Deloitte has just released the 7th edition of its Art & Finance report, which reveals that the majority of young collectors (those under 35) believe blockchain technology, big data, analytics, and artificial intelligence will transform the way business is conducted in the art world.
Here are some key data points from the report:
- During Covid-19, 86% of younger collectors had seen an increased interest in art investment products and services, compared with 61% of older collectors.
- 85% the of younger collectors surveyed stated blockchain technology could transform the way business is currently being conducted (compared with 52% of older collectors), while 85% of younger collectors believe big data, analytics and artificial intelligence will have an impact on the art and wealth management industry going forward. This is significantly higher than 57% of older collectors.
- 64% of younger collectors expressed a strong interest in NFTs (compared with 18% of older collectors), while 43% said fractional investment linked to artworks interested them - which is significantly higher than 17% of older collectors.
“We have observed a lot of movement in the art and finance ecosystem, especially regarding alternative ways of dealing with art thanks to new technology,” comments Adriano Picinati di Torcello, director of Deloitte Luxembourg, and co-ordinator of Global Deloitte Art & Finance.
“We also see diverging interests across generations. Younger collectors are more interested in financial returns, social impact investments and digital solutions than older collectors. Market players must listen to the new generation as they will shape the future of the art and wealth management industry.”