{"id":986,"date":"2022-11-18T12:57:17","date_gmt":"2022-11-18T12:57:17","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/fdef-en\/news\/prof-kraussl-explores-next-generation-art-collecting-at-lux-art-week\/"},"modified":"2022-11-18T12:57:17","modified_gmt":"2022-11-18T12:57:17","slug":"prof-kraussl-explores-next-generation-art-collecting-at-lux-art-week","status":"publish","type":"news","link":"https:\/\/www.uni.lu\/fdef-en\/news\/prof-kraussl-explores-next-generation-art-collecting-at-lux-art-week\/","title":{"rendered":"Prof. Kr\u00e4ussl explores next generation art collecting at Lux Art Week"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>On 11 November 2022, the Luxembourg Association for Art Galleries and Practitioners (LAFA) organised a very well-attended conference before the preview event of Luxembourg Art Week, the international contemporary art fair in Luxembourg.<\/p><p>Moderated by art entrepreneur Pierre Naquin, \u201cNext Gen Collectors, Artists and Sales Channels: How Is the Art Market Changing explored the primary and secondary art market from the perspective of young collectors, asking questions such as: \u201cWhat do young collectors want?\u201d \u201cHow will they buy art \u2013 physically or digitally?\u201d and \u201cHow much of a disruption will their entry into the market cause?\u201d<\/p><figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--contain\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/lafa_conference_rk.jpg\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/lafa_conference_rk-300x169.jpg 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/lafa_conference_rk-1024x576.jpg 1024w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/lafa_conference_rk-768x432.jpg 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/lafa_conference_rk-1536x864.jpg 1536w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/3\/2023\/07\/lafa_conference_rk.jpg 2016w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: contain; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 16\/9; object-fit: contain; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure><p>The panel was composed of art market experts from diverse horizons, including art critic Georgina Adam (Financial Times, The Art Newspaper), art collections manager Eugenie Dumont (Degroof Petercam), gallery owner Maria Lund, (Galerie Maria Lund) as well as Roman Kr\u00e4ussl, professor in Finance at the University of Luxembourg, who focuses on alternative investments with a special interest in the art market.<\/p><p>Drawing on his recent research,\u00a0Prof. Kr\u00e4ussl\u00a0spoke about NFTs, fractional ownership, machine learning and price prediction and how young collectors will interact with these new technologies. Prof. Kr\u00e4ussl also touched on themes such as gender and the art market and how the gender effect is evolving with the next generation. Prof. Kr\u00e4ussl speculated on the essential question of why people buy and collect art. &#8220;Art offer values that no other investment options offer,&#8221;\u00a0 said Prof. Kr\u00e4ussl. &#8220;The reasons for investing in art go beyond investment or monetary value alone.&#8221;\u00a0<\/p><p>Concluding, Prof. Kr\u00e4ussl gave the audience five non-financial reasons for collecting art:<\/p><p><ol class=\"ulux-list\"><li class=\"ulux-list-item\"><strong>Aesthetic value:<\/strong>\u00a0Art provides the owner with greater utility in form of aesthetic (intrinsic) value<\/li><li class=\"ulux-list-item\"><strong>Passion for collecting<\/strong>:\u00a0Philanthropic nature of certain collectable items; being passionate about an artwork; missing piece in a collection<\/li><li class=\"ulux-list-item\"><strong>Doing good:<\/strong> Financing young\/upcoming artists; cultural environment\u00a0<\/li><li class=\"ulux-list-item\"><strong>Social status:<\/strong> pleasure obtained from signalling to others that the owner has certain level of wealth\u00a0<\/li><li class=\"ulux-list-item\"><strong>Prestige:<\/strong>\u00a0getting to know the artists; going to art fairs; being invited to openings\/vernissages; homes presented in magazines and differentiation\u00a0and signalling cultural capital<\/li><\/ol><\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"<p>On 11 November 2022, the Luxembourg Association for Art Galleries and Practitioners (LAFA) organised a very well-attended conference before the preview event of Luxembourg Art Week, the international contemporary art fair in Luxembourg.<\/p>\n","protected":false},"author":0,"featured_media":987,"template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"news-category":[],"news-topic":[],"organisation":[101],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - 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