The wave of young people hungry for art may be the key to changing the current model of buying and selling. We analyze the whys.
According to a study by the firm Digitas, the 60% of adolescents between 10 and 14 years old has a “substantial influence” on the final decision of their parents about which car to buy. I mean, outrageous. Of people and influence. Well, even so, the market is not taking them sufficiently into account. And if we already talked about what to hang on the walls of the home, there is a niche that nobody is knowing how to fill. But let's go back to the data, which is what always gives rigor and likes to see.
It is undeniable that Generation Z, which includes young people who today are between 7 and 24 years old, more or less, is the most multicultural and with the most diversification of interests in history. According to Bloomberg, they make up almost 32 % of the total population of the 7.7 billion people in the world in 2019. And not only that, but they are 40 % of all consumers, which, if you join Its "indirect potential" (the parents, so that we understand each other) is an amount of 3,000 million dollars per year. The antonym of change, so that we understand each other. And finally, translating freely, the study says that they are stealing the toast from the millennials ... but that nobody, we repeat, is paying the slightest attention to them.
Well, that said, let's focus once on what we are dealing with. In the Melanie Gerlis report Forget millennials —the art market should be looking at Gen Z, which would come to be "Forget the millennials— the art market should be looking at the GeneraZion" (I call it that for short), the author expresses a reality: you cannot tell this generation to buy something or what to buy , because they and they "will find out". They are natives of social networks, they know perfectly how brands look for them and they do not trust the first thing they read. Also, they need to see. And this, in art, goes to say that the model has changed. And that you have to modernize.
"Forget millennials, the art market should be looking to Generation Z"Melanie Gerlis Forget millennials
Old auction houses, large collections, and even modest galleries have a serious problem. Tim Schneider says so in an opinion column that called The Gray Market(The Gray Market): although "the reality is that most galleries today cannot afford to plan for their clients 10 or 20 years in advance" since "they are too focused on paying the rent for the next month or save the next art fair ”, the truth is that“ the most prosperous members of the Generation are the only ones who really matter ”. The journalist clarifies that, if the model does not change, the only sellers will be the large art companies. So the model would not change, it would only increase the gap.
But, in their conclusions, Gerlis and Schneider, who to make matters worse wrote his column based on the article of the first, differ.
Schneider concludes that the eyes, especially from a business point of view, should be fixed on that mass of preadolescents, puberty, ephebos and young people who are still in college. But not because they are more or less rebellious (Generation X denied corporatism and the Baby Boomers created the counterculture and we should see them now, maximum exponents of neoliberalism, which you already see), but because surely this generation follows a similar trajectory to the previous. With multiple differences, of course, but similar in the basics, which is art and its business model, if it is still based on large fortunes and high prices. In short: three-quarters of the usual.
But, nevertheless, Gerlis had already distanced himself and puts a couple of key factors into the equation that would make this generation a kind of before and after: the new set of tastes and technological advances.
The GeneraZion is not fooled by the Internet, but is proactive on it. And demanding. Same as the negative answer to influencers Y vloggers (another little exploited niche in terms of young art), Generation Z does not function by the rules imposed on it. As is the current art market. Thus, and we end with a piece of information, which has been missing, the latest Hiscox online art trade report reveals that the 87% of 706 buyers demands transparency, clear prices and facilities. Doesn't sound too much of a bookmaker, does it?