Contemporary Art Market: Millennial Habits
To identify the market size of contemporary art in the United States and globally in terms of revenue earned as well as the number of people who are genuinely interested in collecting contemporary art. The research also needs to provide insights relating to millennial habits around art and/or consuming/buying/learning about art online.
- The millennial collectors emerged as the most active buyers in the global art market in 2019 with their average total expenditure amounting to US$3 million over two years.
- The average expenditure incurred by a millennial in this market was more than six times the amount spent by the boomers.
- The number of active online purchases in excess of US$1 million also witnessed a surge in 2019.
- According to the Art Basel/UBS market report, 93% of high-net-worth millennials bought art online in 2019.
- According to another study done by LinkedIn, nearly 42% of the population under the age of 35 listen to podcasts. Keeping this trend in mind, leading art-world players across the world, such as Sotheby’s, Lisson Gallery, David Zwirner, and Sean Kelly, started having their own podcasts.
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