In the last two or three years, A generational change took place in the Korean art market. The MZ-Generation was at the center of that Generational change. MZ-G is a compound word of Generation ‘M’ and Generation ‘Z’, and refers to those in their 20~30s who were born between the 1980s and early 2000s. They play a role as consumers and producers in the Korean art market. In particular, they are aggressive investors in the Korean art market. MZ-G, unaware of Korea's poor past, are now emerging as major consumers in various fields of Korea.
Why are they passionate about art? First of all, unlike their parents' generation, most of them have abundant economic power. According to Seoul Auction, 40% of those who purchased works worth 10 million won (about $8,000) or more are from the MZ-Generation.
They have a tendency to show off their work after purchasing it. They are accustomed to digital technologies such as the Internet and boldly reveal this desire to show on social networks. This behavior is a kind of self-branding.
The purchase of works by the MZ-G is also a means for financial technology. Just as they have recently moved quickly into the cryptocurrency market, which is highly valued as an asset, they view art works as a means of finance.
This trend is a common phenomenon, not only in Korea, but also around the world and millennials. This trend of them promotes their activities in the art market. They focus on various works such as graffiti and cartoons rather than traditional works.
With the entry of the MZ-G into the Art market, the Korean art auction market is showing greater growth online than offline. The Korean art market, where not only the MZ-G but also celebrities, has begun to pay attention, is showing a faster growth.
A gallerist said, “MZ-G is making money while collecting art as a hobby. It's a smart generation. And "The fact that new works by popular young artists such as Woo Guk-won, Kwaya, and Kim Seon-woo are on sale at the same time as they are on sale also stems from the MZ-G's intervention in the market. This situation seems like a reckless way of investing in art, but it has a strong positive side as art works are rapidly spreading or sharing ” he said.
MZ-G is rational consumers. They prefer to attend art events and purchase works at lower prices. It is said that their purchase method is not the so-called "Don't Ask Me investors".
Following K-POP and K-MOVIE, K-ART is emerging. With the future growth of the Korean art market, the MZ-G is expected to become a constant, not a variable.
Sayart.net
Jason Yim, yimjongho1969@gmail.com
"the MZ-G'll be a constant, not a variable."
In the last two or three years, A generational change took place in the Korean art market. The MZ-Generation was at the center of that Generational change. MZ-G is a compound word of Generation ‘M’ and Generation ‘Z’, and refers to those in their 20~30s who were born between the 1980s and early 2000s. They play a role as consumers and producers in the Korean art market. In particular, they are aggressive investors in the Korean art market. MZ-G, unaware of Korea's poor past, are now emerging as major consumers in various fields of Korea.
Why are they passionate about art? First of all, unlike their parents' generation, most of them have abundant economic power. According to Seoul Auction, 40% of those who purchased works worth 10 million won (about $8,000) or more are from the MZ-Generation.
They have a tendency to show off their work after purchasing it. They are accustomed to digital technologies such as the Internet and boldly reveal this desire to show on social networks. This behavior is a kind of self-branding.
The purchase of works by the MZ-G is also a means for financial technology. Just as they have recently moved quickly into the cryptocurrency market, which is highly valued as an asset, they view art works as a means of finance.
This trend is a common phenomenon, not only in Korea, but also around the world and millennials. This trend of them promotes their activities in the art market. They focus on various works such as graffiti and cartoons rather than traditional works.
With the entry of the MZ-G into the Art market, the Korean art auction market is showing greater growth online than offline. The Korean art market, where not only the MZ-G but also celebrities, has begun to pay attention, is showing a faster growth.
A gallerist said, “MZ-G is making money while collecting art as a hobby. It's a smart generation. And "The fact that new works by popular young artists such as Woo Guk-won, Kwaya, and Kim Seon-woo are on sale at the same time as they are on sale also stems from the MZ-G's intervention in the market. This situation seems like a reckless way of investing in art, but it has a strong positive side as art works are rapidly spreading or sharing ” he said.
MZ-G is rational consumers. They prefer to attend art events and purchase works at lower prices. It is said that their purchase method is not the so-called "Don't Ask Me investors".
Following K-POP and K-MOVIE, K-ART is emerging. With the future growth of the Korean art market, the MZ-G is expected to become a constant, not a variable.
Sayart.net
Jason Yim, yimjongho1969@gmail.com
