Are millennial buyers re-shaping the art market?

New galleries embrace kitsch, social media and NFTs, taking unconventional routes to connect with millennial buyers. Are young collectors re-shaping the market?

A blue bubble-gum blowing Freida Kahlo encased in a 12-inch, pristine white frame; or a time-travelling ‘art astronaut’ donning Van Gogh’s famously teal-coloured ‘Almond Blossom’ except in vivid pink hues holding a balloon; or a melded cross-section of comic book covers and film posters: are these India’s answer to pop art?

While art is subjective, these pieces at the first physical pop art gallery in India, The Designera in Mumbai launched early this year, may not have found gallery space a few years ago. But, as more galleries tailored specifically to cater to younger audiences crop up across the country, collecting is changing from being a luxury sport to a more personal activity.

The Art Basel and UBS Global Art Market report 2022 cites that millennials constitute 52% of High Net Worth (HNW) individuals engaged in art collecting. The report’s prediction for the next year also tracks a growing interest in digital art, especially among younger collectors. “A small number of young collectors spent significant amounts on digital art, with 5% of Gen Z and 4% of millennial HNW collectors having spent over $1 million,” the report says.

“In the last five years, there has been an active effort to support young artists and bring them to the global platform. Tarq/Gallery XXL in Mumbai, BluePrint 12 in New Delhi, Method, Kala Ghoda …run by young blood — in their late 20s and early 30s who have perhaps studied art — these spaces are not restricted to oil on canvases or bronzes,” says Natasha Jeyasingh, a collector and the curatorial lead for the digital art platform TheUpsideSpace. She also runs Carpe Arte, a group that organises studio visits, talks, and gallery walkthroughs in Mumbai in a bid to support emerging talent, and bring new audiences to the market.

The average young collector in India is between 35 and 39 years of age. “The group of new age art collectors is very dynamic. While predominantly in their late thirties to forties, this collective represents a blend of backgrounds. Some continue family traditions of art collecting, while others are budding collectors embarking on their first ventures into the art world,” says Ankita Talreja, vice president - client relations of Mumbai-based AstaGuru Auction House. “They are usually those who have the capacity to spend an average of seven to 10 lakhs on art in a year,” says Farah Siddiqui of CultivateART, a Delhi-based platform that encourages a nexus between young collectors and emerging talent. The collective represents Viraj Mithani, Hashim Badani, Latika Nehra, Puja Mondal and  Arvind Sundar among a roster of other artists. 

“I started my career at 24 by curating exhibitions. There came a time when my own friends questioned my preoccupation with the masters and asked me for recommendations for young affordable artists,” says Farah.

Young collectors are very open, and not focussed only on the canvas, and are curious about what they choose to own. More exposure also means more awareness about both what is on the canvas, and the idea behind it. “They are agnostic to the idea of picking up a traditional canvas. They are collectors who buy photography, sculptures, ceramics…,” adds Farah. Moreover, young individuals are viewing art collecting as a means of showcasing their personality.