Gen Z outspent every other generation on art last year—a fine arts executive says the internet and new wealth are supercharging their buying habits
Source: Fortune ·
Anita Heriot, president of The Fine Art Group Americas, said Gen Z have a lot of money and “don’t know what to do with it”—so they’re buying up Basquiat paintings.
From the source
Gen Z is stepping into new wealth; the young generation amassed $9 trillion in income back in 2023, and by 2030, their earnings are expected to shoot up to $36 trillion. And in spending their riches, the 20-somethings are already snapping up fine art and luxe collectibles. Last year Gen Z spent twice as much on art compared to every other generation, according to recent data from Swiss bank UBS—and a fine arts expert says their buying habits are reshaping the market. “There are a lot of people now that have a lot of money and they don’t know what to do with it,” Anita Heriot, president of The Fine Art Group Americas, told leadership editor Claire Zillman onstage at Fortune’s annual Most Powerful Women conference in Santa Barbara, California. “I’m talking about a lot of the tech, sudden-wealth scenarios, and they buy what looks cool, and they don’t really think about [it],” she continued. “They don’t think about price.” Heriot said they pay no mind to price tags, as they don’t know…