Blue Ivy Carter eyebrows spiked over the weekend when my 10-year-old daughter Beyoncé and Jay-Z raise her oars at Wearable art gala 2022 auction and bid over $80,000 for a pair Lorraine Schwartz earringsthe highest priced lot of the night.
While the last pieces of jewelry went to the founder of Mielle Organics, Monique Rodriguez with a winning bid over $105,000, in 2018 Carter auctioned $17,000 for a painting by a young Sidney Poitier at the same Wearable Art event, later increasing her bid to $19,000 before lose in the end Tyler Perry. Finally that evening, Carter auctioned for $10,000 for a piece of art made from re-ordered law and medicine books, and won a lot— She was 6 years old at the time.
While adult celebrities and the ultra-wealthy spending exorbitant sums in auctions is nothing new, one teen is throwing around more than one New Ordinary York annual salary seems to be even more of a privilege reserved for 1%. But for some adults who collect substantial vehicles, refer their children to buy art at a young age feels like a natural next step.
Jennifer Garland Ross, founder of NYC-based art consulting: “Really these clients are millionaires or billionaires who are likely to start getting their kids involved. Art Peritus LLCtold The Daily Beast.
Garland doesn’t know the most money a child of one of her clients has spent in an auction, but “we’re talking five to six figures, six lows,” she said.
“For some of our clients, it’s always exciting to see their children’s collections begin when they’re in their teens, and each kid has a collector’s eye,” says Garland Ross. very different. “See how one child searches for more unusual abstract works, while another child searches for a collection of very traditional 18th century decor – from furniture and decorative arts to jewelry and wine – very enjoyable.”
Another thing that children go for? “Cars,” said Garland Ross. “I mean, what kid doesn’t try to buy the car his father has?”
According to a 2007 article in the The Wall Street JournalDakota King, descendant of a family of art collectors, started buying contemporary art at the age of 4, and some of today’s most famous young art collectors started before they could. legally drink alcohol.
By the time she turns 20, makeup mogul Kylie Jenner has built a terrifying collection work included by Jean-Michel Basquiat, Beau Dunn and Tracey Emin; Kris Jenner, Kylie’s mother, is Also a fan of Emin.
Venture capitalist George Merck received his first artwork from his mother as a teenager: by the age of 27, he had amassed a collection that included works by Jim Dine and Peter Alexanderand he’s also on the board at The Smithsonian’s Archives of American Art.
At just 16 years old, Jaiden Stipp, aka Jasti, has grossed 1 million dollars art NFT. Carson Guoson of a high-powered executive at a famous Chinese corporation, placed his first Sotheby’s bid at 17th place, down $800,000 on 248 Supreme skateboard deck.
Children and adolescents have the cognitive ability to understand how much they are spending or the value of the things they buy, which can always fluctuate, seems like a question that can be answered in many other ways. together.
“If you sign up for the auction, you are not asked for age, you will be asked for your bank details.“
– Ray Waterhouse
But you don’t have to reach a certain age to buy work at auction: you just need to prove that you can afford to back up your bid.
Ray Waterhouse, president of art consultancy Fine Art Brokers, told The Daily Beast: “Auctions now verify the credentials of anyone participating in an auction and whether they have the financial ability to pay. are not. “If you sign up for the auction, you’re not asked for your age, you’re asked for your bank details.”
“I have a particular client who lives in Miami, whose 12 year old son buys and sells training designs for hundreds or thousands,” says Waterhouse. “Every time my client watches an auction, he brings his son along, so they are teaching them from a young age.”
A now-adult collector who was introduced to art auctions by his father as a teenager and who wished to remain anonymous, told The Daily Beast the practice was misunderstood.
“He didn’t introduce us to art in the sense of, ‘This can be yours too, buy it,'” the anonymous collector said. “It was like, ‘This is my friend’s gig, and this is the gallery, and let’s get started! Or, let’s go to the museum. It is by no means overly commercial. ”
At that time, “[my father] maybe buy something that I might not be aware of, and for future inheritance purposes or something, he might put it in my name or my mother’s name or the company name or his name,” said the anonymous collector. “I will see [the piece], but he won’t say, ‘this is yours, this is in your collection.’ It’s only when I move into my own apartment, and I have a job and I’ll probably go buy something small, only then will I start calling something my own.”
However, to certain consultants, children participating in auctions may sound absurd. “My clients are serious people,” art advisor to the stars Maria Britto told The Daily Beast. “They don’t let their minor kids play with their money.”