Younger generations in Asia are increasingly shaping the art market, with millennials and Generation X collectors spending heavily on contemporary and digital art. According to CNBC, millennials and Gen X buyers are emerging as dominant forces in auction houses, driving a significant portion of sales across the region. As the art market continues to evolve, younger collectors and investors, especially in Asia, are set to play a pivotal role in shaping its future.
When it comes to the modern art world, millennials have played a crucial role in the recent years.
After the pandemic, they tremendously helped the art market to recover from countless museum, gallery, and exhibition closures.
A report from Art Basel-UBS states that in the first half of 2021, millennials spent the most on art, helping to boost the much needed recovery of the market.
Sales were also up by 10%, with millennials doubling the buying power of Gen X, and spending four times more than baby boomers!
