As Gen Z and millennial collectors buy art through social media, online auctions and artists, access is expanding faster than many buyers’ awareness of post-purchase risks.
Kyle McGrath (pictured), head of US fine art and specie for North America at Markel, said digital channels are complementing galleries, auction houses and dealers. They have also changed where education about insurance, transportation and long-term care needs to begin.
“In today’s world, art collecting has never been more accessible in terms of the access points and the ways in which young collectors are purchasing,” McGrath said. “Usually that’s through digital platforms and social media now, in addition to the more traditional outlets such as galleries and auction houses and dealers and so forth.”
Artsy’s New York-based Art Collector Insights 2024 found that 82% of surveyed collectors aged 36 or younger had purchased art online. The survey covered 2,154 collectors in more than 70 countries, with 54% based in the US.
Separately, Art Basel and UBS estimated that 41.5 million art-market transactions took place worldwide in 2025, up 2% year over year. Their research also found that 49% of buyers purchasing from dealers were new to those businesses.
According to McGrath, the democratization of access to art is changing who collects, what they purchase and where risk accumulates.
The distinction between generations is less about artistic taste than the route to acquisition. Younger buyers may discover artists on social platforms and follow their work over time. At the same time, art fairs operate as cultural and social events, bringing in visitors who may make an unexpected first purchase without established advisers.
“With that, I think it’s important that this younger generation is just as acutely aware of the risks that come with purchasing new art,” said McGath. “They’re often not having those conversations upfront in person the way that perhaps they were happening in the past. Transportation, storage, and long-term care are obviously just as relevant, but may not necessarily be top of mind when you’re purchasing something online or through social media.”
The kind of art and where it’s purchased also factors less into the risk; the greatest vulnerability often appears after a deal closes. “The second that a painting is taken off the wall and put on the back of a truck, or is being shipped to its end location, that’s an incredibly vulnerable time,” McGrath noted.
Markel encourages condition reports at both ends of a shipment because it can be difficult to identify when damage occurred. Specialist fine art packers and shippers can reduce the exposure, while advance planning can help collectors secure professional storage or move vulnerable works ahead of a named storm.
Natural catastrophes are also making long-term risk planning more urgent. McGrath said today’s insurance market may look different in five, 10 or 15 years as carriers respond to catastrophic events. Where professional storage is unavailable, moving suitable pieces to a higher floor may offer an alternative, depending on the object.
Another common mistake is assuming that a new or modest collection does not qualify for specialist coverage. “Losses can happen just as easily to a small policy as they can to a big one,” McGrath said.
Coverage may be available through renters or homeowners insurance, although she favors standalone fine art policies because of their tailored wording, specialist claims handling and access to relevant vendors.
Digital visibility brings a separate security consideration. Posting purchases can reveal the existence and location of valuable property, though McGrath stopped short of claiming younger clients suffer more theft losses.
“I would say social media has created a fantastic opportunity for collectors to engage with the art market,” she said. “But it also has increased the awareness of what valuable collections are out there. So, it’s a double-edged sword.”
Collectors should retain invoices and provenance documents securely and periodically reassess whether updated appraisals are needed, McGrath said. The frequency will depend on the objects, making relationships with art advisers, consultants and appraisers important as a collection develops.
On the insurance side, policy language has so far remained broadly capable of responding to evolving buying behavior. Markel’s fine art policy, like many competing products, is written on an all-risk basis for direct physical loss or damage, subject to standard exclusions.
Emerging media may still prompt questions about how a claims handler would approach a particular loss, creating an opportunity for carriers to clarify wording where necessary.
The core disciplines, however, have not changed. Buyers should understand the object, plan its transportation and storage, protect it at home and take a long-term view of stewardship. McGrath said those fundamentals apply whether someone is purchasing a first piece online or managing a substantial collection.
“Clients need to understand what they’re buying, think carefully about how it’s transported, how they’re storing it or protecting it in their home, and really take a long-term view of stewardship,” she said.”
