Gen Z in Asia buying Art

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Wealthy young collectors in Asia, particularly millennials and Gen Zers, are significantly boosting demand for art through online channels, becoming key clients for international auction houses like Christie’s, Sotheby’s, and Phillips. In the first half of 2023, high-net-worth millennials in Asia had a median art expenditure of $59,785, with Gen Zers spending $56,000. This surge in spending is highlighted by millennials making up nearly 40% of Christie’s buyers in the Asia Pacific and their strong presence at other major auction houses. These young buyers show a distinct taste in art, favoring sculptures, installations, digital art, and prints, and they often prioritize emerging artists over blue-chip ones, reflecting a desire to connect with their cultural roots and contemporary themes. The pivot to online art auctions has been significant, with Christie's reporting that 80% of bids in the first half of 2023 were placed online, a steep rise from 45% in 2019. This digital shift, intensified by the pandemic, has auction houses enhancing their digital platforms to cater to these younger, digitally savvy collectors.

2. Congressional leaders have reached a $1.59 trillion top-line spending deal to avoid a potential government shutdown, with a budget allocation for the 2024 fiscal year that includes $886 billion for military spending and $704 billion for non-defense spending. The deal, announced by Republican House Speaker Mike Johnson and endorsed by Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries, is seen as a crucial step to prevent a funding lapse for many federal agencies by key deadlines in January and February. While the deal indicates bipartisan cooperation, disagreements over policy issues could still lead to a shutdown. The agreement includes cuts such as a $10 billion reduction in IRS funding and a $6.1 billion cut from COVID-era funds. This first major test of Johnson's leadership as speaker comes amid a narrow GOP majority and requires Democratic support due to opposition from hardline Republicans. President Joe Biden has expressed approval of the deal, urging Congress to act on government funding to avoid a shutdown.

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