"To VIP or not to VIP? The art market is currently caught between two competing dynamics. On one hand, the longtime ultra-wealthy are demanding increasingly exclusive treatment now that it seems everyone (with money) can enjoy the finer things in life. On the other hand, the next wave of the rich, notably younger generations and women, is eschewing the old-school trappings of exclusivity in favour of a more socially-minded approach to luxury."
"Art Basel's chief executive Noah Horowitz told the Financial Times that, in the pursuit of a new generation of buyers, some people could find the term "off-putting". It chimes with what Art Basel and UBS find in their latest Global Survey of Collecting-namely that women, who are increasingly influential in the wealth universe, also tend to be more driven by experience-based motives. Meanwhile the men "emphasise elitism and exclusivity" in their spending, the survey says."
Two competing dynamics are reshaping the art market: longtime ultra-wealthy buyers demanding greater exclusivity, and a new generation of rich, especially younger people and women, preferring socially minded, experience-focused luxury. Art Basel Paris's Avant Première catered to elite galleries with seven- and eight-figure works, leaving some emerging exhibitors feeling sidelined. The fair renamed its VIP department to "collector and institutional relations" because some find the term "off-putting" in pursuing younger buyers. Art Basel and UBS's Global Survey of Collecting finds women are more driven by experience-based motives while men emphasize elitism and exclusivity. Pop-up events blend art, music and performance to challenge entrenched hierarchies.
Read at The Art Newspaper - International art news and events
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