Understanding the approaches of millennials and generation z to art collecting and its impact on art market dynamics

This thesis explores the shifting paradigms within the visual art world driven by the emerging generations. Through a blend of sociological, cultural, and economic perspectives, the study delves into the evolution of art collecting from traditional paradigms to contemporary trends, with a focus on the influence of Millennials and Generation Z. The research is motivated by a curiosity about the changing dynamics of the art market and a desire to forecast its future trajectory. By examining the selection criteria of buyers, socio-cultural tastes, and the evolving perspectives of today's youth, the study aims to decipher the implications for future art production and sales. Drawing from a wide array of sources including published theses, books, journals, reports, and oral interviews, the thesis presents a comprehensive analysis of the subject. Notably, insights from eight art gallery representatives in Istanbul provide a valuable perspective on the local market dynamics. The findings highlight a notable shift in the art market, propelled by the preferences and behaviors of young collectors. With a blend of passion, status consciousness, and environmental awareness, Millennials and Gen Z collectors are reshaping the art landscape. Their digital fluency and preferences for easy access to art are driving galleries and institutions to adapt marketing approaches to attract this demographic. Furthermore, the thesis underscores the multifaceted role of art in contemporary society, ranging from aesthetic pleasure to a means of self-identity and investment. Through an exploration of historical trends and contemporary observations, the study sheds light on the transformative power of digitalization in the art world. In conclusion, the thesis fills a critical gap in the literature by offering a unique exploration of the evolving landscape of art collecting, driven by the emerging generations, and anticipates a future where the tastes and preferences of Millennials and Gen Z will shape the direction of the art market. By understanding their perspectives and adapting to their preferences, galleries and artists can navigate the evolving landscape and harness the potential of these dynamic generations.