Shifting Buying Habits of Younger Collectors
The overall growth slowdown may be related to a dip in the share of people placing bids online—43% of art buyers polled said they snapped up work online in 2017, compared to 49% of buyers in 2016. Some of the buyers, though, are what Hiscox calls the “big spenders”—defined in the report as “Individuals who spend more than US$100,000 a year on purchasing art both offline and online.” Nearly half of them bought work online, around the same figure as the year before.
Curiously, interest in buying art amongst those under 35, presumably among more tech-savvy consumers, fell in 2017, with 36% of young art buyers reporting having purchased work on the internet, down from 44% the year prior. When they do buy, they like to go through the online portals used by many galleries—45% of buyers under 35 went through gallery portals in 2017, compared to just 29% in 2016.