Source: Bloomberg
Despite San Francisco’s traditionally artistic and cultural community of city-dwellers, the generation of millennials does not invest in purchasing art as much as older generations, according to artists, art galleries, and art collectors.
Part of the reason might be that there might not be as much focus on ownership on material things as there once was; there is a greater focus on communal ownership and a focus on the virtual world. A greater focus on technology, especially in heavily populated areas where individuals with great wealth reside, has changed the focus of where investments should be made.
For millennials who are in the phase of building their families and buying their first homes, art has not become a priority –yet, writes Bloomberg.
It will be only a matter of years before younger generations begin investing in art at large and explore the art of collecting (expensive) works.
Read full story at: Bloomberg