African Art Market - The Future Collector
The future of wealth management and the consumption of services is increasingly being shaped by the preferences of Gen Z and Millennial "pocket watchers." A recent 2024 Bank of America survey highlights a striking trend: over 80% of wealthy Millennials and Gen Z individuals are passionate about collecting art, a significant contrast to the 34% interest among those aged 43 and older. This shift underscores a growing skepticism toward traditional investments, as younger generations find it harder to achieve above-average returns through stocks and bonds alone.
According to the Maddox Gallery, based in Gstaad, Switzerland, and London:
"Younger collectors are particularly drawn to the aesthetic and experiential aspects of art, reflecting a broader trend toward lifestyle and aspirational investments. Additionally, they are six times more likely than older generations to take out loans against inherited art, indicating a preference for nontraditional assets shaped by their experiences with economic recessions."
As we explore global trends in art collection among this new generation, a pressing question arises: where does African art collecting stand within the interests of these young global buyers? Surveys reveal that an impressive “89% of Gen Z collectors are drawn to prints by emerging artists, while a significant 46% invest in prints by established artists” - The Art Collectors.
When it comes to African art genres, emerging buyers show a strong preference for photographic prints, portraits, and bold, eclectic canvases. These preferences reflect Gen Z's drive to support underrepresented voices and their desire to engage with art that addresses contemporary experiences and social issues.
At African Collect, we believe the future of art collection lies in micro-financing rather than traditional wealth management, particularly in the African market. The reliance of young consumers on the “sharing economy” aligns with our findings that access to affordable art is pivotal. Building a sustainable art market requires a balance: fostering a taste for emerging artists while maintaining steady purchase rates.
Experts argue that expanding the taste for art in regions like South Africa will require both institutional partnerships and individual donors dedicated to broadening cultural influence. Strengthening these networks is key to creating a thriving art market that aligns with the continent's diverse cultural heritage.
What Can We Do to Shape the Market Today?
At African Collect, we prioritize young collectors by offering educational avenues to explore the richness of African art. We support initiatives like the BMW Young Collectors Forum, which promotes diversity and accessibility in the art market.
Our mission is to empower the next generation of collectors by identifying trends in their preferences and providing insights into their purchasing habits. With over 20 years of expertise, we position ourselves as a trusted partner in fostering networks and creating physical platforms that highlight the vibrant uniqueness of South Africa's art landscape.
We have also provided below some articles to read on the Art market futures for Young Art Collectors:
https://www.nylon.com/life/how-young-people-are-getting-into-art-collecting
https://magazine.artland.com/next-gen-art-collectors/
Some reference images for data illustrations:
