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Collecting in the Digital Age International Collectors Survey by AXA ART

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Collecting in the Digital Age International Collectors Survey by AXA ART COLLECTING IN THE DIGITAL AGE International Collectors Survey by AXA ART Results of a worldwide empirical study www.axa-art.de AXA ART Insurance / 2014 INTRODUCTION For more than fifty years, AXA ART has been insuring works of art and other objects of value. Over the decades, we have accompanied collectors from around the world. We have learnt about their attitudes towards collecting, and we strive to be aware of their interests and concerns. All in all, we felt at home within the collectors’ community – until the Internet started to change their habits. We became curious and conducted several dozen long, face-to-face interviews with collectors. The issues which emerged from these dialogues – whilst still hypothetical – were used as the basis for a worldwide online survey. In terms of participation and results, the responses are remarkable; they have been compiled in this publication. Due to the chosen online approach, there is a certain bias in the results, as all communication took place via the Internet. It became evident that the worldwide community of collectors is changing, and that such change is partly driven by the Internet. We hope you find the results as interesting as we did and that you can also benefit from understanding these changing behaviours. Dr. Ulrich Guntram Silke Kastien CEO AXA ART Group Head of Group Marketing Cologne, March 2014 AXA ART AXA ART CONTENTS 4 Art collectors: who collects what, how, why and where? 12 A typology of collectors 14 Type I: art aficionados – collecting out of passion 17 Type II: traditionalists – collecting over generations 20 Type III: investors – collecting for the portfolio 23 Methodology of the Collectors Survey by AXA ART 2 AXA ART AXA ART 3 ART COLLECTORS: WHO COLLECTS WHAT, HOW, WHY AND WHERE? Age groups 30 − 39 40 − 49 up to 29 13% 3% 25% 70 and older 9% 23% 25% 60 − 69 50 − 59 Employment status and gender 1. Who: The sample profile Further results indicated that: Visitors to galleries and art fairs are fairly · Respondents are middle-aged: a dispro- mixed – women and men, older and youn- portionately large group is 40 to 69 years ger people stroll through the halls and old – close to three quarters of partici- exhibition spaces. Female museum direc- pants fall into this age group. Young 84% tors, artists and critics play a major role people under 30, in contrast, have a in the art world. In that context, the first below-average tendency to collect art. 76% % of respondents result of the Collectors Survey by AXA Household types ART is somewhat surprising: the typical · Art collectors often live in childless collector and Internet user is still a man. relationships: among the respondents in our sample, two-person-households More than three quarters of the interna- without children are the most common 46% tional collectors in our sample are male. way of life. Singles and families, in con- The shares of graduates and persons who trast, account for smaller percentages 42% are self-employed or entrepreneurs are of collectors. 34% also remarkably high – four out of five collec- 25% tors have a college or university degree, and close to half are self-employed or 18% entrepreneurs, whereas only 25 % are employees. men graduates self-employed & employees singles childless families / entrepreneurs relationships others 4 AXA ART AXA ART 5 Categories of collectables (multiple answers were permitted) 94% Young collectors Paintings are at the top of 82% prefer new works of art the popularity list of collectables 68% % of % total % of collectors collectors under 40 47% over 60 39% 30% 31% 23% 18% 13% 13% 14% 11% 12% 8% Types of art or collectable items (multiple answers were permitted) contemporary art modern & 19th century art Old Masters art antiquities impressionist art paintings 89% 2. What: The nature of With regard to the categories collections of objects collected, the works on paper 63% Collectors Survey by AXA ART Most collectables hang on walls: paintings shows two clear tendencies: and works on paper are at the top of the sculptures 60% popularity list of collectable items; nine · The newer, the more popular. The vast out of ten respondents in the Collectors majority of collectors in our sample – Contemporary is more photography 49% Survey by AXA ART collect paintings. 82 % – collect contemporary art, at least popular than antique Sculptures rank third with 60 %, and nearly amongst other things. Modern and im- furniture & design 29% half the respondents collect photography. pressionist art ranks second by a large margin, with 39 % of collectors. Only a Classic types of collectable objects such small minority collects older art objects ceramics & 21% porcelain as furniture and design, ceramics and such as 19th century art, Old Masters porcelain or watches, clocks and jewellery or art antiquities. jewellery, watches 15% & clocks prove less popular. The same is true for contemporary installation and video art – · Tastes strongly depend on age. Collec- installation & 14% only 14 % of respondents say they collect tors under 40 have a marked preference video art these forms of art. for contemporary artworks, whereas older collectors over 60 more often buy wine 7% works from earlier periods. It should be noted, however, that older collectors’ musical 3% favourite category of collectables is instruments also contemporary art. others types of art 15% and collectables 6 AXA ART AXA ART 7 Collecting strategies (multiple answers were permitted) 1 in 10 collections is worth gut instinct 65% more than $1m items of high quality 30% systematically / content criteria 25% value / prospective value increases 14% unusual or rare objects 9% curator’s plan 5% Main criterion: gut instinct 3. How: Approaches to completely on gut instinct“. Other as- · Mature collectors: 16 % are already 4. Why: Motivation for collecting pects such as the quality of objects, con- beyond the peak of their collecting acti- collecting tent criteria, value and prospective value vities – they ”have been collecting for a How do the interviewees collect – low-key increases or unusual and rare objects while, but not as intensively as before“. Most collectors’ core motive is an emotion- or on a grand scale? By instinct or syste- play a secondary role. For example, just al one: the joy of collecting and a passion matically? Continuously or at intervals? one quarter of respondents build their · ”Non-collectors“: A noteworthy minority, for art. When asked about their motiva- The Collectors Survey by AXA ART yielded collection ”systematically in accordance 11 % of respondents, say they ”would tion, a vast majority of collectors agree interesting answers to these questions: with certain content criteria“. And only a not regard themselves as collectors“. with the following statements: 5% minority of respondents base their 1. Those who collect do so on a rather collections on a curator’s plan. · ”I love to own beautiful things and to grand scale: only a minority of respon- surround myself with them“ (80 %) dents own small collections with less 3. The way people collect also depends on than 25 objects (15 %) or a value of less their stage within a collector’s life cycle: · ”I enjoy occupying myself with art and than 100,000 US $ (22%). 11 % of collec- developing a comprehensive knowledge tors estimate the value of their collection · Young collectors: 8 % of the collectors of art“ (79 %) at more than one million US $. And one in our sample have ”just started collec- third of respondents prefer to keep silent ting recently“. · ”Collecting is a passion of mine“ (72 %) as to the size and value of their collec- tions. · Active collectors: only 45 % of respond- ents state that they ”have been collec- 2. Many collectors rely on their instincts ting continuously and for a while“. when it comes to purchasing art objects: two thirds of respondents agree with the · Sporadic collectors: 18 % buy collec- Core motive: statement ”I am not a systematic collec- tables ”every now and again in phases, the joy of collecting tor but rather collect what I like based with long intervals in between“. 8 AXA ART AXA ART 9 Most important source of The Internet: rather research information: art fairs medium than art market Places of purchase (multiple answers were permitted) galleries 73% 5. Where: Purchasing patterns · printed media, trade journals, art. When asked ”Where and how do you newspapers, books (58 %) buy your works of art or collectable items?“, First get informed, then acquire – this is · discussions with artists (56 %) 73 % of collectors named galleries. More directly from artists 63% even more true with regard to art than for · personal contacts (52 %) than half also purchased artworks direct- other purchases. Three out of four collec- · online media, websites, internet ly from artists or via auctions. tors in our sample find it ”important“ or forums, social networks (51 %) auctions 59% ”very important“ to exchange information The Internet, in contrast, still seems to on art with others, but only 4 % ”not impor- Art consultants (21 %) or radio and televi- play a secondary role as an art market- private contacts 39% tant at all“. sion (8 %) were only secondary sources of place. Almost all collectors – 95 % of res- information on the topic of art. pondents – utilize the web as a means of Where does this exchange take place? information and communication. Prima- art fairs 39% Quite simply – at the fair. 95 % of collec- But what kind of information are we talk- rily, they employ it for researching specific tors visit art fairs. Two thirds of respon- ing about? Trends on the art market? Up- art objects and for the initial approach dents regard fairs and exhibitions as coming events? The value of specific art before a purchase. 34 % of respondents art dealers 34% ”important“ or ”very important“ sources objects? Questions concerning the hand- have already bought artworks via online of information, although they rank only ling of art? Less than half the respon- platforms as well.
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