Young Generations Hike Their Demand For Luxury Goods And Expensive Art

While the pandemic has had some extreme effects on the luxury goods and art industry, there has been an observant rise in demand for art pieces by eminent artists across the world by none other than millennials.

Youngsters are now treating themselves with some expensive luxury items like Gucci handbags and couture wear by Louis Vuitton.

At the end of January, there was an eminent sale in the art world where a painting from the Italian Renaissance by Sandro Botticelli was sold for a whopping $92.2 million. Another popular artist, who goes by the name Beeple sold a digital compilation of images for $69.3 million.

Wealthy art collectors have been looking at prestige investments, which has resulted in a significant rise across luxury art sales globally.

But this was not the case for the art industry a few months ago. Where there was an observant drop in global sales of art and antiques by 22% in the earlier year, this drop resulted in a $50.1 billion loss in 2020, as per art economist Claire Andrews industry report.

If it were not for wealthy collectors across the world who spent more time at home the past year and looked at investing in expensive art pieces, the loss would have been even higher. 

With almost all commodities now being sold digitally, luxury art galleries began conducting online art auctions and selling expensive art online. The total web sales for art peaked at $12.4 billion in 2020, accounting for a 25% market value.

An interest from the younger generation has led to discovering more youthful and new artists from around the world. Young artist Amoako Boafo from Ghana had the second highest revenue in an art auction in 2020 amongst artists who were born after 1980.

The most interesting turn around has been the concept of crypto-art, where you see the art pieces on your screen as opposed to a wall. Blockchain technology has made it extremely convenient to recognize ownership of digital art on an online medium.

With markets and crypto-currencies being at an all-time high, it is likely to continue seeing a keen interest from young buyers and enthusiasts. This definitely augurs well for the luxury art market globally.