Millennials buy art
Report on the global art market:
https://www.artbasel.com/news/art-market-report
Focused on rich people (i.e. holding >US$1M cash), but several takeaways likely apply to the OA market. Of particular interest to me:
"In previous surveys of US collectors, the majority of respondents were aged 50 years and over, however, in the newer markets in Asia, a very different age profile emerged in 2018: in Singapore, 46% of collectors were millennials, and 39% were millennials in Hong Kon
I can assure you it's what many of you have
The statistic that stood out to me in the report was that 60% of global art auction sales were for items <$5k and 90% were <$50k. Goes to show that OA prices are much closer to "fine" art prices than many would've thought!
