Global art market sales reached $67.4 billion in 2018, marking a 7% increase, according to a report by UBS and Art Basel. The growth was attributed to heightened activity among millennials, who made up nearly half of high-net-worth buyers spending $1 million or more on art over the past two years.
A survey of wealthy individuals across five countries found that millennials were more likely to purchase art online and use social media platforms like Instagram for acquisitions. Despite representing 35% of respondents, they accounted for 50% of high-value buyers, with 93% making online purchases between 2016 and 2018.
UBS Group Chief Marketing Officer Johan Jervøe noted the trend reflected a shift in how younger generations value art as an investment. "Their appetite for buying art is encouraging," he said, highlighting the $6 billion digital art market fueled by millennials. The report also observed increased support for female artists amid this demographic shift.
Experts predict millennials' growing wealth—projected to reach $24 trillion by 2020—could further reshape the art industry, particularly through online sales and digital platforms.
