The art and collectibles of the wealthy reached $1.44 trillion

The combined value of wealthy people's wealth directed towards art and collectibles reached $1.44 trillion.

According to the results of the Art & Finance report prepared by Deloitte, the wealth that high-income people allocate to art and collections is increasing day by day, and this figure has increased to 1.44 trillion dollars.

In 2020, which was under the influence of Covid-19, the interest of young collectors (86 percent) under the age of 35 increased in art products and investments. The report revealed that in 2020, the art and collectibles world has shown great interest in NFT (non-fungible token) style artifacts that are saved on a blockchain to verify their authenticity and allow buyers to confirm ownership.

While 64 percent of the collectors under the age of 35 who participated in the study emphasized that they had a strong interest in NFTs, 43 percent noted that they were interested in partial investments related to works of art.

85% of young collectors stated that they think technologies such as blockchain, artificial intelligence, and big data will shape the way they do business in the art world. The majority of them reported that they believe technologies such as big data, analytics, and artificial intelligence, apart from blockchain, will also have an impact on the arts. 86% of collectors under the age of 35 stated that they purchase works of art as an investment for social impact and purpose.

30 percent of the participants stated that they think the city of Hong Kong will be among the art market centers of the future, after the USA, the UK, and Europe.

"Young collectors are very interested in digital technologies"

In the statement, Deloitte Turkey Chief Executive Officer (CEO) Başak Vardar, who made evaluations on the report, stated that the effects of new technologies that will shape lifestyles in the near future on the art ecosystem are undeniable.

Vardar said, "Especially young collectors are very interested in digital technologies. At this point, it is extremely important for the players who shape the art and collection world to take into account the tendencies of young people in preparing the sector for the future."