Gen Z art market dominance is growing as younger buyers surpass baby boomers and millennials to become the new major players in the global art scene.
Gen Z Collectors Lead Global Art Spending
According to recent reports by CNBC citing Art Basel and UBS’s ‘Global Collecting Survey,’ art spending by Generation Z reached the highest level across all generations from last year through the first half of this year. The survey focused on 3,100 high-net-worth individuals with assets of $1 million or more who currently participate in the art market.
The survey revealed that Gen Z collectors’ art purchases averaged $347,460 last year, marking a 19% increase from the previous year. This is approximately 2.8 times the average spending of all high-net-worth collectors last year, which stood at $124,265. The overall scale of Gen Z’s art spending was more than double that of other generations, including baby boomers, Generation X, and millennials.
Strong Presence in High-End and Luxury Sectors
Gen Z’s strong presence was particularly notable in the high-priced artwork market. Nearly half of the collectors who purchased artworks valued at over $1 million this year were found to be from Generation Z. Beyond fine art, Gen Z also demonstrated high purchasing power in other luxury collectible markets.
They outspent other generations in sports memorabilia, wine, whiskey and other spirits, and high-end limited-edition sneakers. In the jewelry sector, Gen Z’s average purchase amount this year reached $151,310, which is more than five times the $29,500 spent by Generation X, the second-highest spending group.
Expanding Influence Across Galleries and Art Fairs
The influence of Gen Z is also expanding across galleries, museums, and art fairs. Noah Horowitz, CEO of Art Basel, explained that the number of young high-net-worth visitors to Art Basel events worldwide has increased significantly since the COVID-19 pandemic. He noted that new VIP visitors tend to be younger, include a higher proportion of women, and are largely self-made affluent individuals who tend to spend substantial amounts when making purchases. Claire McAndrew, founder of Arts Economics, added that the overall sentiment regarding the future market is quite positive, with a majority of respondents across all forecast horizons expecting the art market to grow.
