As we mentioned in our above section, knowledge sharing is key. Young collectors don’t just want to buy art, they also want to know more about the art world. Institutions like the Guggenheim Museum, the Museum of Modern Art, and the Whitney Museum of American Art all have programs that get Millennial collectors involved early.
The strategy of sharing knowledge to enrich millennial collectors is one gallery can use to broaden their circle of trust.
An observation that makes sense, because as pointed out above, the Millennial generation is a younger generation. It takes time to know the historical importance and references in art.
Dealer Matt Moravec of Off Vendome told artnet News, “I don’t think there is much of a difference between young and old collectors. Both can be trendy, good, bad, market driven or not. The biggest difference is maybe that older collectors often have a better understanding of art history and the place that newer work fits into a historical conversation.”
Millennial collectors understand in order to do their own research, they have to connect with the right people. This includes connecting with them via social media as well as in-person. Following the right people, check out what they have, most of the time it’s on Instagram, can be a go-to strategy for many young and emerging galleries and art dealers.
No matter what strategy art galleries adapt to. It’s important for emerging and established galleries to know, how new and old generations of collectors buy art in a time of rapid online commerce of art and adapt towards a new way of operating as an in-between of artists and collectors and add value to a new market.