- They see artworks as a financial asset, part of a wealth building strategy, 33% of millennial collectors agreed with the statement that art is \u201can asset that can be leveraged to build wealth\u201d vs. only 16% of collectors overall {2}<\/li><\/ul>\n\n\n\n
- Often inheriting the love of art and art collections from their families. 87% of established art collectors intend to pass their collection on to their heirs {3}<\/li><\/ul>\n\n\n\n
- They prefer collecting contemporary artworks {4} with 97% of Millennial\u2019s in the US saying that they will go ahead and purchasing at least one artwork within the next 12 months compare to 78% of collectors overall {5}<\/li><\/ul>\n\n\n\n
- Strictly speaking contemporary artworks are from living artists but may include from present through to 1940\u2019s-1950\u2019s (painting, sculpture, photography, installation, performance, video art)<\/li><\/ul>\n\n\n\n
- They are more likely to sell with 85% of them saying that they would sell to acquire better art or a better investment compare to 41% of Gen X collectors and only 24% of boomers{5}<\/li><\/ul>\n\n\n\n
- 78% of U.S. millennial collectors acquired artworks online in the last year, versus 40% of collectors from all age groups. Overall, there has been significant growth in the online art market, largely driven by young people. {5}<\/li><\/ul>\n\n\n\n
- Millennials are more likely than other age groups to discover and purchase artworks online. A survey of U.S. collectors indicated that 44% of younger millennials and 34% of older millennials find new artworks and artists via platforms like Instagram and Pinterest {6}<\/li><\/ul>\n\n\n\n
- 57% of younger U.S. millennials and 52% of older U.S. millennials say that they are open to purchasing art online. In contrast, only 19% of Baby Boomers said the same {6}<\/li><\/ul>\n\n\n\n
- A new breed of financially driven art collectors is actively transacting in the art world \u201478 percent of collectors, including 97 percent of millennials, plan to buy, while 46 percent plan to sell art this year {2}<\/li><\/ul>\n\n\n\n
- Apart from the financial aspect of collecting artworks, surveys have revelled 80% surveyed sight \u201cI love to own beautiful things and to surround myself with them\u201d {4}<\/li><\/ul>\n\n\n\n
As discussed above Millennials and the X generation view art collecting as part of an overall lifestyle choice.<\/p>\n\n\n\n
Collecting art has become a statement of who they are and how aesthetically they bring individuality to their homes. <\/p>\n\n\n\n
This new generation of art collectors have a feel for the new and the contemporary.<\/p>\n\n\n\n
Collecting vintage posters, modernist paintings, prints, sculpture, photography, and graffiti art.<\/p>\n\n\n\n
![\"MILLENNIALS](\"https:\/\/themccorrycollection.com\/tmc\/db\/wp-content\/uploads\/2021\/06\/IMG_6875-1-1024x614.jpg\")
<\/figure>\nMillennials are buying more artworks; and their art collections have become part of a overall wealth building strategy.<\/p>\n<\/div><\/div>\n\n\n\n
{1} Northern Trust<\/em><\/p>\n\n\n\n
{2} 2018 S. Trust Insights on Wealth and Worth<\/p>\n\n\n\n
{3} 2017 UBS Investor Watch<\/em><\/p>\n\n\n\n
{4} 2014 AXA Art Survey<\/em><\/p>\n\n\n\n
{5} 2018 S. Trust Insights on Wealth and Worth<\/em><\/p>\n\n\n\n
{6} 2016 Invaluable <\/em>survey<\/p>\n\n\n\n
- Apart from the financial aspect of collecting artworks, surveys have revelled 80% surveyed sight \u201cI love to own beautiful things and to surround myself with them\u201d {4}<\/li><\/ul>\n\n\n\n
- A new breed of financially driven art collectors is actively transacting in the art world \u201478 percent of collectors, including 97 percent of millennials, plan to buy, while 46 percent plan to sell art this year {2}<\/li><\/ul>\n\n\n\n
- 57% of younger U.S. millennials and 52% of older U.S. millennials say that they are open to purchasing art online. In contrast, only 19% of Baby Boomers said the same {6}<\/li><\/ul>\n\n\n\n
- Millennials are more likely than other age groups to discover and purchase artworks online. A survey of U.S. collectors indicated that 44% of younger millennials and 34% of older millennials find new artworks and artists via platforms like Instagram and Pinterest {6}<\/li><\/ul>\n\n\n\n
- 78% of U.S. millennial collectors acquired artworks online in the last year, versus 40% of collectors from all age groups. Overall, there has been significant growth in the online art market, largely driven by young people. {5}<\/li><\/ul>\n\n\n\n
- They are more likely to sell with 85% of them saying that they would sell to acquire better art or a better investment compare to 41% of Gen X collectors and only 24% of boomers{5}<\/li><\/ul>\n\n\n\n
- Strictly speaking contemporary artworks are from living artists but may include from present through to 1940\u2019s-1950\u2019s (painting, sculpture, photography, installation, performance, video art)<\/li><\/ul>\n\n\n\n
- They prefer collecting contemporary artworks {4} with 97% of Millennial\u2019s in the US saying that they will go ahead and purchasing at least one artwork within the next 12 months compare to 78% of collectors overall {5}<\/li><\/ul>\n\n\n\n
- Often inheriting the love of art and art collections from their families. 87% of established art collectors intend to pass their collection on to their heirs {3}<\/li><\/ul>\n\n\n\n