New survey proves that Millennials are on track to run art culture
Millennials are absolutely crushing the art game.
The recognition of the boost comes by way of a new survey the U.S. Trust dropped that showed Millennials are the fastest-growing segment of collectors. Even though the “washed” Baby Boomers still make up a majority (53%) of art collectors we are right on their heels (at 36% up 8% from last year).
This is good to know as our generation’s stereotype is a negative one. They look at us as broke boys who can’t afford shiz and are trapped in our parents’ basements.
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FOH! Globalization couldn’t have done us, Millennials, any better. We are clocked in, no? Every day we are exposed to new creatives whether it be through IG or some other social media platform.
I for one know that I’ve hit up a couple of artists’ DMs for a price quote. For sure I came real close to financing an Obama crotch grabbing piece by Knowledge Bennett, but not only for its aesthetic value as 41 percent of us do.
According to the survey, a third of Millennial collectors see art as a key component to be leveraged in order to build greater wealth. This is twice as much as other collectors (33% compared to 16% of all collectors).
Beyond financial leverage, a lot of Millennials are investing in art because we see art appreciation as a family value and we enjoy being included in the art world.
Lest we mention the arrival of online art stores and cryptocurrency art auctions. The survey showed a rapid growth in online acquisitions. Simply put, Millenials are copping the fly artworks off the internet.
Data revealed that over the past year, 43 percent more collectors bought art online compared to the year prior.
Over three-quarters (78%) of Millennial collectors have bought art online in the past year, compared to one-fourth of the tech-challenged Baby Boomers.
Lowkey, the biggest growth in online acquisitions was driven by women (16% in 2017 to 36% in 2018). Slowly but surely femmes will take over the art world as the survey also showed that even though the art industry is dominated by men women are demonstrating a slightly higher interest than men in collecting.
Can you imagine how much Gen-Z will be investing? These youngins are so clocked into the vibes it’s insane. Hopefully, we Millennials continue to invest in the kulture and pass on our values to the next of kin.
Plus, if you’re not investing in culture, real talk, what are you really investing in? Put that in your bong and shmoke it.
