Colorful, expensive, and easy to understand: What red chip art is and why it's so successful

"The classic picture of the mature magnate bidding for a Rothko at a London auction room is giving way to that of young individuals in their early thirties who invest from their mobile phones, share online stories of their favorite art stands from the Frieze Seoul fair, and buy and sell digital art with the joy of someone who accepts that everything in this life is transitory, so that leaving a legacy is not a priority."

"Under the title Forget Blue-Chip Art. It's a Red-Chip' Art World Now, Armstrong detailed what this cultural shift entails. It is an art market that, in its most substantial segment (at this point it's worth remembering that most of the art for sale falls far short of this privileged position), had for decades been dominated by the undisputed big names, the so-called blue chips: artists legitimized by the power of institutions, with stratospheric and ever-rising prices."

Collector profiles are shifting from older magnates to younger buyers in their early thirties who purchase art via mobile phones and share finds online. These buyers embrace digital art and transient ownership, placing less emphasis on legacy. Social media and algorithms shape consumption habits and cultural customs, driving demand for visually striking, conceptually accessible works. The market is moving away from established blue-chip artists legitimized by institutions and skyrocketing prices toward a red-chip model favored by new collectors. Red-chip art emphasizes immediate visual impact and simpler conceptual frameworks, aligning with a generation comfortable with short-lived trends and online engagement.

Read at english.elpais.com