Bank of America Report Reveals New Era of Art Collecting in America
On June 18, 2024, Bank of America Private Bank published its biennial wealth management report for 2024, highlighting a notable generational change in art collecting among affluent Americans. The study, which surveyed 1,007 participants aged 21 and older with investable assets exceeding $3 million, indicates that a mere 6% of collectors aged 44 and above plan to sell art within the next year, a significant decrease from 25% in 2022. Conversely, 78% of younger collectors aged 21 to 43 express intentions to purchase art. Additionally, 83% of individuals under 43 either own or wish to acquire art, compared to only 34% of those over 43. Younger collectors are also increasingly focused on philanthropy related to social justice and environmental issues, while women are expected to manage $30 trillion in the coming decade.
Key facts
- Report released June 18, 2024 by Bank of America Private Bank
- Survey of 1,007 HNW individuals with investable assets over $3 million
- Only 6% of collectors 44+ likely to sell in next year, down from 25% in 2022
- 78% of younger collectors (21-43) plan to buy art in next 12 months vs 34% of older
- 83% of under 43 own or desire art vs 34% of over 43
- 40% of younger investors have collections over $100k vs 17% of older
- 28% of younger collectors use art as loan collateral
- Younger collectors buy modern, impressionist, and old master art
- Trillions of dollars expected to transfer to Millennials and Gen Z
- Women expected to control $30 trillion in next decade
Entities
Institutions
- Bank of America Private Bank
- The Art Newspaper
Locations
- United States