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Younger generations investing in art Updated: 2021-08-02 07:39:15 KST

Young people are paying more attention then ever to art investment.
As the pandemic gripped the globe, it forced in-person art auctions and galleries to go online.
The move online led millennials to enter the art collecting sphere.
According to Art Basel and UBS's Global Art Market Report, millennial collectors were the highest spenders in ten key art markets last year.
And South Korea is no exception.
The MZ generation millennials and Generation Z, who were born from the 1980s to 2000s, are showing a great interest in art investment.

"They are very practical and very interested in investment techniques. Easy access to the art market through mobile applications also contributed to this trend."

Fine art investment is no longer only for the rich.
Such a trend even led to an art-sharing platform where micro-collectors can invest their money by breaking artwork into shares.

"The units for the group purchase are priced at 10-thousand, 100-thousand and a million won. The MZ generation accounts for 60-percent of art purchases for 10-thousand to 100-thousand won-unit share artpieces. Through this, we have come up with a way for the youth to also invest in high-price artwork."

New types of art fairs targeting these young generations are emerging too.

"The art fair "Urban Break" is full of contemporary urban artwork aimed at Millennials and Generation Z. At the entrance, an 18-meter-wide media art screen welcomes young art collectors."

The fair features inspiring artpieces including a large-scale installation work by Tool Boy which is made up of worn-out wipers.
Newly emerging concepts such as NFTs, or non-fungible tokens, are also presented at the fair.

"This is the second year of the art fair and we can feel their heated interest. Lots of the MZ generation are visiting and asking questions through social media."

With more and more business models and markets targeting young people, this trend could be around for some time.
Kim Bo-kyoung, Arirang news.
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