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

Gen Z is making a significant impact on the art market, outspending all other generations, according to recent data from Swiss bank UBS. Fine arts expert Anita Heriot, president of The Fine Art Group Americas, revealed during a Fortune conference that Gen Z spent twice as much on art last year compared to any other generation. Their newfound wealth, totaling $9 trillion in 2023 and projected to exceed $36 trillion by 2030, is fueling this spending spree.

Heriot attributes Gen Z's art-buying habits to their online shopping habits and a desire to spend their sudden wealth. They are bypassing traditional methods of purchasing art, such as attending in-person galleries or auctions, and are making purchases from the comfort of their laptops. During the COVID-19 pandemic, online bidding for art increased by a staggering 450%, according to Heriot.

This generation's interest in art extends beyond collectibles to include famous artists like Jean-Michel Basquiat. Heriot predicts that as Gen Zers age, they will seek out items that resonate with their youth, similar to how baby boomers collected vintage cars from the 1960s. She anticipates that items reminiscent of Gen Z's culture, such as popular brands like the iPhone Classics or Xbox, will become valuable in the future.