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

This thesis investigates the evolving paradigms within the visual art world, influenced by emerging generations. By integrating sociological, cultural, and economic viewpoints, the study explores the shift in art collecting from traditional methods to modern trends, emphasizing the impact of Millennials and Generation Z. The research stems from a curiosity about the changing dynamics of the art market and aims to predict its future trajectory. It examines buyers' selection criteria, socio-cultural tastes, and the evolving perspectives of today's youth to understand future implications for art production and sales. Utilizing a variety of sources, including theses, books, journals, reports, and interviews, the thesis offers a comprehensive analysis. Insights from various art gallery representatives in Istanbul provide a valuable perspective on local market dynamics. The findings reveal a significant shift in the art market, driven by young collectors' preferences and behaviors. Millennials and Gen Z are reshaping the art landscape with their passion, status consciousness, and environmental awareness. Their digital fluency and demand for easy access to art compel galleries and institutions to adapt their marketing strategies to attract this demographic. The thesis also highlights the multifaceted role of art in contemporary society, serving as a source of aesthetic pleasure, self-identity, and investment. By examining historical trends and contemporary observations, the study illuminates 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 art collecting landscape, driven by Millennials and Gen Z. It anticipates a future where their tastes and preferences shape the art market. By understanding and adapting to these preferences, galleries and artists can navigate the changing landscape and harness the potential of these dynamic generations.