Millennials buy art 0

[Dick O.]

Report on the global art market:

https://www.artbasel.com/news/art-market-report

Focused on rich people (i.e. holding >US$1M cash), but several takeaways likely apply to the OA market. Of particular interest to me:

"In previous surveys of US collectors, the majority of respondents were aged 50 years and over, however, in the newer markets in Asia, a very different age profile emerged in 2018: in Singapore, 46% of collectors were millennials, and 39% were millennials in Hong Kong. Collectors from the millennial generation were considerably more active art buyers than others, with 69% having purchased fine art and 77% having purchased decorative art in the period from 2016 to 2018. Millennial collectors made up just under half (45%) of the high-end spenders ($1 million plus), underlining the importance of the spending power of this demographic."

Looks like kids do buy art

 

[grapeape]

33 minutes ago, O. said:

Report on the global art market:

https://www.artbasel.com/news/art-market-report

Focused on rich people (i.e. holding >US$1M cash), but several takeaways likely apply to the OA market. Of particular interest to me:

"In previous surveys of US collectors, the majority of respondents were aged 50 years and over, however, in the newer markets in Asia, a very different age profile emerged in 2018: in Singapore, 46% of collectors were millennials, and 39% were millennials in Hong Kong. Collectors from the millennial generation were considerably more active art buyers than others, with 69% having purchased fine art and 77% having purchased decorative art in the period from 2016 to 2018. Millennial collectors made up just under half (45%) of the high-end spenders ($1 million plus), underlining the importance of the spending power of this demographic."

Looks like kids do buy art

 

If you’re buying, you hope they catch on to  comic art after this upcoming HA auction. However if you are selling in said auction......

[vodou]

10 hours ago, O. said:

Looks like kids do buy art

Insert "Asian" before "kids". Western millenials are B R O K E.

Asia takes over economic superpower from US...2032.

What do Asians want the next 25-50 years? I dunno but it might not be what we've all got.

[Dick O.]

On 11/19/2019 at 2:29 AM, vodou said:

What do Asians want the next 25-50 years? I dunno but it might not be what we've all got.

I can assure you it's what many of you have

 

The statistic that stood out to me in the report was that 60% of global art auction sales were for items <$5k and 90% were <$50k. Goes to show that OA prices are much closer to "fine" art prices than many would've thought!

 

[vodou]

8 minutes ago, O. said:

I can assure you it's what many of you have

I need to find the Asians that are paying up for Steve Moncuse Fish Police

[exitmusicblue]

Not surprised tbh.  Have sold comic OA to a younger collector based near Shanghai who was very much a high roller... dude didn't even negotiate. :O

[Dick O.]

19 hours ago, exitmusicblue said:

Not surprised tbh.  Have sold comic OA to a younger collector based near Shanghai who was very much a high roller... dude didn't even negotiate. :O

The fabled Chinese tech billionaires entering the OA market 

 

[Varanis]

I’m technically a millennial and I buy OA. 

[Dick O.]

Pew defines Millennials as those born from 1981 to 1996, which might make some of us feel younger 

https://www.pewresearch.org/fact-tank/2019/01/17/where-millennials-end-and-generation-z-begins/

 

[exitmusicblue]

12 hours ago, O. said:

Pew defines Millennials as those born from 1981 to 1996, which might make some of us feel younger 

https://www.pewresearch.org/fact-tank/2019/01/17/where-millennials-end-and-generation-z-begins/

 

Oh, for reals? 

Same on Wiki... guess I'm another millennial who collects OA.  

[aokartman]

It's refreshing to hear the enthusiasm of younger collectors!  

(I'm 65).

Date of birth 1954.

David

Edited December 9, 2019 by aokartman
crop

[delekkerste]

6 hours ago, aokartman said:

It's refreshing to hear the enthusiasm of younger collectors!  

(I'm 65).

Date of birth 1954.

David

   

Edited December 9, 2019 by delekkerste

[The Cimmerians Purse]

I believe that I am at the very very very tail end of Gen X... the Millennials that I know / work with / have hired are not broke. Far from it. 

... not every millennial fits into the sad story of "paid too much money for a degree that doesnt pay anything" stereotype. While that might be more of a thing now, and unfortunately for millennials, it hit when they were graduating when very generalized degrees were falling out of favor. It is just not true for a very large number of people. People with STEM degrees are more sought after than ever... 5 years ago i used to be able to hire a data scientist fresh out of grad school for 80k, now i wouldnt even put a number that low on the table for fear that i'd insult the candidate... who is a millennial about 3/4 of the time, or more. Now it's 90-95k to start. fresh out of gradschool, and thats with no-minimal relevant experience. 

[Bronty]

Wtf is a data scientist?

[The Cimmerians Purse]

16 minutes ago, Bronty said:

Wtf is a data scientist?

someone who does predictive or classification analytics with multivariate statistics / machine learning / neural networks etc.. 

[Bronty]

34 minutes ago, The Cimmerians Purse said:

someone who does predictive or classification analytics with multivariate statistics / machine learning / neural networks etc.. 

I think I actually get it less now 😂 

[The Cimmerians Purse]

9 minutes ago, Bronty said:

I think I actually get it less now 😂 

not an uncommon response LOL! 

A data scientist takes lots and lots of different data points and make predictions, and gleam insights out of them using pattern-recognition algorithms. the data points would be a combination of the actual outcomes of interest, and the factors that affect those outcomes. Those insights can then be leveraged to make predictions on new outcomes. 

 

Example: how a bank determines whether or not to extend a loan. 

First create a general algorithm predicting whether or not somebody will default on a loan, based on their current income, income to debt ratio, credit score, history of credit. etc. Those patterns are predicted by data scientists.

Then underwritters will apply the algorithm parameters to determine if you are a risky loan candidate, or a high quality candidate by running your income / debt / credit history based on the equation that the data scientist predicted.  

[Dick O.]

11 hours ago, The Cimmerians Purse said:

A data scientist takes lots and lots of different data points and make predictions, and gleam insights out of them using pattern-recognition algorithms. the data points would be a combination of the actual outcomes of interest, and the factors that affect those outcomes. Those insights can then be leveraged to make predictions on new outcomes.

So you're saying they're OA investors 

 

[exitmusicblue]

Honestly, I see this happen all the time at cons -- millennials stroll around the booths.  Comics, merchandise, cool but ho-hum.  Spot tables with OA albums.  Get that "whoaaaaa what is this" look in their eyes.  And a good number fall into the rabbit hole.

Pretty sure this is what happened with me, iirc.

[Rick2you2]

3 hours ago, exitmusicblue said:

Honestly, I see this happen all the time at cons -- millennials stroll around the booths.  Comics, merchandise, cool but ho-hum.  Spot tables with OA albums.  Get that "whoaaaaa what is this" look in their eyes.  And a good number fall into the rabbit hole.

Pretty sure this is what happened with me, iirc.

My reasons were a little different. I bought my first OA from artists in shows, and found I simply liked to talk to them and learn more about the process. Still do; I love the gossip and "soft underbelly" business aspects of the hobby. The art was my entry into this world. In fact, I would probably rather spend hours talking to writers and artists than buying the artwork. Artwork is just stuff; people are real.