Are young art collectors reinventing the market?A series of roundtable discussions was organized at AXA headquarters, centered on young art collectors. Evolutions of the cultural sphere, trends of the art market, news practices of young collectors… What are the key takeaways of the discussions? ALL ARTICLES | Innovation
Launched by an AXA France tied agent, Frédéric de Clercq (who specializes in the insurance of the art sector and (Ultra) High Net Worth individuals), and with the support of AXA Art, the world's leading insurance specialist in art & lifestyle, this first edition of a series of roundtable discussions was aiming at better understanding the evolving needs of young collectors. Held on January 31, the event brought together more than 300 people from different backgrounds: young collectors of course, but also art sellers, gallery owners, auction houses, as well as museums, art fairs and government representatives. The conference drew upon the doctoral thesis of Thibault Bissirier, a Ph.D. candidate at the Ecole du Louvre.
Why young collectors?
As the art market is changing, galleries, merchants and auction houses are seeing their business models disrupted. Young collectors, which represent between 15% and 25% of all collectors, are the key to have a glimpse of the future.
To better anticipate changes in this sector, it is important to focus on the generations that will be our customers of tomorrow, to figure out if their practices are different from those of their elders and, if so, in what way
Throughout the discussions and following various speeches from notorious young collectors, like Nicolas Laugero-Lasserre, Hélianthe Bourdeaux-Maurin, Joseph Kouli, Sébastien Peyret or Clément Thibault, we were able to make out some of the shared characteristics of young collectors. They may have more limited resources, but they share this desire to be well aware, know and look at everything. Their purchasing behaviors favor exploration and they are less risk-averse than their elders.
But fundamentally, young collectors do not really differ from their elders: they buy, promote, and support artists. They usually acquire from artists' studios, as the price is lower, and art galleries, seeking confidence and advice, rather than online or from auction houses that are too pricey. Young collectors are looking for dialogue and encounters. The Internet is used, of course, but mostly for the acquisition of information on the art works, and communication, with artists as well as with the public).
How can AXA ART address their needs?
The first thing we need to do is fight misconceptions : insuring an art collection should be clear, simple and at the right cost. We need to educate young collectors on the benefits of art insurance to protect their collection
AXA ART France has for example developed "Art One", an all risk product that offers a very simple and flexible coverage up to 500 000€ of art for a fixed premium of 1000€ without deductible. It interests clients who are starting a collection and need a simple solution that allows them to continue acquiring without having to declare each time within the limits of the guaranteed capital amount. Click here to know more.