From AI to young new artists, London wants to attract a new generation of art buyers

Art Market Embraces Younger Collectors #

Auction houses and art fairs are shifting their focus to younger buyers interested in contemporary works, often by living artists. There is a noticeable “generational switch” as younger artists gain prominence, with many longstanding collectors gradually leaving the market. Global art sales fell by 4% in 2023, decreasing to $65 billion after two years of growth, prompting a strategic realignment in the industry.

Younger collectors, particularly those aged 25 to 35, are becoming more prominent, coinciding with the art world’s growing interest in artificial intelligence. This tech-forward approach is exemplified by artists like Sougwen Chung, who co-creates art using a robot, described as a “drawing operations unit.” Training the robot with 20 years of personal drawing data, Sougwen’s piece “Spectral” sold for $35,000 in a recent London auction.

The art fair Frieze London spotlighted younger artists in a special “Focus” area, showcasing new talents to attract youthful collectors. Eve Langret highlighted the significance of this “generational switch,” with younger collectors eager to support emerging artists. The need to engage new buyers is imperative as some traditional markets in the U.S. and Europe reach saturation.

In an effort to engage Gen Z and Millennials, Frieze offered its Viewing Room platform for online art purchases, appealing to the tech-savvy younger generation. This outreach extends beyond art fairs to galleries like Moco Museum, which curates exhibitions with young audiences in mind, featuring a mix of renowned and emerging artists.

Overall, the art market is witnessing a pivotal transition, focusing on younger demographics who are comfortable with digital platforms for art discovery and acquisition. This new wave of buyers is reshaping the landscape, leading to fresh opportunities for artists and the art trade alike.