10,100,000 won Sol cost 1.3 billion Lee U-hwan… Financial IT 3040 Sweeping Art

Recently, through fierce competition at the art auction site, the number of young collectors who won hundreds of millions of art works has soared. MZ generations (millennials + generation Z) in their 20s and 40s do not leave the art dealers to purchase on their behalf, but instead come directly to the site and’win’ the work by holding the bid license plate.

Who is the MZ generation that has emerged as a new big hand in the art market, sweeping works ranging from millions of won to billions of billions? We analyzed their identity, purchasing power, and taste through auctioneers and galleries. First of all, the occupations ranged from entrepreneurs, specialists such as doctors, lawyers, accountants, high-paid workers in the finance and IT (information and communication) industries, public servants, and ordinary workers. Unlike existing first-generation collectors, there were many workers in the industry that are doing well these days, such as games, mobile phone app development, e-commerce (e-commerce), cosmetics, and one-person media related companies.

Purchasing power and taste are also varied. The price range is wide, ranging from works by young artists worth millions of won, prints and prints (editions) to famous artists’ props (small paintings) worth tens of thousands of won, and masterpieces of hundreds of millions of won. There are also collectors who collect their salaries to buy interior art items, while others have recently been looking for new investments with large sums earned from stocks.

Lee Hwa-ik, CEO of Lee Hwa-ik Gallery, said, “There are many MZ generations who come to purchase works of young artists in the range of 2 to 5 million won for overseas travel expenses that could not go to Corona 19.”

Ahn Hye-ryeong, CEO of Lian Gallery, said, “Young collectors bought a lot of works in the range of 20 million to 50 million won,” and said, “I prefer small paintings and prints by famous authors rather than adventure with big paintings.”

Hundreds of millions to billions of billions of artworks are won through Christie’s auctions, which trade works by famous foreign artists. The competition is fierce as artists who have proven their work quality and have high potential to increase their prices boldly bid for entries.

Lee Hak-joon, CEO of Christie Korea, explained, “Young collectors mainly invest in a group of writers whose prices are soaring in recent years, such as Nicholas Party, Abudia, and Matthew Wang.”

The Korean masters preferred by the MZ generation are water drop painter Kim Chang-yeol, monochrome master Park Seo-bo, Jung Sang-hwa, and Lee U-hwan. With the addition of young collectors, the prices of these artists’ entries at the recent auction have soared, and the record of the highest price is pouring. Pop art writers Kaus, Julian Opie, and installation artist Jean-Michel Autoniel are also sold.

The MZ generation has a strong tendency to purchase art by thoroughly analyzing the art market price and the world of the artist’s work. Art works without acquisition tax and ownership tax are emerging as new investment destinations, but it is difficult to find the phenomenon of’don’t ask investment’.

Seoul Auction CEO Lee Ok-gyeong said, “Even with the same artist, the size of the 50th issue is 500 million won, but the 30th issue is 700 million won.”

Lee Jung-yong, CEO of Gana Art Center, said, “The number of customers who have already acquired a lot of information and knowledge has increased. Sales are easier than before because you do not have to explain the work for a long time.”

Hakgojae Woo Jung-woo, director of Gallery Hyundae Kim Jae-seok, said, “I choose works based on my taste rather than recommending a gallery.”

The MZ generation has a unique’one-by-one culture’ by going to auction houses and galleries with friends and lovers. He also exchanges information with his peers at internet cafes related to contemporary art. Unlike the first-generation collectors, they do not hide their collections and enjoy taking pictures of works that decorate their homes and revealing them to social network services (SNS).

An official at Kukje Gallery said, “I am looking for a print edition work that takes multiple points in order to have the same work with my friends,” and said, “It seems to me that art works as a lifestyle.”

Some people don’t see the real thing, but only look at the photos of the works that were posted on the online auction. Since it is a generation that has already purchased various products such as clothes, shoes, and furniture online, there is no hesitation in purchasing art. At the recent Seoul Auction online auction, the singer and contemporary artist Solbi (Kwon Ji-an) who sold his work’Just a Cake-Angel’ for the highest price of 10. .

The high purchasing power of young collectors is also a global phenomenon. According to the ‘2021 Art Market Report’ recently released by Art Basel, Switzerland and the financial group UBS, 56% of the 2569 high-income collectors in 10 countries were MZ generations. In particular, millennials spent an average of 228,000 dollars (about 258 million won) last year on art, and 30% of them spent more than 1 million dollars (1,132 million won).

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