Millennials keenest art investors in 2020: UBS survey

A survey by UBS, the Swiss wealth manager, and Art Basel has revealed a big rise in the number of young investors in the art sector. UBS and Art Basel surveyed 360 HNWIs in the UK, US and Hong Kong. 92% of respondents had invested in a piece of art so far this year, 56% of whom spent more than $100,000. 16% invested more  than $1m in a single artwork. Millennials made up 17% of investors spending upwards of $1m. And fully 99% of millennial respondents said they continued to liaise with galleries. The report gave a mixed picture of the art market in 2020, with HNWIs expressing relat...