Millennial Collectors Snap Up Historical Works at Frieze Masters

At Frieze Masters on Wednesday’s VIP day, 29-year-old dealer Michele di Robilant animatedly greeted visitors at the Robilant+Voena booth, enthusiastically recounting the stories behind its highlights—a 15th-century gold-ground altarpiece by Neri di Bicci displayed alongside works by Modern masters like Lucio Fontana and Pablo Picasso.

Among those at the booth was collector Andrea Gho. Growing up under the influence of his grandfather, the late architect Gigi Gho, the 35-year-old was initially drawn to art by his grandfather’s friends, such as Fontana and Fausto Melotti, along with other postwar Italian names. After moving to London a decade ago, he began expanding his collection with both contemporary and international art, but is increasingly drawn to older works.

“I love cross-collecting,” Gho said, pointing at di Bicci’s Tobias and Archangel Raphael with Saints (ca. 1475). “I would love to have a collection in which Old Masters are having a dialogue with postwar art. This kind of art will never go out of style, and its value will last forever.”

A fresh wave of young dealers and collectors is breathing new life into old art, defying market trends and generational expectations. Against the backdrop of a cooling contemporary market, prewar and historical works are finding eager new audiences. Many of them are under 40 thanks to accessible price points, innovative presentations, and crossover programming that places historical objects alongside modern ones.

“We’re seeing growing interest not only from established collectors, but from younger audiences as well,” Emanuela Tarizzo, the 37-year-old who took the helm of Frieze Masters this year, said in an interview ahead of the fair’s opening. She linked the shift to a generational transfer of wealth and changing tastes, noting that younger collectors are more likely to buy across a wide range of periods and styles. “They’re open to looking, discovering, and responding to what resonates with them personally, regardless of period or culture. That openness is incredibly refreshing—and important.”

Attracting New Collectors

Although the global art market is nearly three years into a downturn, it’s been a good year for historical material. For instance, global auction sales of Old Masters rose around 24 percent between January and June, versus the same time period in 2024, according to Artnet’s Mid-Year Intelligence Report. It was the only category to see growth so far this year. The boost was due in large part to the Thomas and Jordan Saunders collection, which brought in $64.7 million at Sotheby’s New York in May, making it the most valuable Old Masters trove ever sold in a dedicated auction.

But there’s more than just supply at play here. The London-based art advisor Liberte Nuti said she sees Old Masters and classic works regaining momentum as buyers flock to art that has more established historical value now that the once-hot contemporary market has cooled. There is also growing interest among a wider pool of collectors, according to Sebastien Paraskevas, 37, who began collecting Old Masters five years ago with a passion for drawings. Two years ago, he teamed up with dealer Alesa Boyle to launch Trois Crayons, a platform dedicated to helping younger buyers navigate this category.

“We felt that our industry has yet to find new ways to bring beautiful art to new audiences,” Paraskevas said. “Perhaps we could try to do things differently in our way, as young people discovering these works for the first time.”

Trois Crayons returned for a second edition at No. 9 Cork Street in London earlier this year and, this month, launched a new monthly magazine. Paraskevas and Boyle also launched an additional event, Studiolo, in June. The intimate one-day fair featured paintings, sculptures, and decorative art from around a dozen dealers at the stately 18th-century Spencer House. The event met with great enthusiasm, Paraskevas said, adding they are seeing an uptick in first-time buyers. “It is encouraging.”

Established dealers are also seeking new ways to promote lesser-known names from the past. At Hauser and Wirth‘s booth at Frieze Masters this year, Swiss contemporary star Nicolas Party, a favorite among younger collectors, curated works by 19th- and 20th-century Swiss artists he admires—like Félix Vallotton, Ferdinand Hodler, and Hans Emmenegger—alongside a new piece of his own. Prices for the works range from $100,000 to over $1 million (Party’s own work is not for sale since Frieze Masters is dedicated to works made before 2000). Emmenegger’s Nelken (Carnations) (1938), sold for CHF 160,000 ($200,048).

Carlo Knoell, partner and senior director at Hauser and Wirth, said historically significant works are always in demand, but artists like Party serve as ideal ambassadors to introduce them to new audiences—especially with his solo opening this week at the gallery’s Mayfair space.

Younger Dealers at the Helm

A new wave of younger dealers is also injecting fresh energy into the historical art scene. Their presence was especially notable at this year’s Frieze Masters, which runs until Sunday at Regent’s Park. “There are some incredibly exciting younger dealers working in this space,” said Tarizzo.

Among them are Michele di Robilant and Edoardo Voena, sons of Edmondo di Robilant and Marco Voena, who founded their namesake gallery dedicated to Old Masters and 20th-century Italian art in 2004. Michele and Edoardo now oversee daily operations and help shape the gallery’s strategy, working with sales director Pietro Sforza, 33, to bring a fresh, contemporary lens to historic art—an approach that resonates with younger collectors like Gho.

More young collectors have entered the Modern, postwar, and Old Masters market over the past five years, according to Sforza, with budgets ranging from €50,000 to €350,000 ($58,140 to $406,980). “For our young Italian collectors, a Fontana slash painting is the ultimate aspiration,” he said, noting classic works offer both investment stability and historical depth. The gallery sold four of the artist’s works by the end of Thursday, priced between €200,000 and €1.6 million ($233,000 to $1.8 million).

Charis Tyndall, 35, director of London’s Charles Ede gallery, has expanded its focus from antiquities to 19th- and 20th-century works since joining 12 years ago and working her way up. After hiring a specialist last year, the gallery’s cross-category approach has attracted a younger audience—some initially drawn to paintings have become curious about antiquities, she noted.

“There is room in a gallery for more than one expert,” Tyndall said. “I feel like it’s given a new life to the gallery, to us, and this is the way a lot of the markets go,” she said.

Good Value at Great Prices

Charles Ede sold several Roman glass bottles to collectors in their 30s, according to Tyndall. Displayed with fresh flowers—a nod to their popular presentation of antique glass at Studiolo in June—the petite, colorful vessels were among the most photographed objects on the VIP day of Frieze Masters. To many fair-goers’ surprise, the objects were priced very reasonably between £1,000 and £10,000 ($1,335 to $13,350).

Tyndall said that accessible price points are key because they help show that collecting historic works isn’t as intimidating or out of reach as it might seem.

While Frieze Masters featured plenty of big-ticket works—like a CHF 2.4 million ($3 million) 1909 Gabriele Münter painting and a $1.6 million 1953 René Magritte gouache sold by Hauser and Wirth—there were also more accessible options. In the fair’s Studio section, dedicated to established living artists, Stephen Friedman sold all six Anne Rothenstein paintings on offer, priced between £40,000 and £75,000 ($53,400 to $100,050), along with collage works ranging from £7,000 to £15,000 ($9,350 to $20,025).

Colnaghi and Elliot Fine Art sold a total of 11 works on the opening day of the fair, including two Leonor Fini drawings at approximately £20,000 ($26,850) each, six 19th-century paintings and drawings priced between £5,000 and £30,000 (£6,700–$40,280), and a painting by early 20th-century Swedish artist Mollie Faustman for around £50,000 ($67,000).

Collector Gho noted that Old Masters works could be “cheaper” than some works by contemporary artists. “You can’t get a contemporary masterpiece for $1 million—but you can definitely acquire a masterpiece by an Old Master at that price,” he said.

However, hurdles remain when engaging younger collectors. Gho said many peers didn’t learn about Old Masters in school and need to do their homework now. “People often end up buying what they see on socials like Instagram,” he said. “Most entrepreneurs or successful people are very busy with their jobs and do not have time to research.” His recommendation to would-be collectors? “Spend a day at museums like National Gallery and Prado. Follow galleries that trade Old Masters, and study—a lot.”