According to recent research, it appears that the culture of art collecting has been changing over the years. *
That should come as no surprise, since the Millennial Generation attitudes often differ significantly from their parents. (see my articles under the Millennials Category)
Older generations deemed art as something to be collected, enjoyed and eventually passed on to future generations.
Younger generations are more likely to use art, not only as an investment, but also as loan collateral.
For each generation, art may have a different meaning and a different function. Even artists cannot agree on its purpose.
Art is not what you see, but what you make others see. -Edgar Degas
Any fool can paint a picture, but it takes a wise person to be able to sell it. - Samuel Butler
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* Reference: Wealth Mangement.com “Six characteristics of NexGen Art Collectors” by Evan Beard and Ramsay H. Slugg (June 27, 2016)