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Younger generations investing in art Updated: 2021-07-30 17:10:01 KST

It's Friday, and that means it's time for our weekly 'Life With Culture' segment. We have our culture correspondent Kim Bo-kyoung here in the studio to share some cultural trends and information. Bo-kyoung, I heard there's an interesting art trend you've been looking into, what is it?

Conn-young, these days, young people are very interested in art investment. They search for unique paintings that are investment-worthy and don't hesitate in buying them. This trend has even led to a fine art crowd investment platform and art fairs that are specifically targeting young people. Let me share more details.

Young people are paying more attention then ever to art investment.
As the pandemic gripped the globe, it forced in-person art auctions and galleries to go online.
The move online led millennials to enter the art collecting sphere.
According to Art Basel and UBS's Global Art Market Report, millennial collectors were the highest spenders in ten key art markets last year.
And South Korea is no exception.
The MZ generation millennials and Generation Z, who were born from the 1980s to 2000s, are showing a great interest in art investment.

"They are very practical and very interested in investment techniques. Easy access to the art market through mobile applications also contributed to this trend."

Fine art investment is no longer only for the rich.
Such a trend even led to an art-sharing platform where micro-collectors can invest their money by breaking artwork into shares.

"The units for the group purchase are priced at 10-thousand, 100-thousand and a million won. The MZ generation accounts for 60-percent of art purchases for 10-thousand to 100-thousand won-unit share artpieces. Through this, we have come up with a way for the youth to also invest in high-price artwork."

New types of art fairs targeting these young generations are emerging too.

"The art fair "Urban Break" is full of contemporary urban artwork aimed at Millennials and Generation Z. At the entrance, an 18-meter-wide media art screen welcomes young art collectors."

The fair features inspiring artpieces including a large-scale installation work by Tool Boy which is made up of worn-out wipers.
Newly emerging concepts such as NFTs, or non-fungible tokens, are also presented at the fair.

"This is the second year of the art fair and we can feel their heated interest. Lots of the MZ generation are visiting and asking questions through social media."

With more and more business models and markets targeting young people, this trend could be around for some time.
It's very interesting how now millennials and Generation Z have become big players in the art market. What else is on at the moment? Is there anything for fans of classical music?

Well, the 18th edition of "Music in PyeongChang" under the conductor and pianist Son Yeol-eum's lead opened on Wednesday and it is going to run until August 7th.
The festival’s main venue, Pyeongchang Alpensia Resort’s concert hall is nestled deep in Gangwon-do Province surrounded by the mountains, and the festival has been readily popular among music lovers as they can enjoy the beautiful scenery as well as the music.
Lots of mesmerizing music shows await the visitors, including maestro pianist Paik Kun-woo and violinist Clara Jumi Kang's concerto.
Renowned violinist Clara Jumi Kang says that she believes this year festival's theme 'San' which can be interpreted as both 'mountain' and 'to be alive' in Korean, is a great choice.

"Everyday having a chance to make live music at the moment and to listen to live music is such a rare gift. I do hope that until the end of this festival that audiences can enjoy this wonderful program as planned and I hope that we all come bit alive during this festival and get some good energy."

Running until August 7th, main concert will be livestreamed through YouTube channel 'MPyC', for those who can't watch it at the site.

It is quite nice to hear that we can enjoy these music shows online too. Thank you Bo-kyoung as always. I will see you next week.

Thank you.
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