The research on art buyers and their purchasing behaviors from https://www.artsy.net/ provides valuable insights for developing a targeted marketing plan for your online gallery. Here are the key findings:
Demographics and Buying Motivations
The primary demographic of art buyers at small galleries is the age group of 35–54, accounting for 50% of the highest spenders [oai_citation:1,4 Insights on Small Galleries in 2023 -
Most art buyers aim to build a collection (64%), followed by decorating homes or spaces (62%), supporting artists (52%), and finding inspiration (50%). A notable 38% purchase art as an investment, indicating a rise in viewing art as a stable asset
Online Buying Trends
A significant 80% of respondents have purchased art online in the last 12 months
For small galleries
51% reported that online buyers were new to their business
Price visibility and security
These are both crucial for online art transactions. A majority (58%) of respondents identified a lack of transparent pricing as a primary concern when buying art online.
Younger collectors (Millennials and Gen Z) are more digitally engaged and motivated by different factors compared to older collectors. They are more likely to support artists and artist friends, aligning with broader consumer trends suggesting that Gen-Z consumers are motivated by how brands relate to their personal identity and community.
Older collectors (over 37 years)
The older collector cohort Is more likely to have purchased art from galleries and in-person auctions, while younger collectors prefer art fairs and direct purchases from artists.
Affordability and Art as an Investment
Affordability is a key factor influencing buying decisions across all age ranges, except for the 45–55 age group, where budgets are highest
Online collectors are 37% more likely to view art as an investment than those who haven’t purchased online
Collectors aged 35–44 are more likely to view art as an investment compared to Gen-Z and older generations [oai_citation:10,6 Key Factors Driving Art Collectors
Women are more likely to be motivated by supporting artists and artist friends. Men are more likely to view art purchases as investments and are more inclined to build collections
How To Use These Findings
To develop an effective marketing plan targeting art buyers, consider these insights:
Focus on the 35–54 age demographic while also catering to the interests of younger collectors.
Emphasize the uniqueness, investment value, and emotional appeal of the art.
Ensure transparent pricing and security in online transactions.
Use digital channels actively, recognizing the increasing importance of online art platforms.
Tailor your messaging and outreach based on gender-specific motivations and buying behaviors.
Creating great work with a true dedication to your craft to express how you see the world has the greatest overall impact on your success. However, how you position your artistic brand and your content will greatly influence buyers.