The art market, historically shaped by new wealth from various sectors, is witnessing a gradual shift as technology entrepreneurs increasingly engage in art collecting and philanthropy. While tech billionaires have been slower to enter the art world compared to predecessors in finance or real estate, their presence is becoming more visible, reflecting evolving interests and strategies.
Matthew Newton, head of art advisory for UBS Global Wealth Management in the Americas, challenges the notion that tech innovators lack interest in art. Notable exceptions include Microsoft co-founder Paul Allen, whose collection fetched $1.7 billion at auction in 2022, as well as Amazon’s Jeff Bezos and Meta’s Mark Zuckerberg, both linked to significant art acquisitions. Tech companies are also stepping into sponsorship; for example, the AI firm Anthropic supports London’s Tate, including its upcoming 2024-25 exhibition on art and technology, while the British Museum’s current Bayeux Tapestry exhibit is sponsored by Igor Tulchinsky, founder of the algorithmic hedge fund WorldQuant.
Emerging collectors such as Ryan Zurrer, a cryptocurrency and blockchain entrepreneur, are shaping new approaches to art collecting. Zurrer gained attention in 2021 by acquiring Beeple’s “Human One” for $29 million, a digital artwork that combines non-fungible tokens (NFTs) with multimedia elements. A trustee of New York’s Museum of Modern Art, Zurrer emphasizes the role of technology, particularly artificial intelligence, in the creation of contemporary art. He cites artists like Refik Anadol and Ashley Zelinskie, whose technologically embedded works have been exhibited at institutions including MoMA and the Guggenheim Bilbao. Zurrer views technological advances, such as 3D printing, as democratizing artistic production and enabling innovative conceptual practices.
Nevertheless, tech collectors’ tastes vary widely. Some express a preference for traditional or handcrafted art, sometimes as a counterpoint to rapid technological change. Tulchinsky, for instance, finds resonance in the nearly 1,000-year-old Bayeux Tapestry, appreciating it not only as an artistic and narrative work but also as a dataset reflecting human decision-making and behavior.
Art advisers note the diversity within tech collectors, cautioning against broad generalizations. Dani Forest Brandi, senior director at Beaumont Nathan, highlights that while many tech collectors gravitate towards technology-themed art, others are drawn to historically significant works, including Renaissance paintings linked to mathematics or American heritage objects.
Philanthropy also plays a significant role in how technology figures engage with art. Sid Sijbrandij, co-founder of the AI software company GitLab, supports urban art initiatives such as the Big Art Loop in San Francisco, which plans to install 100 large-scale artworks across the city. Nachson Mimran, an investor in encryption AI and co-founder of the philanthropic platform toor, focuses on cultural projects in underprivileged communities, including building a performing arts center in Uganda's Bidi Bidi refugee settlement. Mimran curates a private collection emphasizing African art by figures such as Esther Mahlangu and the late Seni Awa Camara, aiming to preserve and repatriate cultural heritage while also supporting contemporary artists like Laura Owens and Albert Oehlen.
Mimran acknowledges that donations can have disparate impacts depending on their recipients, preferring to allocate funds where they can achieve transformational effects rather than traditional museum support alone. This approach reflects a broader sentiment among advisors who stress the importance of understanding the motivations and profiles of tech collectors, recognizing that art collecting requires knowledge, time, and engagement.
Industry experts maintain that the influx of technology-driven collectors into the art world is still in its early stages. As the sector grapples with potential volatility, particularly concerning AI-related art, there may be increased pressure to accelerate integration and deepen connections between digital innovation and traditional art practices.