Survey Finds Over 80% of Young, Wealthy Americans Interested in Art Collection
Wealthy art collectors are looking to seize opportunities in the current buyer’s market, as revealed in Bank of America’s latest survey of high-net-worth individuals in the US. The study highlights the differences between older collectors and the new guard of Millennials and Gen Z. Respondents with art collections valued over $100,000 are more inclined to acquire new valuable works rather than sell, attributed in part to softer art valuations due to higher interest rates. The art market is seen as offering great buying opportunities at the moment, according to Drew Watson, head of Bank of America’s art services. The study also shows that younger generations are more enthusiastic about art collecting, with 83% of those under 43 interested in owning or already owning art, compared to only 34% of older respondents. Millennials and Gen Z are also more open to leveraging art as collateral, reflecting their interest in nontraditional assets and diversification. This shift in collector behavior is expected to impact the art market significantly in the coming years.
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Cillian O’Rourke, studied at the National College of Art and Design in Dublin, Ireland, where he majored in Visual Communication. His work spans graphic design, illustration, and branding, with a distinct minimalist style that emphasizes simplicity and impact. Cillian has collaborated with international brands and runs his own design studio focusing on creative solutions for startups.