Art has always been an inspiration for people of all age groups. While previous generations have great respect for both traditional and contemporary art, today it appears that millennials are more interested in art as compared to any other generations. The millennial population has already entered into a phase where they are accumulating wealth and looking for atypical investment options. The interests of millennials have now shifted from the stock market, real estate and other investment options to something surreal as well as rewarding. As several millennials appreciate fine art, they are now becoming more involved in the art market.

Millennials now firmly believe that fine art pieces are not just to be used for decorative purposes. Hence, they are adding fine art to their wealth-building strategies and preserving art pieces as financial assets. Since millennials are known to do things differently, they are changing the way fine art pieces are seen, bought and collected. Millennials are known to be active art collectors, who are thoroughly looking for art investment opportunities. Even though the previous generation preferred to invest in traditional assets, millennials view art as a legitimate alternative asset and consider strategically distributing a significant portion of their income for art investment. Olyvia Kwok believes that “people are getting more selective and more sophisticated, when something is adequate, it doesn’t attract people. When things are super quality or super fresh, I think people are happy to pay a premium.”

A pioneer in the art world, Kwok has been collecting and investing in art for more than 15 years. From collecting and investing in art, she now helps people in investing their money in art with the help of her company, Willstone Management. With Kwok’s deep understanding of the art market, ability to analyse the current trends, years of experience and extensive global network, Willstone Management guides art investors of all ages in making sustainable and rewarding art investment decisions. The company believes that, similar to any asset, the key to investing in art is to completely understand the marketplace. However, due to the complex functioning of the art market, young art investors must take advice from those having complete art knowledge to get the most out of their art investments.

The growing use of technology and social media platforms has made art more accessible. As technology and social media keep dramatically influencing the lifestyle of millennials, they have helped millennials in becoming more involved in the art market as investors. Social media channels such as Instagram attract millennials towards traditional and modern art pieces from all over the world. These platforms make it easier for millennials to communicate and interact with both local and international artists. It takes millennials into a completely new world of art and galleries, located at any part of the world. Moreover, social media has played an important role in introducing millennials to the art market at an early age.

Since millennials are always looking for ways to define their style and build their identity, various brands are trying to offer bespoke solutions to modern customers. Brands have started collaborating with different artists to produce modified products for their millennial customers. When associated with a brand, artists use their creativity to customise their line of products. These customisations and brand associations have entrenched art in the growing up culture of young millennials. Many millennials started their interest in art early by collecting wearable products inspired by famous artists. This early introduction to the art world has made millennials more aware of different forms of art, and they have developed a keen eye towards the artwork of famous as well as emerging artists.

Even though art had a low barrier of entry into the lives of millennials, they have started accumulating wealth to invest in art pieces. However, as millennials are still the youngest generation in the art world, they must look out for art advisors who can help them in conducting due diligence and in learning the details of art investment. Millennials need to understand that art investment is like an opportunity, where they can let an attractive art asset appreciate over time. Instead of investing in art and expecting instant returns, millennials need to understand that the value of art grows slowly, and it might take years for their art investment to pay off returns.

Kwok says “as long as the music’s still on, everybody’s dancing, but you have to make sure you’re not the last one left without the seat. So in that sense, I think when you see that the highest prize has been achieved in the auction that might not be the one to look for in the next guarantee. It’s the opposite, you have to see the potentials.” The young age of millennials gives them a chance to experience the rise of an emerging artist. Kwok further says, “I think the art market is whatever people say. I think it is very cruel and it’s quite speculated, and in a way, it’s almost predictable, what would happen to certain artists. You have to have very good knowledge”. So, rather than investing in the artwork of reputed artists, millennials can start their art investment by looking for the potential of burgeoning artists, whose work is likely to meet their interests and appeal their taste, and wait for the artist’s reputation to grow over time.

The millennial generation of art collectors and investors is diverse and globally situated. While some millennials inherited art pieces from their elders, others consider art collection as a philanthropic aspiration. Often referred to as rebellious and revolutionary, millennials have now come forward as curious and ambitious individuals who cautiously plan their career and wealth management. Keeping this in mind, artists and art galleries need to adapt to the broad mindset of young millennials. The art market has shown less interest in adopting the digital and e-commerce revolution. However, through online marketplaces and exhibitions, artists and galleries can instantly connect with millennial art collectors from different part of the world. As the art market will embrace innovation, young collectors will get more chances to use technology for collecting and selling art pieces and will help both in maintaining a sustainable relationship.