There has always been an air of exclusivity around art collection and the positioning of fine art in homes and businesses around the world.
The art market for investment and collection is seeing a growing demand. This can start from just a few hundred or thousand dollars right through to masterpieces where the barriers to entry are often extremely high.
From the US$170.4 million Liu paid for Amedeo Modigliani’s ‘Reclining Nude’ at Christie’s New York in 2015 and the US$28.2 million Wang paid for ‘Claude et Paloma’ by Pablo Picasso, Asian buyers are leading the charge in art collection.
The purchase of art is certainly considered a discretionary item. Nevertheless, at the top end of the market is an emergence of a rising ‘aspirational middle class’ and growing numbers of high net worth individuals. The tables are starting to turn as art collection gains momentum as a financial option as well as a form of building status.
The line between luxury and art is blurring across the world, but the process has been supercharged particularly in China. With art adorning the walls of the most exclusive hotels, restaurants, fashion outlets and corporate offices, the association between exclusivity and art collecting is increasingly linked.
Unlike many generations of art collectors before them, young millionaires and billionaires are not splashing their wealth around to make headlines about their new purchases from art auctions around the world.
“They are not eyeing the top lots on the cover of an auction catalogue either. Their wealth, sophisticated educational background and overseas exposure have reinvented the culture of collecting in China”.
This new savviness and sophistication of the new generation of art collectors have not gone unnoticed by the brand marketers of the world’s most exclusive brands.
What are the benefits of art collecting for brands?
Realising the changing tide in the global art collecting world, brand marketers from the world’s largest hotels, fashion houses are taking advantage.
With extreme high net worth and a taste for the finer things in life, art collectors are seen as the Holy Grail of customer demographics for luxury brands. Thanks to its role as a critical global market for both art and luxury goods, China has become a key location where brands are using museums, galleries, and their own products to reach this affluent audience.
As art moves from the traditional auction houses into the digital space and luxury brand showcases, how can art enthusiasts and collectors ensure they are accessing the fine artworks they really want?
Buying agents and art consultants have seen an exponential rise in the demand for their services, as high-net-worth individuals of the younger generations focus on accessing their art regardless of the cost.
With the skills and expertise to navigate through all the backchannels and international networks, not to mention the new age, technology-driven art auction houses, expert consultants are delivering not only stunning works for their clients around Asia and the world but also a solid investment.
The exclusivity of art collecting is not just a hobby, but also a key investment strategy of many portfolio managers and savvy investors around the world.
Speak to the team from Art Works today about how to open the doors to some of the most exclusive art from around the globe.