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The Hindu
The Hindu
Lifestyle
Gowri S

Are millennial buyers re-shaping the art market?

A blue bubble-gum blowing Freida Kahlo encased in a 12-inch, pristine white frame; or a time-travelling ‘art astronaut’ donning Van Gogh’s famously teal-coloured ‘Almond Blossom’ except in vivid pink hues holding a balloon; or a melded cross-section of comic book covers and film posters: are these India’s answer to pop art?

While art is subjective, these pieces at the first physical pop art gallery in India, The Designera in Mumbai launched early this year, may not have found gallery space a few years ago. But, as more galleries tailored specifically to cater to younger audiences crop up across the country, collecting is changing from being a luxury sport to a more personal activity.

The Art Basel and UBS Global Art Market report 2022 cites that millennials constitute 52% of High Net Worth (HNW) individuals engaged in art collecting. The report’s prediction for the next year also tracks a growing interest in digital art, especially among younger collectors. “A small number of young collectors spent significant amounts on digital art, with 5% of Gen Z and 4% of millennial HNW collectors having spent over $1 million,” the report says.

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