Perhaps less clear than the fact that wealth is moving (albeit at an unclear pace) is the degree to which younger collectors will continue to pursue the same artists and styles which have long dominated the market. The London-based art adviser Tanya Baxter observes some shifts among Gen Z collectors. ‘We have expanded our own emerging artist list and exhibition calendar and are aware of Gen Z’s spending and choices, particularly in our growing our presence in the US,’ she says. ‘There’s a move towards artists who have organically grown from social media, as well as fashion and luxury brand collaborations—and these artists often have an audience that is uniquely online.’
Prime examples by the 20th-century masters, beloved by boomers, seemingly continue to perform solidly at public auction, if at a smaller scale than pre-pandemic levels and with lower price points. UBS report’s findings, that younger artists such as Banksy and KAWS are finding a strengthening position while major works by Surrealists also appear to be holding their appeal in markets increasingly made up of younger interest, is consistently being played out in salesrooms, including London’s Frieze week sales in October.
‘Our last Sotheby’s Insight Report found that the fastest growing category of art in the USD 1 million-plus price bracket was work by younger contemporary artists [those born 1977 or later], with a new generation exploring the art of their times, just as their parents, and even grandparents, did. But we are also seeing this new generation exploring all corners of the art and luxury market, and all price points,’ notes Lisa Dennison, Sotheby’s chairman in the Americas.
