Millennial buying trends in fine art, antique, and motorcars Essay

The Knight Frank Luxury Investment Index show classic car offered 28 percent returns on investment in 2017, and it was a superior option in comparison to coins, watches, and wine collection. On March 7, Bonhams Amelia Island 2019 antique car auction, in Florida, showcased the Don C. Boulton Collection. One of the highlights was the 1914 Simplex Speed Car that was given $885",000 and there were other rare cars with historic values. The newest list of such cars includes the BMW 3 Series of the 1990s – the fifth generation sports sedan, Ford Mustang, Chrysler New Yorker and the Mercedes-Benz C-Class. However, the antique car business requires proper knowledge as restoration of an expensive piece may cost tens and thousands of dollars. Hence, the millennial buyers are seeking alternatives such as antiques and fine art.

Millennials are the new buyers and they have a reputation of being self-obsessed glued to the smartphones. These are using different tech-savvy methods to invest. Reports show young buyers were not investing in cars, which can be a generational shift over gasoline consumptions, or they are worried over climate change and traffic congestion, but they are ready to change if the economic factors are suitable. The Gen Y entered the market during the Great Recession, and they identify the need to invest carefully and hence, are picky. They have got a lot of opportunities to select, where the markets are trying to simplify the processes offering low-cost options, while, they are seeking the right models at the appropriate rates with warranties and other relevant characteristics.

UBS fine art investment

According to the lasts reports by UBS, the Gen Y is not spending on cars but on fine art where it invested $67 billion in fine arts. Gen Y includes the 22 to 37 year old, who are termed ‘selective’, though 50 percent of such buyers paid $1 million or more for a piece of art, as per the reports by UBS. UBS said it worked with clients from different parts of the world including Hong Kong, Miami, and Basel. The main factor for investing was that these were unique and often served as a long-term asset. The study was conducted by UBS on high net worth individuals from different countries in Europe and Asia - UK, Germany, Hong Kong, Singapore, and Japan.

The study found despite a slowdown in the global economy, the art market grew 6 percent, where the total sale worth was $67.4 billion. The largest global markets of art and antiques were the US, UK, and China accounting for 84 percent of the sales. The report found online sales do not represent the actual sale as it accounted for only 9 percent of the total.

Fine art auctions require proper setting through some of the popular auction houses that can bring in some of the most enthusiastic buyers. The rich buyers seek opportunities in such markets, however, as the markets are improving, it is expected that the number of rich millennial may increase and they may start investing in various pioneering options.

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