The Rise of a New Marketplace for Young Collectors
In the ever-evolving world of luxury and design, a new player is reshaping how young collectors engage with art, fashion, and unique objects. Jesse Lee, a Korean American entrepreneur and founder of Basic.Space, has positioned himself as a pioneer in this space, offering a platform that caters to Gen-Z and millennial buyers who value exclusivity and discovery.
A Vision Rooted in Uniqueness
Lee’s approach to good taste is simple yet profound: “It’s about finding something nobody else has.” This philosophy drives his online marketplace, which offers a curated selection of one-of-a-kind items ranging from vintage cars and rare sneakers to up-and-coming artists’ works. The platform emphasizes exclusivity, with a focus on items that resonate with the tastes of younger generations.
Basic.Space was founded in 2019 as an invitation-only app, starting with just 100 hand-picked sellers. These include influencers with massive social media followings, such as boutique designers and pop culture figures like DJ Steve Aoki. Notably, tennis star Naomi Osaka and the late Virgil Abloh have also sold their creations on the site, showcasing the platform’s appeal to both established and emerging talents.
Expanding the Reach of Art and Design
The concept of collecting is undergoing a transformation, with traditional gatekeepers like auction houses and galleries facing new challenges. Lee believes that the key to attracting younger collectors lies in the discovery element. “All of us yearn for the ability to discover something new and different,” he said, highlighting the importance of curation in today’s market.
This model is not unique to Basic.Space. In 2021, New York’s David Zwirner Gallery launched its own online art marketplace, Platform, which initially offered 100 works by emerging contemporary artists a month. The platform targets entry-level collectors, with prices ranging from $2,500 to $50,000. Despite the apparent overlap, the two platforms serve different audiences, even as the lines between art and design blur.
Strategic Acquisitions and Collaborations
In a significant move, Lee announced the acquisition of Platform, aiming to combine their strengths and expand their reach. “It felt like a really good marriage,” he said, emphasizing the shared vision of championing emerging artists for emerging collectors at accessible price points. The co-founders of Platform, Bettina Huang and the children of David Zwirner, will remain in advisory roles, leveraging their expertise to maintain credibility in the art world.
This acquisition reflects Lee’s broader strategy of blending digital and physical experiences. In 2023, his company acquired Design Miami, a major collectors’ fair with editions in Paris, Los Angeles, and Basel, Switzerland. The move aimed to digitalize the event and reach younger audiences, while also valuing face-to-face interactions. Lee was speaking to CNN from Seoul, where Design Miami is hosting a two-week pop-up event as part of its “In Situ” initiative.
Global Trends and Cultural Convergence
Lee notes that collecting trends and aesthetic tastes are becoming increasingly global. Young people today consume similar cultural content online, regardless of their location. “I think the world’s getting smaller and smaller,” he said, reflecting on the energy he feels in Seoul compared to cities like Paris or New York.
This convergence of cultures and tastes underscores the evolving nature of collecting. As platforms like Basic.Space and Platform continue to grow, they are redefining what it means to be a collector in the digital age. With a focus on discovery, exclusivity, and accessibility, these marketplaces are shaping the future of luxury and design for a new generation.
