By contrast, younger generations of collectors (both millennials and Gen-Xers) were also more attuned to art’s ability to raise “social consciousness” and serve “as a catalyst for change” than their forebears.
Why it matters
Millennials are the fastest growing generation among art buyers, growing by eight percentage points in this year’s survey. Now representing 27% of all collectors, these 21- to 37-year-olds have overtaken Gen-Xers, at 20%; there are more than double the number of millennial collectors than collectors born from the 1920s to 1940s, known as the Silent generation (9%). Should the trend towards a more financial mindset among these collectors continue, dealers and auction house specialists who have generally shied away from discussing art’s role as an asset and a work’s secondary market viability will need to adapt.