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Confidential
American Attitudes Toward Art
A Survey Commissioned by Invaluable
March 2016
Confidential
Why do American’s attitudes toward art matter?
• Art, at every price point, is big business in America. According to a
2014 National Art Index, the arts helped reduce the U.S. international
trade deficit -- U.S. exports of arts goods (e.g., movies, paintings,
jewelry) increased from $64 to $75 billion between 2010 and 2012, up
17 percent.
• Art is not just for the 1%. Each year, U.S. consumers spend
approximately $150B on arts and entertainment.
Confidential
Diving Deeper: American Attitudes Toward Art Survey
• About the Survey
– Survey was commissioned by Invaluable, the world’s leading online
marketplace for fine art, antiques and collectibles, to study U.S.
consumer attitudes and behavior around art, art preferences and art
purchases.
– Survey received 4,534 responses from U.S. consumers age 18+,
with a 16.4% response rate and a 95% confidence level.
• Survey was weighted against the U.S. Census Bureau Current
Population Survey for age, gender and region of the U.S. to be
representative of the population.
3
Confidential
Key Findings
• More U.S. consumers are discovering art using social media than by
visiting museums or art galleries.
– 22.7% of U.S. consumers discover art through social media channels like
Instagram and Pinterest, while 20% of U.S. adults discover art through
museums and 15.9% visit art galleries.
• Millennials are increasingly discovering and purchasing art digitally.
– Almost half (44.3%) of young Millennials (age 18-24) and 33.8% of older
Millennials (age 25-34) discover art through social media channels like
Pinterest and Instagram.
– 56.9% of young Millennials (age 18-24) and 51.6% of older Millennials (age
25-34) would buy art online, versus only 19% of Baby Boomers (age 65+).
• U.S. consumers, especially younger generations, see the long-term
investment value of purchasing art.
– One in three consumers (33.7%) believe that buying art is a good
investment.
– Nearly half (41.9%) of young Millennials and 37.2 percent of older Millennials
believe buying art is a good investment.
4
Confidential5
Art Appreciation & Discovery
Confidential
Art Appreciation
• Almost one-half (48%) of respondents indicated that they
like and/or appreciate art.
• Age impacts art appreciation. Baby Boomers (age 65+)
reported the highest appreciation of art, followed by older
Millennials (age 25-34).
6
Yes, I like and/or
appreciate art
I don’t know
48.8% (+1.8/-1.8)
No, I don’t like or
appreciate art
31.2% (+1.7/-1.7)
19.9% (+1.5/-1.4)
55.7% (+5.1/-5.2)65+
25-34
55-64
18-24
45-54
35-44
Age
Ranges
50.4% (+4.0/-4.0)
49.9% (+4.3/-4.3)
48.9% (+4.7/-4.7)
45.5% (+4.4/-4.3)
45.0% (+4.4/-4.3)
Confidential
Preferences on Art Genres
• Impressionist art was found the most visually appealing by
nearly half (42.1%) of U.S. consumers.
7
42.1% (+2.7/-2.7)
6.2% (+1.6/-1.3)
6.9% (+1.7/-1.4)
21.8% (+2.4/-2.2)
23.0% (+2.4/-2.2)
Confidential
Art Discovery: Instagram vs. Museums
• For the first time, a higher percentage of U.S. consumers
primarily discover art using social media than by visiting
museums or art galleries.
– 22.7% of U.S. consumers discover art through social media
channels, such as Instagram and Pinterest.
– 20% of U.S. adults discover art through museums and 15.9% visit
art galleries.
8
22.7% (+2.3/-2.2)
20.8% (+2.4/-2.2)
15.9% (+2.2/-2.0)
14.6% (+2.2/-1.9)
14.1% (+2.1/-1.9)
11.8% (+2.0/-1.7)
Instagram, Pinterest or
other social media
Museums
Art galleries
Other
Online Marketplaces or
websites
Art fairs
Confidential
Art Discovery: Instagram vs. Museums (Cont.)
• Age plays a significant role in how U.S. consumers
discover art.
– Almost half (44.3%) of young Millennials (age 18-24) and 33.8% of
older Millennials (age 25-34) discover art through social media
channels like Pinterest and Instagram.
9
Age
Ranges
Confidential
Visiting Cultural Institutions
• While social media is still the most preferred method of art
discovery, consumers continue to visit museums and
galleries.
– Nearly 40 percent (38.6%) visit art museums or galleries once a
year, and 14 percent visit on a monthly basis.
10
Once a year
Once every few years
I never visit museums or
art galleries
Once a month
Once a week
38.6% (+2.8/-2.7)
30.6% (+2.7/-2.5)
14.8% (+2.2/-2.0)
13.9% (+2.1/-1.9)
2.0% (+1.6/-0.9)
Confidential11
Art Purchase & Investment
Confidential
Frequency of Purchase & Art as Investment
• Currently 65.3 percent of U.S. consumers purchase art at least
every few years.
• The number Baby Boomers (48.6%) who purchase once every
few years was double in comparison to young Millennials
(24.1%).
12
65+
25-34
18-24
35-44
45-54
55-64
More than once a month
A few times a year
Once a year
Once every few years
34.7% (+2.3/-2.2)
65.3% (+2.2/-2.3)
I do not purchase art
24.1% (+6.6/-5.6)
37.9% (+6.0/-5.6)
38.3% (+6.9/-6.4)
39.1% (+7.4/-6.9)
38.5% (+7.0/-6.5)
48.6% (+8.4/-8.4)
Age
Ranges
Confidential
Age & Investing in Art
• One in three U.S. consumers (33.7%) believe buying art is a
good investment.
• Younger generations, including 41.9 percent of young
Millennials (age 18-24) and 37.2 percent of older Millennials
(age 25-34) believe buying art is a good investment.
13
I don’t know
Yes, I think buying art is a
good investment
No, buying art is NOT a
good investment 21.4% (+2.4/-2.2)
33.7% (+2.8/-2.7)
44.9% (+2.9/-2.9)
37.2% (+6.0/-5.6)
32.1% (+7.4/-6.6)
31.9% (+8.1/-7.1)
31.1% (+6.8/-6.1)
28.4% (+6.7/-5.8)
41.9% (+7.1/-6.8)
25-34
18-24
45-54
65+
35-44
55-64
Age
Ranges
Confidential
Buying Art Online
• 37% of U.S. consumers would buy art online.
– Age plays a factor, as 56.9% of young Millennials (age 18-24) and
51.6% of older Millennials (age 25-34) would buy art online, versus
only 19% of Baby Boomers (age 65+).
14
18-24
35-44
45-54
55-64
65+
25-34 56.9% (+5.9/-6.1)
51.6% (+7.0/-7.0)
36.3% (+6.9/-6.4)
30.6% (+7.3/-6.4)
22.9% (+6.6/-5.5)
19.0% (+7.7/-5.9)
Age
Ranges
Confidential
Art Buying Preferences
• The percentage of U.S. consumers who prefer to purchase
art through an online marketplace or website (15.3%) was
more than double of those who prefer to buy art at an in-
person auction (7.3%).
15
At an art fair
Other
At a flea market
At an art gallery
At an online marketplace
or website
At an in-person auction
15.2% (+2.2/-1.9)
15.9% (+2.3/-2.1)
16.2% (+2.3/-2.1)
19.2% (+2.4/-2.2)
26.2% (+2.6/-2.5)
7.3% (+1.8-1.5)
Confidential
Art Buying Preferences (Cont.)
• Purchase preference is impacted by age and income.
– Roughly one in four young Millennials (age 18 to 24) prefer to
purchase art through an online marketplace or website.
– More than a third (35.7%) of U.S. consumers making over
$150,000, and 26% of those making $100,000 to $149,999, prefer
to purchase art at an online marketplace or website.
16
$0-$24,999
$100,000-$149,999
$50,000-$74,999
$75,000-$99,999
$25,000-$49,999
$150,000+ 35.7% (+25.5/-19.4)
16.8% (+8.6/-6.1)
26.0% (+16.3/-11.6)
15.9% (+4.4/-3.6)
14.5% (+10.1/-6.4)
13.6% (+3.0/-2.5)
Confidential
Conclusions
• Younger generations (age 18-34) are more likely to
discover and purchase art online.
– As today’s younger generation ages, more art will likely be sold
through online channels.
• Younger generations increasingly believe that art is a good
investment.
– We can expect to see more young collectors investing in art,
especially as they age and their average household income rises.
• Despite preference for social media to discover art,
consumers are still visiting museums and galleries.
– Developing a digital strategy will be important for reaching and
attracting new visitors, especially younger generations of patrons.
17

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American Attitudes Toward Art - Invaluable 2016

  • 1. Confidential American Attitudes Toward Art A Survey Commissioned by Invaluable March 2016
  • 2. Confidential Why do American’s attitudes toward art matter? • Art, at every price point, is big business in America. According to a 2014 National Art Index, the arts helped reduce the U.S. international trade deficit -- U.S. exports of arts goods (e.g., movies, paintings, jewelry) increased from $64 to $75 billion between 2010 and 2012, up 17 percent. • Art is not just for the 1%. Each year, U.S. consumers spend approximately $150B on arts and entertainment.
  • 3. Confidential Diving Deeper: American Attitudes Toward Art Survey • About the Survey – Survey was commissioned by Invaluable, the world’s leading online marketplace for fine art, antiques and collectibles, to study U.S. consumer attitudes and behavior around art, art preferences and art purchases. – Survey received 4,534 responses from U.S. consumers age 18+, with a 16.4% response rate and a 95% confidence level. • Survey was weighted against the U.S. Census Bureau Current Population Survey for age, gender and region of the U.S. to be representative of the population. 3
  • 4. Confidential Key Findings • More U.S. consumers are discovering art using social media than by visiting museums or art galleries. – 22.7% of U.S. consumers discover art through social media channels like Instagram and Pinterest, while 20% of U.S. adults discover art through museums and 15.9% visit art galleries. • Millennials are increasingly discovering and purchasing art digitally. – Almost half (44.3%) of young Millennials (age 18-24) and 33.8% of older Millennials (age 25-34) discover art through social media channels like Pinterest and Instagram. – 56.9% of young Millennials (age 18-24) and 51.6% of older Millennials (age 25-34) would buy art online, versus only 19% of Baby Boomers (age 65+). • U.S. consumers, especially younger generations, see the long-term investment value of purchasing art. – One in three consumers (33.7%) believe that buying art is a good investment. – Nearly half (41.9%) of young Millennials and 37.2 percent of older Millennials believe buying art is a good investment. 4
  • 6. Confidential Art Appreciation • Almost one-half (48%) of respondents indicated that they like and/or appreciate art. • Age impacts art appreciation. Baby Boomers (age 65+) reported the highest appreciation of art, followed by older Millennials (age 25-34). 6 Yes, I like and/or appreciate art I don’t know 48.8% (+1.8/-1.8) No, I don’t like or appreciate art 31.2% (+1.7/-1.7) 19.9% (+1.5/-1.4) 55.7% (+5.1/-5.2)65+ 25-34 55-64 18-24 45-54 35-44 Age Ranges 50.4% (+4.0/-4.0) 49.9% (+4.3/-4.3) 48.9% (+4.7/-4.7) 45.5% (+4.4/-4.3) 45.0% (+4.4/-4.3)
  • 7. Confidential Preferences on Art Genres • Impressionist art was found the most visually appealing by nearly half (42.1%) of U.S. consumers. 7 42.1% (+2.7/-2.7) 6.2% (+1.6/-1.3) 6.9% (+1.7/-1.4) 21.8% (+2.4/-2.2) 23.0% (+2.4/-2.2)
  • 8. Confidential Art Discovery: Instagram vs. Museums • For the first time, a higher percentage of U.S. consumers primarily discover art using social media than by visiting museums or art galleries. – 22.7% of U.S. consumers discover art through social media channels, such as Instagram and Pinterest. – 20% of U.S. adults discover art through museums and 15.9% visit art galleries. 8 22.7% (+2.3/-2.2) 20.8% (+2.4/-2.2) 15.9% (+2.2/-2.0) 14.6% (+2.2/-1.9) 14.1% (+2.1/-1.9) 11.8% (+2.0/-1.7) Instagram, Pinterest or other social media Museums Art galleries Other Online Marketplaces or websites Art fairs
  • 9. Confidential Art Discovery: Instagram vs. Museums (Cont.) • Age plays a significant role in how U.S. consumers discover art. – Almost half (44.3%) of young Millennials (age 18-24) and 33.8% of older Millennials (age 25-34) discover art through social media channels like Pinterest and Instagram. 9 Age Ranges
  • 10. Confidential Visiting Cultural Institutions • While social media is still the most preferred method of art discovery, consumers continue to visit museums and galleries. – Nearly 40 percent (38.6%) visit art museums or galleries once a year, and 14 percent visit on a monthly basis. 10 Once a year Once every few years I never visit museums or art galleries Once a month Once a week 38.6% (+2.8/-2.7) 30.6% (+2.7/-2.5) 14.8% (+2.2/-2.0) 13.9% (+2.1/-1.9) 2.0% (+1.6/-0.9)
  • 12. Confidential Frequency of Purchase & Art as Investment • Currently 65.3 percent of U.S. consumers purchase art at least every few years. • The number Baby Boomers (48.6%) who purchase once every few years was double in comparison to young Millennials (24.1%). 12 65+ 25-34 18-24 35-44 45-54 55-64 More than once a month A few times a year Once a year Once every few years 34.7% (+2.3/-2.2) 65.3% (+2.2/-2.3) I do not purchase art 24.1% (+6.6/-5.6) 37.9% (+6.0/-5.6) 38.3% (+6.9/-6.4) 39.1% (+7.4/-6.9) 38.5% (+7.0/-6.5) 48.6% (+8.4/-8.4) Age Ranges
  • 13. Confidential Age & Investing in Art • One in three U.S. consumers (33.7%) believe buying art is a good investment. • Younger generations, including 41.9 percent of young Millennials (age 18-24) and 37.2 percent of older Millennials (age 25-34) believe buying art is a good investment. 13 I don’t know Yes, I think buying art is a good investment No, buying art is NOT a good investment 21.4% (+2.4/-2.2) 33.7% (+2.8/-2.7) 44.9% (+2.9/-2.9) 37.2% (+6.0/-5.6) 32.1% (+7.4/-6.6) 31.9% (+8.1/-7.1) 31.1% (+6.8/-6.1) 28.4% (+6.7/-5.8) 41.9% (+7.1/-6.8) 25-34 18-24 45-54 65+ 35-44 55-64 Age Ranges
  • 14. Confidential Buying Art Online • 37% of U.S. consumers would buy art online. – Age plays a factor, as 56.9% of young Millennials (age 18-24) and 51.6% of older Millennials (age 25-34) would buy art online, versus only 19% of Baby Boomers (age 65+). 14 18-24 35-44 45-54 55-64 65+ 25-34 56.9% (+5.9/-6.1) 51.6% (+7.0/-7.0) 36.3% (+6.9/-6.4) 30.6% (+7.3/-6.4) 22.9% (+6.6/-5.5) 19.0% (+7.7/-5.9) Age Ranges
  • 15. Confidential Art Buying Preferences • The percentage of U.S. consumers who prefer to purchase art through an online marketplace or website (15.3%) was more than double of those who prefer to buy art at an in- person auction (7.3%). 15 At an art fair Other At a flea market At an art gallery At an online marketplace or website At an in-person auction 15.2% (+2.2/-1.9) 15.9% (+2.3/-2.1) 16.2% (+2.3/-2.1) 19.2% (+2.4/-2.2) 26.2% (+2.6/-2.5) 7.3% (+1.8-1.5)
  • 16. Confidential Art Buying Preferences (Cont.) • Purchase preference is impacted by age and income. – Roughly one in four young Millennials (age 18 to 24) prefer to purchase art through an online marketplace or website. – More than a third (35.7%) of U.S. consumers making over $150,000, and 26% of those making $100,000 to $149,999, prefer to purchase art at an online marketplace or website. 16 $0-$24,999 $100,000-$149,999 $50,000-$74,999 $75,000-$99,999 $25,000-$49,999 $150,000+ 35.7% (+25.5/-19.4) 16.8% (+8.6/-6.1) 26.0% (+16.3/-11.6) 15.9% (+4.4/-3.6) 14.5% (+10.1/-6.4) 13.6% (+3.0/-2.5)
  • 17. Confidential Conclusions • Younger generations (age 18-34) are more likely to discover and purchase art online. – As today’s younger generation ages, more art will likely be sold through online channels. • Younger generations increasingly believe that art is a good investment. – We can expect to see more young collectors investing in art, especially as they age and their average household income rises. • Despite preference for social media to discover art, consumers are still visiting museums and galleries. – Developing a digital strategy will be important for reaching and attracting new visitors, especially younger generations of patrons. 17