Younger generations of Asians are spending big on art
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 28 2024
0mins
Source: CNBC
- Younger Art Buyers in Asia:
- Millennials and Gen Zers in Asia are increasingly spending on art, with millennials spending a median of $59,785 and Gen Zers $56,000 on art and antiques.
- Younger buyers are showing interest in newer art forms like digital art, NFTs, and AI-generated art.
- Trends in Art Market:
- Auctions are popular among millennials and Gen X collectors globally, with a quarter of buyers at Christie's Hong Kong being new to the auction house, and 43% of them were millennials.
- The global art market size fell by 4% in 2023, but China's art sales rose by 9%, surpassing the U.K. as the second-largest art market.
- Digital Art and NFTs:
- Younger generations are driving attention towards digital artists, with NFT-related art sales reaching $1.2 billion in 2023.
- Artists working in digital media are gaining prominence, expanding the definition of digital art from photography to NFTs and AI-generated art.
- Artistic Innovations:
- Artists like Mak2 are using various mediums, including Instagram videos, to create innovative artworks that involve audience interaction and technology.
- Sotheby's has broadened its offerings over the past decade to include contemporary and modern art, NFTs, sneakers, and more, catering to diverse tastes.
- Art Scene in Hong Kong:
- Hong Kong's art scene is thriving, with a 27% increase in member galleries and the opening of contemporary museums like the Hong Kong Palace Museum and M+, fostering greater interest in the art community.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
