A 2019 report highlighted that millennials' rising wealth and digital-first habits significantly boosted the global art market, which reached $67.4 billion in 2018. The study by UBS and Art Basel revealed that individuals aged 22-37 accounted for nearly half of high-net-worth buyers spending over $1 million on art, despite making up just over a third of surveyed wealthy individuals.
Survey data from Britain, Germany, Japan, Singapore, and Hong Kong showed 93% of millennials made online art purchases between 2016 and 2018, averaging $106,930 per transaction. In contrast, Generation X buyers spent about $500,000 per online purchase but less frequently. UBS Group Chief Marketing Officer Johan Jervøe noted the shift reflects millennials' focus on art as a long-term investment.
The report projected millennials' wealth—expected to hit $24 trillion by 2020—would further strengthen the art market. Their digital engagement, including Instagram-based acquisitions, is reshaping both online sales and the industry's economic stability, according to the analysis.
