Millennials—those born between 1980 and 1999—are now the largest group of art buyers. Their approach to buying art is completely different from previous generations, and it’s shaking things up in the art world. While the phrase “millennials and ancient art” might not seem to go together, this article will explore the surprising connection between the two.
Known for growing up in the age of fast fashion, instant deliveries, and customizable products, millennials aren’t fans of some traditional aspects of the art market. Practices like exclusivity, a lack of transparency, and elitism have turned many millennials away from art. But as this generation gets ready to inherit a massive amount of wealth, they’re also changing the market’s landscape.
Referred to as “the greatest wealth transfer in history,” millennials are set to inherit an estimated $15 trillion from their baby boomer parents, with some forecasts suggesting that figure could climb to $20 to $70 trillion by 2030. A significant portion of this wealth will likely come in the form of art, making it highly probable that millennials will not only buy art but sell it as tastes shift. According to the Art Basel and UBS Market Report, millennial collectors were the highest spenders in 2020, with 30% spending over $1 million—double the percentage of boomers. As more millennial wealth flows into the art market, art institutions are realizing that they need to adapt quickly to stay relevant.
How the Antiquities Market Can Adapt
Millennials are often seen as a complex generation—simultaneously self-conscious and self-absorbed, easily offended yet carefree. So, can the antiquities market keep up? The answer is yes, but not in the way you might think. Millennials don’t need to be convinced to care about antiquities; they are naturally drawn to the aesthetic and stories of ancient cultures, even if they’re not actively collecting art. In fact, the popularity of ancient civilizations has been popping up everywhere—from fashion and music to literature and pop culture.
One clear example of this is the 2019 bestseller Circe by Madeline Miller, which retells the Greek myth of Circe, a powerful goddess of witchcraft. The book became an instant hit and was even adapted into a television series by HBO. Millennials are also fascinated by the intersection of ancient cultures and modern science, as seen in the buzz around a study linking ancient Greek societies to hallucinogenic drug use, which gained attention in the media and on podcasts. These trends show that interest in ancient art and history is alive and well, and the antiquities market is in a perfect position to tap into it.
The Role of Social Media
Social media is another powerful tool the antiquities market can use to connect with millennials. According to a 2020 Hiscox report, 80% of art buyers use Instagram to explore emerging artists and make purchases. Millennials spend hours on social media platforms, and their buying decisions are often influenced by friends and online personalities. Antiquity galleries and dealers are starting to recognize this shift, with many investing in high-quality digital content—like virtual tours and clear pricing—to engage with a wider audience.
The antiquities market is also benefiting from increased transparency. As millennials care more about the origins of the objects they purchase, galleries are being more open about how their items were sourced and what their history is. This sense of authenticity and accountability is important for building trust with younger buyers.
Millennials’ Collecting Habits
What kind of art are millennials interested in? In general, they are drawn to pieces that have emotional depth and resonate with their personal values. Millennials are particularly aware of the global challenges we face today, and they want their collections to reflect these concerns. This is one reason why provenance (or the history of an artwork) is crucial in convincing millennials to invest in ancient art. The more transparent and traceable the history of an object, the more likely it is to gain the interest of a millennial buyer.
One notable trend among millennials is cross-collecting. According to Art Basel’s 2020 report, millennials are the most likely generation to collect across multiple art genres, from contemporary art to antiques. They are also more likely to sell pieces from their collections if they no longer feel connected to them. As a result, the antiquities market could see an increase in liquidity as millennials both buy and sell art more frequently.
NFTs and Ancient Art
Another growing trend in the art world that millennials are embracing is the rise of NFTs (non-fungible tokens). NFTs are unique digital assets that are linked to physical works of art. Even traditional institutions like the Uffizi Galleries in Florence have started offering NFTs of classic art pieces like Michelangelo’s Doni Tondo. The NFT of that piece sold for $170,000, showing that there’s growing interest in blending old and new.
The antiquities market could take a page from this trend. By turning ancient objects, such as busts or mosaics, into NFTs, galleries could tap into millennials’ interest in both digital art and ancient aesthetics. These digital versions of antiquities could offer millennials a new way to engage with ancient art, without requiring them to buy large, expensive objects.
Smaller, Sentimental Collectibles
Millennials also tend to favor smaller, more affordable art pieces, rather than investing in large, high-priced antiquities. The appeal of ancient art for this generation often lies in the personal connection to the piece, and many are drawn to items that they can hold onto and enjoy over time. In fact, an Instagram poll I conducted in 2021 showed that 70% of millennials were interested in antiquities, while only 30% weren’t. This suggests that while they may not be rushing to buy large ancient sculptures, millennials are definitely interested in the antique aesthetic—and are willing to spend money on it when it aligns with their tastes.
The Future of the Antiquities Market
As millennials continue to shape the art market, the antiquities market will have to keep up with their evolving interests. By embracing social media, offering more transparency, and tapping into trends like digital collectible art, the antiquities market has a real opportunity to connect with this influential generation. Millennials aren’t just interested in ancient art—they’re helping to bring it back into the mainstream. Tech-savvy and with a unique mix of values and interests, millennials are changing what it means to be an art collector. Because of this, the antiquities market stands to gain from this shift in culture.
