The US Trust published a report about the Collectors of tomorrow. Women and Millennials appear to be the future of the Fine Arts market.
The growing force of women and Millennials on the Fine Arts market
The latest studies about the Collectors’ evolution and behaviors reveal new trends. In any case, that is what is shown in the US Trust’s study, a wealth management division of the Bank of America. Indeed, statistics show that 14% of the wealthiest women own Art and 16% of them are interested in becoming buyers. Concurrently, Millennials become a growing force with an 8% increase of Art purchase since 2017 reaching 36% of the people questioned in the survey. Also, 97% of them said “yes” to the question of an upcoming Artwork purchase. However, Baby Boomers remain the majority since they represent more than a half of the Collectors included in the US Trust’s study. There are still more men Collectors than women Collectors who since they represent 64% of the people in the study.
The changing behavior of the Millennials Collectors
One of the essential points made by the study led by US Trust remains the information about the Collectors’ new behavior. Indeed, the part dedicated to Millennials shows that “a generational shift is now underway”. Even though the aesthetic dimension of buying Artworks remains but Millennials see Art more as an investment. Among the people in the survey, they are 35% more inclined to sell their acquisitions quickly to make some profits. Moreover, they are more attracted to the social aspect of collecting Artworks which becomes less and less of a private matter. Millennials share their collections more on social media and support the Artists they follow. It has an impact on the online sales volume which is to increase. According to the report, it is excellent news for the auction houses.
These new behaviors impact on online selling
The US Trust report also points out the fact that women and Millenials are the ones who buy more online. Indeed, in 2018, Millennials were 78% to by Art online as opposed to 69% in 2017. Also, the percentage of women buying Art online went, between 2017 and 2018 from 16% to 36%. One of the reasons suggested by the study is the multiplication of digital channels dedicated to Decorative Arts. Indeed, the Influencers’ social media accounts have more and more impact, especially on Millennials Collectors. Even though these new trends are emerging, the main part of the Collectors is reluctant to buy Art online. Indeed, the study shows that in 2018, 40% more Collectors bought Artworks online. Nonetheless, it is an increase of 43% since 2017.
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