History with a focus on Fine Art Management. Laura has a certificate in Appraisal Studies of Fine and Decorative Arts from New York University in New York City. Prior to...