Snail saliva. Gladiator blood. Ozempic. These are only some of the substances people have deemed suitable to ingest, inject, or lather themselves up with to stay young. From ancient Rome to The Real Housewives franchise, youth – and associated notions of freshness, excitement, desire, novelty – has remained mankind’s ultimate currency for longer than we may know. This obsession has only grown over time – not least in the art market. 

According to The Art Basel and UBS Survey of Global Collecting 2024, authored by Dr. Clare McAndrew of Arts Economics, new and emerging artists represented 52% of high-net-worth individuals (HNWIs) expenditure on art in 2023 and the first half of 2024 – an increase of 8% on the previous survey. (The survey defines ‘new artists’ as those who are new to the commercial market and not yet represented by a gallery, and ‘emerging artists’ as those who have been showing in galleries or museums for less than 10 years).

So, why are we now seeing increased spending on younger artists? The Gen Z collector Jeffrey Liu says that the desire to connect in meaningful ways is one reason. ‘I love bouncing ideas off people and growing with artists,’ the co-founder of Stilllife, a cultural initiative bridging the US and China, tells Art Basel. Liu is stimulated by the direct exchange he can have with young contemporary practitioners, who are usually easier to access and eager for feedback. ‘People of my generation want to feel in tune with whatever artwork they’re buying and are more focused on experiencing art – in that way, you naturally meet a lot of emerging artists,’ he adds.

Gallerist Rózsa Farkas has observed a similar sentiment among her regular clients. ‘They are often interested and invested in being a part of writing art history, of understanding the value of discourse inherent to our artists’ practices,’ she says. Farkas’s London gallery, Arcadia Missa, is known in the art world as a prime destination to discover radical yet rigorous work by emerging artists. It will showcase the work of duo Hannah Quinlan and Rosie Hastings in Art Basel Hong Kong’s Discoveries sector (dedicated to emerging voices) next month and participate in Art Basel in Basel’s main sector in June.

Fairs play an important role in connecting patrons with fresh artistic practices. According to the survey, 55% of collectors ranked art fairs highest for discovering new and emerging artists. For Farkas, they are also about ‘maintaining relationships with international clients we may only see once or twice a year [...] and promoting our wonderful artists in a different region to a huge audience.’ Having always focused on emerging practices, Farkas admits that she did not notice the increased spending on this segment of the market and adds that she ‘wonders if that’s due to less spending in other areas of the market.’ Chances are she is right.

The Art Basel and UBS Art Market Report 2024, authored by McAndrew as well, notes that while the value of spending on art decreased by 4% between 2022 and 2023, the volume of purchases increased by the same percentage during that period. That means collectors are buying more artworks, but spending less on average. Perhaps an easy win for galleries such as Arcadia Missa, whose price point at Art Basel will hover between USD 12,000 and USD 75,000.

It is not as simple as that, however. Galleries typically keep their ears to the ground and their eyes on clients’ purchases, and have accordingly recalibrated their business strategies and diversified their offerings. Blue-chip giants Hauser & Wirth, Pace, Gagosian, and David Zwirner, as well as major galleries such as Gladstone Gallery and Skarstedt, have been notably eager to exhibit young and emerging artists in recent years. Between 2023 and 2024, Pace picked up three painters born in the 1990s; David Zwirner added two to its roster in 2024; the same year, Hauser & Wirth launched its Collective Impact model (for which it collaborates with smaller galleries to champion emerging and mid-career artists) but also started representing Michaela Yearwood-Dan and George Rouy (both born in 1994) as part of separate co-representation deals, as reported by The Art Newspaper.

The art world has seen similar developments over the past decade or so: the infamous enthusiasm for ‘Zombie Formalism’ (abstract works by young painters) and the more recent fervor for Black figurative painting – both very different movements but both victims of intense speculation. These bubbles serve as cautionary tales: When they burst, many artists were at best left disappointed and at worst bankrupt.

As the survey shows, collectors may still be keen on the freshest art, but the speculative fever of years past – which was primarily visible at auction – has subsided, making way for more intentional buying. According to the latest report from ArtTactic and Artscapy, the auction market for ‘wet painting’ (created within 3 years of heading to the block) peaked at USD 215 million in 2021, falling to USD 30 million in the first half of 2024. The recent rise in popularity of works by emerging artists therefore reflects a newfound caution among HNWIs rather than a thirst for risk. Shipping, insuring, and storing a painting valued at USD 25,000 is less complex than doing the same for a sculpture that costs USD 250,000. What is more, lukewarm auction results over the past 2 years may have impacted the perception of artworks as financial assets that can be resold for significant profit – and consequently the willingness of some HNWIs to invest in big-ticket pieces.

So how do young artists navigate this landscape? Having a gallery by your side is generally considered invaluable. Li Hei Di (b. 1997), a London-based painter who joined Pace in 2024 and is known for her blazing abstract canvases, says that ‘working with a gallery provides a sense of security and a consistent income, which takes away some of the stress of life.’ A juggernaut like Pace can provide a form of white-glove service to its artists, handling end-to-end logistics; however, that does not mean smaller galleries are not crucial partners too – and cannot offer similar services.

‘I feel lucky to have found a gallery who shares my artistic vision and serves as a true space for growth,’ says Wei Libo (b. 1990s), a Paris-based sculptor and master of marquetry, represented by sans titre, one of the French capital’s most dynamic spaces for emerging art. Wei graduated from Beaux-Arts de Paris in 2024 and is already working on his next big project: a solo booth with sans titre at Art Basel in Basel 2025. ‘It’s a big challenge for a young artist like myself, and yet, the mere perspective of realizing this project represents a major step,’ he says. Li Hei Di echoes his sentiment: ‘Working with a gallery means you have to finish work within a set timeframe, even if you feel like the work needs more time. You have to find a balance, negotiate deadlines, or just push yourself to get it done, even if that means going a little crazy over it.’ 

In addition to logistical questions, galleries can provide an important contextual framework for emerging artists. Rózsa Farkas mentions Arcadia Missa’s ‘history of making publications which help contextualize the work,’ and many art dealers are increasingly investing in media production to create new entry points to their artists’ practices. But ultimately, fostering close and long-lasting connections with patrons remains key. Neither Li nor Wei follow the art market’s developments, but both say that they are sometimes in contact with collectors, and Wei would be keen on growing his direct interactions with them. ‘I would love to create a deeper connection with collectors and would be delighted to welcome them to my studio, so they can discover my way of making art and better understand my process,’ he says.

Jeffrey Liu agrees. On a recent trip to Mexico with the Rockbund Art Museum’s Young Patrons Council, which he co-chairs, he visited several artists’ studios and discovered practices that ‘fueled [his] own discourse as well.’ Thanks to his Stilllife initiative and his role at the Rockbund, Liu also gets to accompany artists, especially those of an Asian background, on their career trajectory.

This support is proving not only stimulating for collectors, but also crucial for artists. For many of them, starting out is ‘a hustle,’ Farkas says. ‘But the main hustle should be on giving your practice time to develop, to push it,’ she adds, underscoring the additional challenges creatives from a working-class background face. ‘I think it’s really important that collectors act as patrons for opportunities to help artists in their studio practice,’ she notes, pointing to London’s Brent Biennial, Studio Voltaire, Gasworks, and the Delfina Foundation as examples of institutions that offer subsidized studio spaces. 

Farkas foresees an increasing interest in emerging art in the future, and the art world is indeed continuing to adapt. In 2025, Art Basel in Basel will introduce the ‘Premiere’ sector, which celebrates works made by artists over the past 3 years and overwhelmingly features emerging voices. In doing so, it is effectively adding nine galleries that specialize in this market segment to the fair’s make-up. It is a sign of the times – and a good thing for young artists, so long as their work does not fall victim to excessive speculation and can develop meaningfully over time.