Each month in The Hammer, art industry veteran Simon de Pury lifts the curtain on his life as the ultimate art world insider, his brushes with fame and his invaluable insight into the workings internal art market.
Next week, at the Hôtel de Paris in Monaco, the FT Business of Luxury conference is taking place. Since art is probably the ultimate luxury, I was asked to participate in a panel on the buying habits of millennials. I immediately agreed, falsely and naively assuming that millennials were people born in 2000 or since. the subject. Before finding on Wikipedia the correct definition of millennials, that is, people born between 1980 and 1994 and the names that are given to previous and following generations, I only knew the much simpler classifications than Stefan Edlis, the fabulous contemporary art collector and philanthropist from Chicago had given me. According to him, there are three ages in life: youth, middle age and “you are beautiful!” “.
The reason the panel is interested in millennials is that they represent what is now the most financially powerful customer segment in the luxury market. This also applies to the art world, as was already highlighted in the 2021 art market report prepared by UBS and Art Basel.
My first-hand knowledge of millennials is that I’ve fathered four of them. As toddlers, their movements synchronized the music of Prince and Michael Jackson that rang out from the speakers of my turntables. Their toys were all Japanese spacemen, Godzillas and robots. Japanese popular culture was also ubiquitous through the anime movies they watched and the games they played on their Nintendo consoles. I would have to fight with my sons over their GameBoy gadgets because I had become more addicted to Tetris than them.
A woman looks at ‘In the Pinky Lake’ by Japanese artist Yoshitomo Nara during a media preview for Christie’s Hong Kong Spring Sales in Hong Kong on March 30, 2018. Photo by Philip Fong/AFP via Getty Images.
Their adolescence coincided with the advent of grunge which did not have such a big impact on their way of dressing. Nirvana, Pearl Jam and Soundgarden provided the soundtrack for those years. CDs had in the meantime replaced vinyl and cassettes. My children were learning to use a computer at school. It wasn’t silly enough then for a baby boomer dad like me to figure out how to do it too! by James Cameron Titanic The film, which made Leonardo DiCaprio a mega star, was not only the highest-grossing film of all time, but certainly one that no millennial could afford not to see. The reason I describe in so much detail what may have impacted the youth and adolescence of a millennial is that throughout our adult lives we pursue the dreams we had as teenagers. and preteens. Millennials had to wait less than previous generations to earn money to be able to spend it on what fueled those dreams. Not at all surprised by the huge demand for works by artists like Yoshimoto Nara.
I also have first hand experience with Gen Z members who were born between 1995 and 2012 as I am the proud father of a daughter born on 1.1.11 (January 1, 2011). Peppa Pig had a huge impact on her early development. I was so into it that I was deeply depressed when she finally left. I try not to be too outspoken about my political views in these days of extreme polarization. This is the surest way to immediately alienate all your friends, whether real or virtual, whether you have any or not. However, I have to refer to the most exciting press conference ever given by former British Prime Minister Boris Johnson, who began by extolling the virtues of Peppa Pig at length.
This phase was followed by the Disney Princess craze and continued live-action performances of Disney’s blockbuster mainstay hit. Frozen. She knew how to navigate perfectly on an iPad or iPhone long before she learned to read or write. To my surprise, the first word she ever read aloud was DIOR, which she did when I took her for a walk down Old Bond Street in London. An interest in fashion and luxury items has not left her since. Party bags for birthdays should be filled with items purchased from Sephora. She knows how much this or that pair of sneakers will cost you in London, Paris, Monaco or on the net. At the start of the pandemic, Roblox became his game of choice. This allowed him to play for hours with girlfriends who could be based anywhere during confinement. All these girls were asking their parents if they could do chores for them for pocket money. These hard-earned winnings would then be immediately turned into digital clothing for their avatars. So there’s no doubt that when Gen Zers earn real money, they won’t hesitate to spend it on digital art. Instagram, which is the main source of information for millennial art collectors, is so boring for them that they won’t waste their time on it. This is TikTok from which members of Generation Z derive their considerable knowledge in a multitude of subjects. Every action only makes sense if documented by a selfie. No elevator mirror, no shop window will be left undocumented.
Narcissus finally arrived in paradise. The musical soundtrack is provided by K-pop, with BlackPink perhaps the favorite act. This apparent superficiality and selfishness go hand in hand with a highly developed environmental awareness. They are aware that time is up and are indignant at the inaction of their elders. As I write this article, I realize that I’m actually much more motivated to try to analyze the tastes of Gen Z than those of millennials. Before we know it, this will be the most commercially lucrative segment of the global luxury and art market.
Not for long because the Alpha Generation made up of those born between 2013 and now is already waiting firmly in the wings! You will be happy to know that I will now spare you my first-hand knowledge thanks to my two Alpha Generation granddaughters!
“Refik Anadol: Unguarded” at the Museum of Modern Art. Photo by Ben Davis.
One thing is certain: the collection is here to stay. It is one of the first activities that we develop in early childhood. It is a kind of disease that we thankfully never recover from, whether we are members of the silent generation, baby boomers, generation X, generation Y, generation Z or generation Alpha! It is linked to our fascination and our joie de vivre, and to our deep curiosity. It is also our attempt to achieve timelessness and challenges our attitude towards mortality.
A friend who was always impeccably dressed in the late 1980s once told me that after hearing from his doctor that he had terminal cancer, he went straight to his tailor to order three new suits. He couldn’t resist mentioning his sad state of health to his tailor as well. The shocked tailor then asked him, “Is there any point in you making these suits now?” My friend was so upset with the tailor’s question that he immediately canceled the order.
It would never happen on the art market. I have experienced on several occasions that it is precisely in times of advanced age or very poor health that collectors are most likely to make a very daring purchase. It is an act of embracing life to the end.
Simon de Pury is the former President and Chief Auctioneer of Phillips de Pury & Company, former European President and Chief Auctioneer of Sotheby’s and former Curator of the Thyssen-Bornemisza Collection. Today he is an auctioneer, curator, private dealer, artistic advisor, photographer and DJ. Instagram: @simondepury
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