Generational Shift Reshapes Art Collecting as Millennials Favor Ultra-Contemporary Works

The art market is undergoing a generational transition as Millennial collectors, aged 20 to 40, increasingly prioritize ultra-contemporary works over the Post-War art favored by Baby Boomers. This shift coincides with the 'Great Wealth Transfer'—the passing of wealth and collections from older to younger generations. In Italy, demographic winter exacerbates the trend, with new collectors emerging alongside established ones. The article questions whether Millennials will sustain demand for Boomer-era art and how galleries, auction houses, and museums will adapt. Tax expert Franco Dante outlines Italy's fiscal advantages for collectors across three phases: accumulation (with potential VAT reform reducing rates from 22% to 5%), refinement (capital gains largely exempt for genuine collectors per a 2023 Supreme Court ruling), and transmission (low 4% inheritance tax, €1 million exemptions per heir, and a presumption that artworks in the deceased's home are valued at 10% of the net estate). Cultural heritage donations to non-profits are fully exempt. The article, by Cristina Masturzo and Franco Dante, appears in Artribune Magazine #75.