When did you notice a shift toward a younger generation of collectors, and what made you want to explore that change in NextGen Collectors and the Art Market?

There was not one moment, but rather a gradual awareness that we are at a pivotal point, particularly because I am a Boomer, and I was increasingly seeing Boomer and Silent Generation collectors dying and their holdings coming onto the market.

I saw how experiences were becoming more important, and all the news about the Great Wealth Transfer made me think about what the impact on the market would be, as well as the arrival of all these collections.

And NextGen is very much a hot topic at the moment, with a lot of articles on the subject, which made me want to explore it more. Lund Humphries was also keen for me to tackle the subject, so despite my not being of the generation under consideration, I felt that as a journalist, I could explore it more.

The book highlights how Millennial and Gen Z collectors are disrupting the traditional art market status quo. What surprised you most when speaking with these younger collectors about their motivations and buying behaviors?

I discovered so many things through my research. I realized just how important social media is, and questions of identity—racial, gender, and sexual—shape the way NextGen defines itself in a different way from older generations.

The issues (for instance, climate change) that did not exist for their parents or grandparents. There is also a difficult relationship with institutions and distrust of them—mainly government, police, or the church, but also disapproval of museums that accept money from fossil fuel companies.

NextGen Collectors and the Art Market touches on the growing importance of online platforms and digital tools for buying art. How do you see these technologies changing the relationship between collectors, physical galleries and auction houses long-term?

Interestingly, the internet has not modified collectors’ behavior that much, according to the latest UBS/Art Basel report. Indeed the amount bought online fell last year. So I do not see this technology (bidding and buying online) affecting a radical change. What I think will have more impact is AI for provenance research, valuation, and authentication, even if it is not perfect yet.

In your research, were there particular perspectives that challenged your assumptions about how the next generation approaches art collecting?

I came to understand far more about identity—the identity of collectors, of collecting works tied to gender or racial identity, or artists who are working with this in mind. I had not realized the extent to which identity is important in today’s art world.

You describe Millennial and Gen Z collectors as having different tastes and motivations than previous generations. Which new motivations stood out most in your research and how might you characterize the “why” behind their collecting habits?

Investment was certainly one motivation, particularly among Asian collectors, if not the only one. But I think breadth of focus was the biggest change—young collectors seem to have less focus on a single period, type of art, or medium, tending instead to buy across the board.

This is very difficult for art dealers! Why? Because there is less interest in studying and seeing art, and more emphasis on instinctive reactions—“I like that!” And there is a herd instinct—if an influencer likes something, that is good enough.

Given your experience covering the art market, do you think these generational changes represent a temporary trend or a permanent restructuring of how art is valued, purchased and circulated globally?

I think this is a permanent restructuring of how art is valued, purchased, and circulated. There are just so many differences today compared to previous generations. But there is not one market but many, and just to take the price points, the top end grew last year.

This is about seeing art as a store of value. Lower down the scale, we see more of what NextGen are buying—not at the top end ($10m+).

Many Sotheby’s Institute of Art courses equip students for work in today’s art market. How can concepts from NextGen Collectors and the Art Market inform their approach to a new generation of collectors?

They need to be aware of all the aspects I discuss: the importance of identity, of influences, and of the experiential. Forget the white male of 60+ spending huge amounts of money on paintings by dead artists.

Women collectors are important (and they are some of the best around). And women will have a lot of money in the future.

Another thing that emerged was the importance for younger collectors of engaging with artists and the creative process. Studio visits and meeting the artists are very important.

What do you hope readers, especially those starting careers in the art market, take away from your analysis of these generational changes?

It is essential to be flexible and aware that changes are happening all the time. It is difficult to be totally prescriptive, depending on what path a student chooses—in Old Masters or contemporary art. In the contemporary field, be of your time and generation.

Read, look, and study a lot. Everyone I admire in the art world thinks that looking is essential, and not only onscreen.

Engaging with the physical presence of art is essential. And be modest… learn from others.