Millennials and Gen Z are increasingly becoming significant art buyers, creating a shift in the traditionally exclusive art market. Despite the high-value pieces being less accessible due to current economic conditions, younger collectors are driving interest towards more affordable art. These generations use the internet to connect with artists and strike a balance between investment and personal enjoyment. A report from Art Basel & UBS emphasizes that the enjoyment of artworks and supporting artists are the primary motivators for these younger buyers, rather than purely investment potential.
Hugo Barclay highlights that younger generations, particularly millennials and Gen Z, have become essential players in the art market, shifting it towards inclusivity and accessibility.
The report indicates only 7% of Gen Z view art primarily as an investment, underscoring their focus on enjoyment and supporting emerging talent in their purchases.
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