How millennials are changing the art market

A new report has found that the auction market is being usurped by millennials, with different spending and shopping habits.
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Millennials are tipping their toes into the art market. Image by Kara Kupfer via Unsplash

New young entrants into the art market are now worth more to the international auction market than traditional wealthy clients, according to a report from UK-based auction site Barnebys. 

But unlike the old style multi-million dollar trophy sales that move between a small coterie of top drawer global collectors, the millennial market moves volume between a larger number of customers trading in lower value objects.

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Gina Fairley is ArtsHub's National Visual Arts Editor. For a decade she worked as a freelance writer and curator across Southeast Asia and was previously the Regional Contributing Editor for Hong Kong based magazines Asian Art News and World Sculpture News. Prior to writing she worked as an arts manager in America and Australia for 14 years, including the regional gallery, biennale and commercial sectors. She is based in Mittagong, regional NSW. Twitter: @ginafairley Instagram: fairleygina