London’s Art Scene Gets a Tech Upgrade to Attract a New Generation of Collectors
Amidst a slight slowdown in the global art market, London’s art scene is undergoing a significant transformation. To counter a dip in overall sales and address the challenge of attracting younger collectors, galleries and auction houses are embracing technological innovation and showcasing emerging artists who are pushing creative boundaries—particularly through the integration of Artificial Intelligence (AI). This strategic shift aims not only to revitalize the market but also to foster a more inclusive and dynamic art ecosystem.
Key Takeaways: A New Era for Art in London
- The global art market experienced a 4% year-on-year decline in 2023, reaching $65 billion. This has prompted a strategic focus on attracting younger collectors.
- AI art is gaining prominence, with galleries like HOFA representing artists who integrate AI into their creative processes, blurring the lines between human and machine creativity.
- London’s art fairs, like Frieze London, are incorporating dedicated sections for emerging artists to cater to the preferences of younger collectors and showcase innovative, technology-driven artwork.
- Online platforms are playing a crucial role in connecting with younger art enthusiasts, offering accessibility and convenience.
- Museums are also adapting their strategies to attract and engage younger audiences, combining established names with emerging talent.
A Young Collector’s Market Emerges
The global art market, which saw a 4% year-on-year drop to $65 billion in 2023 according to the Art Basel & UBS Art Market Report 2024, is facing a shifting demographic. Galleries are realizing the urgent need to connect with younger buyers. Elio D’Anna, co-founder and CEO of the House of Fine Art (HOFA) gallery in London’s Mayfair, confirms this trend: “Five years ago… our target was more in the 35- to 45-year-old buyers, almost 50/50 men and women. But now we are seeing more the 25- to 35-[year-old] buyers.“
The Rise of AI in the Art World
The incorporation of AI into artistic practice is a significant factor influencing this generational shift. HOFA, for example, represents artist Sougwen Chung, whose work with their robot, DOUG (Drawing Operations Unit), exemplifies this fusion of technology and art. Chung explains their process: “I work primarily these days with robotic performance and artifacts, which means translating the digital in terms of data, movement data, spatial data, into really tangible works that can be experienced by an audience.“
Chung’s work, trained on 20 years of their own drawing data, seamlessly blends human creativity with the precise execution of AI. The results are striking, evidenced by the successful sale of their piece “Spectral” for $35,000 at a Phillips auction, a collaboration with HOFA under the “Spaces” banner – an exhibition highlighting the fascinating intersection of technology and the arts.
Frieze London: A Platform for Emerging Artists and Tech-Driven Creation
Frieze London, a leading art fair renowned for attracting high-net-worth individuals, has recognized the need to engage younger collectors. This year’s event featured a special “Focus” area, strategically located near the entrance, that highlighted the work of younger artists. Eva Langret, Frieze London Director, notes: “Sections like the ‘Focus’ sections, which are representing younger artists, [are] very much thinking about this sort of generational switch, and thinking about the kind of artists that also younger collectors are interested in supporting.“
Curating for New Generations: Online Engagement and Physical Presence
The Art Market 2024 report underscores that finding new buyers is paramount, with galleries noting that some clients are “aging out” or reaching their collection’s capacity. The report describes the U.S. and Europe as “fundamentally saturated” and lacking in next-generation collectors in certain sectors. Frieze is actively pursuing this younger demographic through its online Frieze Viewing Room, leveraging the comfort and familiarity younger generations have with online purchasing. Langret highlights this approach: “The younger generation is really sort of comfortable with buying works online, comfortable with discovering what the fair has to offer online.“
This focus on young audiences isn’t limited to art fairs. Moco Museum, with locations in Amsterdam and Barcelona, recently opened a London outpost that embraces a similar strategy. Co-founder Kim Logchies-Prins explains their approach: “They want to feel welcome, and I curate with them on my mind…We have great names on display always. So, you always see your [Andy] Warhol, your [Jean-Michel] Basquiat, your [Jeff] Koons, and then some emerging artists. So I think in one visit, you get a kind of a dive into the art world.“
The Future of Art: A Fusion of Tradition and Technology
London’s embrace of technology isn’t just about appealing to younger buyers; it’s also about fostering artistic innovation. The successful integration of AI, as seen in Sougwen Chung’s work, opens up new creative avenues and challenges traditional notions of artistic creation. The presence of both established and cutting-edge artists at events like Frieze London and in galleries like Moco Museum creates a vibrant ecosystem where tradition and technological advancement coexist.
The shift towards embracing younger collectors and integrating technological tools reflects a proactive response to the evolving art market. London, by fostering innovation and appealing to a new generation, positions itself as a dynamic hub for contemporary art, ensuring its continued relevance and growth.
The success of this approach remains to be seen, but early indications suggest that by actively engaging with new audiences and embracing technological advancements, London is well-positioned to navigate the challenges of a changing art market and establish itself as a leader in the next chapter of art history.
