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American Attitudes Toward ArtA Survey Commissioned by Invaluable

March 2016

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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.

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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.

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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.

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Art Appreciation & Discovery

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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).

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)

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Preferences on Art Genres

• Impressionist art was found the most visually appealing by nearly half (42.1%) of U.S. consumers.

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)

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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.

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

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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.

Age Ranges

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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.

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)

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Art Purchase & Investment

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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%).

65+

25-34

18-24

35-44

45-54

55-64

More than once a monthA few times a year

Once a yearOnce 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

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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.

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

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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+).

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

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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%).

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)

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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.

$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)

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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.