High-net-worth millennials are disrupting the art market with crypto

High-net-worth millennials are disrupting the art market with crypto

Ultrawealthy millennials are spending big on art, and they're digitalizing the process while doing so.

These young and tech-savvy buyers have helped save the art market during pandemic, Bloomberg's Andrea Felsted reported. Thirty percent of high-net-worth millennial collectors spent a minimum of $1 million last year, compared to 17% of boomer collectors, she wrote, citing a report by UBS and Art Basel. The art market shrank by 22% in 2020 to $50.1 billion in sales, per the report, the lowest level since the Great



Recession

.

As it shifted to online selling during the pandemic, Felsted wrote, it began to attract those who spend most of their time on the internet “” millennials, who are largely interested in crypto art.

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