Survey of Art Buying Preferences Reveals Generational Differences

A 2016 survey of “American Attitudes toward Art” found that age is a major factor in art discovery and art buying practices and preferences. Compared to their Baby Boomer elders, Millennials are much more likely to discover new art through social media. In terms of art buying, Millennials are also more likely to purchase art through an online marketplace or website.

The survey of nearly 5,000 U.S. adults was commissioned by Invaluable, a leading online marketplace for fine art, antiques, and collectibles.

Survey findings show that social media channels such as Instagram and Pinterest were the preferred art discovery tools of Millennials. Nearly half (44.3 percent) of young Millennials (ages 18-24) and 33.8 percent of older Millennials (ages 25-34) indicate that they discover new art through social media. This compares to 29.5 percent of older Baby Boomers (age 65+) who prefer a more traditional discovery path of finding new art through museums.

Overall, 37 percent of U.S. consumers said they would buy art online. More than half of Millennial respondents (59.9 percent for ages 18-24 and 51.6 percent for ages 24-34) said they would purchase art online. This is much higher than the 19 percent of older Baby Boomers (age 65+) who said they would purchase art online.

In fact, roughly one in four Millennials age 18 to 24 prefer to purchase art through an online marketplace or website.

“There has never been a more critical time for our industry to prepare and execute digital strategies that engage, inspire, and capture the next generation of art buyers — Millennials,” said Rob Weisberg, Invaluable CEO.

While findings reveal that Millennials aren’t purchasing art as frequently as Baby Boomers, the survey shows Millennials see long-term value in purchasing art. Roughly 42 percent of young Millennials and 37.2 percent of older Millennials surveyed believe that buying art is a good investment, compared to roughly 32 percent of Baby Boomers.

“These findings not only reveal the importance of connecting and assimilating new generations and first-time buyers into the art ecosystem, it also spotlights a tremendous growth opportunity in reaching new segments of buyers,” said Weiseberg. “As digital-first preferences continue driving more interest from Millennial buyers, we know that technology will play a critical role in engaging and connecting this generation to the art world.”

Other findings

Art Appreciation: Almost one-half (48%) of all respondents said they like or appreciate art. About 55% of the respondents over the age of 65  reported an appreciation of art.

Visiting Cultural Institutions: Consumers continue to visit museums and galleries, with 38.6 percent visiting once a year and 14 percent visiting monthly. About 15 percent admitted they don’t visit museums and galleries.

Purchasing Art: Overall, 37 percent of respondents said they would consider buying art online. Survey respondents are mostly likely to buy art at an art fair (26.2 percent), gallery (19.2 percent),  flea market (16.2 percent), other sites (15.9 percent), and online marketplace or website (15.2 percent). Only 7.3 percent said they buy art at an in-person auction.

Visit www.invaluable.com for more information about the “American Attitudes Toward Art” survey.

 

Register for Free Thriving Artist Summit January 5-18, 2015

Thriving-Artist-Summit-Square-1-LargeArtist and designer Bonnie Glendinning is striving to empower artists while making art more accessible to a broader universe of buyers.

She founded The Thriving Artist Summit and Thriving Artist Academy to help you develop the business skills you need to build the type of art career you really want.

Bonnie is also the founder of Artmuse.com, an online, curated gallery that sells museum-quality prints to anyone who appreciates quality contemporary art but isn’t yet comfortable investing in higher-priced originals.

Thriving Artist Summit

The Thriving Artist Summit (January 5-18, 2015) is a free, online gathering designed to help artists, designers, and makers take their creative businesses to the next level. Through a series of hour-long interviews that Bonnie has conducted, artists, experts, and mentors will discuss how to:

  • build your brand for your ideal buyers
  • price for real profit and growth
  • increase sales marketing, PR, and social media
  • diversify into licensing, wholesale, and direct-to-consumer sales
  • get into galleries and shows
  • raise project funds
  • develop your creative practice

Some of the artists, experts, and mentors who will be featured in the 2015 Thriving Artist Summit include:

  • Brand Strategist Shenee Howard
  • Photographer and Selfie Expert Vivienne McMaster
  • Agent, Author and Artist Lilla Rogers
  • Publisher Tom Morkes
  • Fine Artist and Illustrator Lisa Congdon
  • Mixed Media Artist Tamara Laporte
  • Jewelry Designer and Mentor Tracy Matthews
  • Business Strategist Tara Gentile
  • Teacher Karen Gunton
  • Artist Owen Garratt
  • Choreographer and Teacher Gina Morris
  • Writer Kristen Fischer
  • Artist and Designer Jessica Swift
  • Author and Teacher Samantha Bennett
  • Gallery Owner Jason Horejs
  • Marketing Mentor Ilse Benun
  • Art Marketing Advisor Barney Davey
  • Designer and Editor Jess Van Den
  • Business Strategist April Bowles-Onin
  • Artist Coach Gwenda Joyce
  • Indie Retail Expert Clare Yuille
  • Creative Business Coach Lisa Jacobs

If you are too busy to listen to the interviews during the first half of January, you can sign up to get a discount for purchasing the Summit audios for anytime access.

Artmuse

Through this online gallery of colorful modern art, art lovers can buy museum-quality, limited-edition art prints at prices starting at just $25 for the smallest size.

Bonnie Glendinning founded Artmuse.com in 2009 to help artists reach a wider audience and enable visitors to discover new artists. One of the gallery’s missions is to help build relationships between artists and collectors. As she explains in the guidelines for artist submissions: “We want buyers to learn about you as an artist, enjoy your art, and collect your art throughout your career.”

The site’s philosophy is to showcase contemporary art one artist at a time: “Art is to be savored, not consumed….We believe that the more collectors can learn about you the artist, the greater their interest will be in collecting your art.”

Artmuse looks for artists who are committed to their artistic vision, philosophy, and craft. While they aren’t seeking a specific style or medium, they do look for a “combined continuity of intention, inspiration, execution of an artistic vision, and perspective.” Your art should also work well in printed form. This typically includes drawing, mixed media, painting, photography or watercolors.

LINKS

The Thriving Artist Academy

The 2015 Thriving Artist Summit

Artmuse.com

Artmuse.com: Artist Submission Guidelines

Blog Post on The Thriving Artist: The Power of Possible Thinking

 

Christie’s Says Online Services Expand the Base of Art Buyers

ARTISTS. Two news releases Christie’s posted online this year show how rapidly the online marketplace for art is expanding, even at the upper echelons.

Christie's_Logo2In 2006, Christie’s was the first art business to launch online participation in live auctions. Over the past five years particularly, they have seen dramatic increases in the volume of lots purchased via its Christie’s LIVE platform. Christie’s launched their e-commerce platform in 2011 and has held 70 online art auctions.

A Record Year for Art Sales in 2013

In a January 22 press release, Christie’s reported that 2013 was a record-breaking year for art sales. Christie’s art sales topped $7.1 billion in 2013, a 16% increase from 2012.They attributed these gains partly to the expanding buyer base made possible by greater online accessibility.

While the $20.8 million that came from on-line only sales seems miniscule compared to the $5.9 million from live auctions and $1.19 billion in private sales, Christie’s regards their online sales as a key driver of  attracting new buyers and increasing global accessibility to authenticated art and luxury goods.

“With 16% sales growth and 30% new buyers coming in 2013, Christie’s has succeeded again by focusing on the art and connecting it to the ever-increasing audience of enthusiasts and collectors,” said Christie’s CEO Steven P. Murphy. “We continue to see a surge in interest across categories and across the globe, fueled in large part by the online platform enabling greater connectivity between buyers, sellers and the objects of their pursuit. Our continuing goal is to provide more to our clients and to convene new clients to enjoy art, be it through auctions, exhibitions. or online.”

Plans to Expand Their Digital Engagement

In a May 6 press release, Christie’s announced plans to invest about $20 million in improving their online services. Technological and digital advancements will include infrastructure improvements, an enhanced client-service experience, and creative content and media endeavors.

Statistics included in the release show why Christie’s is eager to expand their digital presence.   

In 2013, Christies.com experienced a 19 percent increase in visitors. The site attracted 20.6 million unique visitors from more than 100 countries. The number of mobile viewers was up 42 percent in 2013.

“The global audience for art is increasing, museum attendance has increased again, and the art market is continuing to grow. This is in part driven by digital accessibility of art and imagery”, said Murphy in a panel discussion at Atlantic Ideas Live in New York. “Not long ago, our New York sales catalog would be viewed by a few thousand catalog subscribers four weeks before the sale. Now more than a million visitors view the works online.”

“This online accessibility combined with ever increasing visitor numbers to our public exhibitions has shifted the dynamic,” observed Murphy.  “This has also fundamentally impacted the value of the original object itself, as the experience of standing in front of the picturInfoGraphicImage.bmpe and owning it has become even more powerful.”

In the press release Christie’s confirmed that 48 percent of all client registrations are now facilitated digitally. Plus, 45 percent of buyers in online-only sales in 2013 were new to Christie’s. One in five buyers in the online-only sales is under the age of 45.

About Christie’s

Founded in 1766, Christie’s is the world’s leading art business. Christie’s offers about 450 auctions annually in over 80 categories, including fine and decorative arts, jewelry, photographs, collectibles, and wine. Prices range from $200 to over $100 million. 

LINKS

Press Release: Christie’s Announces New $20 Million Investment as Digital Engagement Drives Growth in the Art Market

Press Release: Expanding Buyer Base Drives Record Year at Christie’s

Infographic: Expanding Buyer Base Drives Record Year at Christie’s