Nearly 90% of new generation collectors have the means and desire to donate more to museums

It’s clear that the grey-haired, blazer-wearing art connoisseur stereotype is continuing to fade. Half of our cohort are under 40, with three quarters under 55. Over 40% have an annual income of over $100k; a fifth earn over $200k. They’re certainly willing to spend on art, with over a third investing more than €10,000 annually and almost two thirds investing over €5,000.

The new generation see museums as a force of social good, with an expansive understanding of the benefits they bring. 92% strongly believe that museums should work hard to cater for everyone in society, which ties directly to their views on public funding – with 67% in favour of financial support for museums.

Only 3% of traditional art buyers cite philanthropy as a motivation, but the new generation see collecting art as an inherently generous thing to do.

While blockbuster exhibitions remain a powerful draw, with 86% citing specific exhibitions as a key motivation for visiting museums, appetite for up-and-coming voices is also strong. 85% believe that museums should balance established names with young and emerging artists, and 69% would actively encourage museums to take greater risks in their programming choices.

New-gen collectors get most of their art news and information online, especially through the accounts of their favourite artists, galleries and institutions. 83% follow at least 5 artists on social media, 70% follow more than 10, and nearly half track over 20 artists. A not insignificant 16% follow over 100 artists.

Despite being heavily online, 70% of respondents indicated insufficient digital presence was a key barrier to physical attendance to galleries and museums, more than any other factor. Given the number of art accounts they follow, this appears to be a problem of content not being algorithmically-friendly enough to reach them, rather than one of followership.

Currently, roughly half of new-gen collectors are members of museums and galleries. Of those who are members, 42% don’t think they’re getting enough value for money.

So, how can we remedy this?

Overwhelmingly, the new-gen want in-person events and experiences that transport them from digital spaces into the living, breathing art world, with a strong desire for unlimited free admission and early access to exhibitions or events.

Spending at the museum shop is hampered by two unhelpful ideas – the belief that museum shops are only for buying souvenirs, and that spending in the shop is not a way of supporting the museum.

These beliefs directly affect how much collectors spend. Almost half of those who see museum shops as a place for souvenirs have never spent more than $100 in one go, while only 15% have ever spent over $500 on a museum purchase. By contrast, amongst those who believe that the shops have more to offer, this figure rises to 60%.

The new generation want and are able to give more. Yet requests for their money exist within a highly competitive landscape of giving, in which the arts are being pushed out by other causes. 75% get asked by charities or other causes to donate more than twice a year; 42% get asked once a month; 24% once a week; and 15% several times a week or daily.

Amongst the clamour of the fundraising sphere, institutions need to find innovative ways of commanding the new generation’s attention. Our research points to three clear ways of doing this:

1. Offer a tangible value exchange. 82% indicated they were more likely to donate when offered benefits like memberships or an artwork – more than any other answer.
2. Tap into a potential donors’ personal connection to a museum’s mission. 79% said this was an important factor in their support.
3. Connect a donor’s funds and its specific impact – something that two thirds of respondents say would make them more likely to donate.

When presented with a list of potential ways to give funds to a museum, there’s one option that respondents picked more than any other: a fundraising edition, sold in support of a particular institution or cause.

This is perhaps unsurprising in consideration of the factors above. Fundraising editions tick all three boxes. Most obviously, they offer a tangible value exchange – an artwork back in return for a donation. They also leverage personal connection, with over half of those who’ve purchased a fundraising edition saying they’re more likely to support their chosen institution again in the future.