How to Start Collecting Art in Your 20s
For many people in their twenties, art collecting can seem like a far-off pipe dream, the preserve of the older and wealthy. Millennials, after all, don’t typically make oodles of money: The average income for college graduates was just under $50,000 in 2017. While that’s a 3% increase from the prior year, student debt levels and the cost of living in job-creating urban centers are continuing to rise as well.
But the art market isn’t all $450 million Leonardo da Vinci paintings and snooty evening auctions, and many in the industry are taking steps to lower barriers to entry and bring in newer collectors, including young people.
“The misconception that art is only for the wealthy is my pet hate,” said Paul Becker, the founder of Art Money, which provides no-interest loans to art buyers. “There is such a rich ecosystem of quality and value beyond the obvious and expensive tiers.”
Around 10% of those using Art Money are in their twenties, Becker said, with many of them falling into a group he called “creative professionals”—people working in fashion, design, publishing, marketing, and other similar fields.
Art Money, which Becker founded in 2015, allows collectors buying in the United States to borrow anything between $1,000 to $50,000, and pay it off in 10 monthly installments, while taking the work home with them on the day they pay a 10% deposit.