Women and Millennials Are the Fastest-Growing Forces in Art Collecting, a New Study Finds

Statistics about the collecting patterns of new or newly wealthy art buyers are notoriously hard to come by, apart from what can be gleaned through analyzing auction data, usually at the very top of the market. However, the latest survey from US Trust, the private wealth management division of Bank of America, may help shine more light on the matter.

The findings showed that while the traditional art market is still largely dominated by male collectors, women are an undeniably growing force. Among all survey respondents, one in three high-net-worth women either owns art (14 percent) or is interested in collecting (16 percent), with interest among women higher than men. A considerable uptick in online art buying is also being largely driven by women, the survey found.

US Trust has been periodically surveying wealthy households since 1993. The latest independent study surveyed 892 high-net-worth and ultra-high-net-worth households across the country. The special section on art includes findings about respondents’ reasons for buying, frequency of buying and selling, and their longer-term views of their art holdings, such as aesthetic value versus financial appreciation. Read more

2018-10-29T09:40:39+00:00