Description

This report will cover multiple facets of millennials’ involvement in the art world. It will discuss who these young collectors are, both in general terms and through individual profiles of several dozen prominent collectors. It will then explore millennials’ motivations for collecting art and their preferences for viewing, consuming, and purchasing art. Finally, it will consider which genres and artists have gained the most popularity among younger collectors with the intent to uncover any key trends.

KEY FINDINGS

• Young art collectors comprise around a quarter of all collectors.
• Young collectors remain primarily driven by personal enjoyment of art, an appreciation for aesthetics, and a desire for self-expression.
• Millennials are, however, more likely than other generations to see art as a financial asset and as part of a comprehensive wealth-building strategy.
• Many young collectors inherit a love of art from their families, and often expect to inherit art collections as well.
• Millennials demonstrate a strong preference for contemporary art.
• Overall, there has been significant growth in the online art market, largely driven by young people.
• Millennials are more likely than other age groups to discover and purchase art online.