Report: Wealthy Millennials Partly Responsible for Rising Art Prices
Prices for works of art rose in the international art market in 2018. A report published recently links the rising art prices to the spending power of young people, namely millennials.
Millennials are defined as individuals born between 1981 and 1996. Many are just beginning to work in high-paying jobs, and they are investing some of their money in the art market.
The Swiss-based investment bank UBS and Clare McAndrew, an art economist, studied wealthy individuals. They report that millennials were very active last year in the art market, often using the internet to buy art works. They also found many millennials were willing to pay more for art than older individuals.
Millennial art buyers provided support for female artists, the report noted.
For a generation that might never own a car, their hunger for buying art is encouraging, said UBS Group Chief Marketing Officer Johan Jerv?e.
He told the Reuters news agency he believed millennials' interest in art collecting may be a sign of the relative safety of art and collectibles as long-term assets.
Art Basel is one of the world's biggest art dealers. Every year art collectors from around the world attend its shows in Basel, Hong Kong and Miami Beach. The Art Basel and USB report said that sales in the art market grew 7 percent to $67.4 billion in 2018.
Millennials made up nearly half of the wealthy art buyers who spent $1 million or more on artwork over the past two years, the report found. Yet those millennials make up just a third of wealthy individuals worldwide.
The study looked at art markets in Britain, Germany, Japan, Singapore and Hong Kong. It seemed to suggest that the future of art prices is secure at a time of political and economic concerns.
The Deloitte accounting service points out that millennials stand ready to gain wealth over the next few years. They are about to inherit a lot of money from aging parents. Their wealth could reach $24 trillion by 2020, Deloitte estimates.
The way millennials spend this money could really help the online market for art and the value of secondary works of art, Jerv?e said. Last year, their spending helped raise the digital art market to $6 billion in sales.
Between 2016 and 2018, 93 percent of the millennials made purchases online. Over the three years, millennials spent almost $107,000, on average. Generation X – those between 38 and 52 years of age – spent nearly $500,000 but made fewer purchases.
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1.spending power 消费能力
Falling energy prices have boosted household spending power, it said.
2.on average 平均
American shares rose, on average, by 38%
3.the millennials 千禧一代
The top reason why millennials leave companies is lack of career opportunities.
4.art market 艺术品市场
Big business has become a major player in the art market.
5.It seemed to suggest that the future of art prices is secure at a time of political and economic concerns.
at a time of ...的时期
Customers are drawing in their horns at a time of high interest rates.
I deeply resented those sort of rumours being circulated at a time of deeply personal grief.
6.They also found many millennials were willing to pay more for art than older individuals.
be willing to 乐意做某事
I am willing to admit that I do make mistakes.
You must be willing to reskill.
2018年国际艺术品市场的艺术品价格上涨 。最近发表的一份报告将艺术品价格不断上涨与年轻人（千禧一代）的消费能力联系起来 。
千禧一代是指出生于1981年到1996年间的一代人 。很多人刚开始从事高薪职业，并且将部分收入投资到艺术品市场 。
总部位于瑞士的投资银行瑞银（UBS）集团和艺术经济学家克莱尔·麦克安德鲁（Clare McAndrew）对富人进行了研究 。他们报告称，千禧一代去年在艺术品市场非常活跃，他们经常通过互联网购买艺术品 。他们还发现，与老年人相比，很多千禧一代更愿意花高价投资艺术品 。
瑞银集团首席营销官约翰·耶维(Johan Jerv?e)表示，对于可能从没买过车的这代人来说，他们对艺术品的渴望很鼓舞人心 。
巴塞尔艺术展是全球最大的艺术品交易商之一 。每年都有来自世界各地的艺术收藏家参加在巴塞尔、香港和迈阿密海滩举办的展览 。巴塞尔艺术展和瑞银集团报告称，2018年艺术品市场的销售额增长了7%，达到674亿美元 。
报告发现，在过去两年斥资100万美元或更高价格购置艺术品的富豪买家中，千禧一代占据近半比例 。然而千禧一代只占据全球富豪的三分之一 。
这项研究调查了英国、德国、日本、新加坡和香港的艺术市场 。研究似乎表明，在经济和政治问题纷扰时期，艺术品价格的未来是安全的 。
德勤会计事务所指出，千禧一代做好了在未来几年积累财富的准备，他们即将从年迈的父母身上继承大笔财富 。德勤会计事务所估计，到2020年，他们的财富可能会达到24万亿美元 。
耶维表示，千禧一代的消费方式也许真能对线上艺术品市场和二手艺术品价值有所帮助 。去年，他们的消费帮助数字艺术市场的销售额达到了60亿美元 。
2016年到2018年，93%的千禧一代在网上购物 。在过去三年里，千禧一代平均消费了近10.7万美元 。年龄在38岁和52岁之间的X一代消费了近50万美元，但是交易量更少 。