The main reasons for collecting art

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Pavel Prikhodko, Ph.D. Machine Learning

According to a survey conducted in the beginning of 2018, about 64 percent of art collectors in the United States are male and 36 percent are female.

The survey also revealed that Baby Boomers comprised the largest share of art collectors in the country — 44 percent. Millennials accounted for the next largest share of art collectors at 27 percent. Gen Xers made up 20 percent, while collectors from the Silent Generation comprised approximately 9 percent.

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Millennial art collectors named aesthetic value as their most popular reason for collecting art (as of February 2018) — 41 percent of respondents among this cohort said this was their primary motivation. Meanwhile, 35 percent of millennial respondents stated that they collect art as an asset they plan to sell in order to turn a quick profit. The same 35 percent said that they collect art simply because they enjoy being part of the art world. Around 34 percent stated that art appreciation is a family value, while 33 percent stated that it is an asset that can be leveraged to build wealth.

Millennial art collectors in the U.S. also said that they collected art as a safe haven in volatile markets — 32 percent of the respondents mentioned this reason.

About 31 percent said that collecting art is an asset expected to increase in value over time, while 29 percent think that collecting art is a sign of their wealth and success.

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About Pavel Prikhodko

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Pavel Prikhodko, Ph.D. Machine Learning

Pavel has worked for many years as a researcher and developer on a wide range of applications (varying from mechanics and manufacturing to social data, finance and advertising), building predictive systems and trying to find stories that data can tell.

In his free time, he enjoys being with his family.

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