Recently, Bloomberg published an article researching the Hong Kong art market. Turned out, collectors under the age of 30 became the driving force of the sphere.
It is them who most often participate in auctions and raise rates, which gives Hong Kong a reputation as a promising environment for the development of the modern art market. What are the prospects for young collectors and what's the range of the trend: worldwide or just in Asia?
At Christie's Hong Kong spring auction, 56 world records were set in the art and luxury categories, and the number of buyers under 30 increased by a third. Sotheby's has ⅓ buyers in Asia under the age of 40. And collectors under 30 also participate in contemporary art auctions. This trend gives optimism to local art dealers since during the pandemic the market sank significantly and now, thanks to young buyers, it has the opportunity not only to recover but also to increase volumes. It's also important to note that the attractiveness of Hong Kong lies in the simplified taxation system - the absence of customs duties, and value-added taxes on works of art.
Today, prosperity is no longer stretched over time: if 50 years ago it was extremely difficult to become a millionaire before the age of 30, today it's a familiar reality. Young people are starting their own businesses, launching start-ups, and building exciting careers. Having received an impressive fortune, they become interested in art and its conscious collecting.
The basic needs of modern golden youth become closed very quickly and the need for knowledge, aesthetics, and self-actualization enter the arena. Millennials are familiar with the digital environment, so when many art auctions have moved online, young buyers have shown great interest in art as for them buying with one click is simple and straightforward.