Art Collectors’ Interests: Insights for 2024

Based on a thorough analysis of the recent Collector Insights Report 2024, which gathered responses from over 2,100 art collectors across six continents, we have compiled key insights that reflect the current trends and shifts in the world of art collecting.

This information is particularly valuable for artists aiming to gain a deeper understanding of their potential buyers, establish connections with collectors, and develop effective sales strategies in 2024.

🟡  1. Young collectors purchase art online 82% of the time.

Young collectors are more likely to have bought art online, are spending a higher proportion of their budget through online marketplaces, and are more likely to use these platforms to discover art.

What does this mean for artists?

Building a strong online presence is no longer just a desire—it's a necessity. Emerging artists must prioritize enhancing their online visibility by showcasing their work on platforms that curate artists and provide opportunities to be discovered and seen. Additionally, they should cultivate a community of young collectors who perceive art in a different light.

What motivates young collectors to buy contemporary art?

1. Supporting Emerging Artists. Young collectors are often particularly motivated to invest in new and innovative art. They view supporting artists at the beginning of their careers as a way to foster creativity and be part of something fresh and exciting.

The report states, "A higher proportion of younger collectors said that they purchase art to support artists, compared to their older counterparts."

2. Art as a long-term Investment. For some collectors, purchasing art isn't just about passion, it's also a financial strategy.

What does this mean for artists?

Якщо ви тільки починаєте свій шлях, не орієнтуйтесь на відомих колекціонерів, шукайте підтримку в молодих. Створюєте якісний мистецький продукт, пишіть про нього, будьте помітним і активним. Ваша задача зробити так, щоб у вас було цікаво інвестувати.

🟡 2. 95% of collectors say price transparency on artworks is important

It might seem obvious, but many artists still hesitate to openly display their prices, fearing it may scare off potential buyers. However, price and information transparency is crucial, especially considering that over half (52%) of collectors browse artworks online daily, and many of them comfortably purchase luxury items through digital platforms.

What does this mean for artists?

Creating transparent conditions for buyers is a vital component of successful online art sales. Artists should clearly display prices for their works, be open about sales terms, and provide detailed information about the authenticity of their pieces. This approach will help build trust and increase the likelihood of successful sales, especially among young collectors who are actively purchasing art online.

 

🟡  3. 80% of collectors indicated that they plan to allocate the same budgets for art in 2024 as they did in 2023

If you're worried about a decline in art sales, there's no need to be. Instead, focus on ensuring that you can be found and that your art is visible.

Most collectors continue to maintain their budgets and interest in purchasing art. A significant portion (76%) has kept buying art through online marketplaces at the same level or even increased their purchases, especially among high-budget collectors.

What does this mean for artists?

Demand for art remains stable, with collectors deliberately budgeting for art expenses while carefully analyzing the market and offerings. Works in the affordable price range (up to $5,000) are particularly attractive to buyers, so it's important to focus on creating quality art and maintaining a strong online presence.

 

🟡  4. 67% of collectors are planning on attending 2–5 art fairs in 2024 roughly the same number as they did in 2023

Art fairs continue to play a significant role in the art market. The primary reason collectors attend these events is to discover new artists.

What does this mean for artists?

Understanding the art market is crucial for artists, and actively participating in such events can significantly enhance visibility. Taking part in these gatherings increases the chances of making sales.

 

🟡  5. Most collectors are asking for a discount of 11–20% on artworks

"Discounts are a frequent topic of conversa- tion in the art world, but they’re often shrouded in mystery. When we asked collectors in our survey about discounts, more than half (55%) said that they negotiated a discount on any artworks purchased last year. The highest proportion (42%) said that they received discounts on more than half of the artworks that they purchased in 2023." the report states.

What does this mean for artists?

Discounts on artworks are a common practice. Artists should be prepared for price negotiations, as most collectors expect the opportunity to receive a discount. It's essential to understand the principles of fair pricing for their work, as this affects their ability to negotiate with collectors. Creating special offers during sales can help attract buyers and increase the likelihood of closing a deal.

 

Therefore, based on the data from the Collector Insights Report 2024, it can be asserted that art collecting remains active and dynamic, despite shifts in motivations and practices among collectors. Young collectors are actively purchasing art online, supporting emerging artists, and valuing transparency.

This creates new opportunities for young creators, who must adapt to market demands, enhance their online presence, and be prepared for price negotiations. Considering all these factors, it is crucial for artists to engage actively with collectors, produce quality works, and establish transparent selling conditions to successfully compete in the contemporary art market.