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Fine art insurers target Gen Z and millennial buyers as online access grows
An industry survey found 82% of collectors age 36 or younger bought art online, while education on transportation, storage and long-term care has not kept pace.
Gen Z and millennial collectors are expanding fine art buying through social media, online auctions, and direct access to artists, but many buyers are not as aware of the insurance risks that emerge after a purchase, according to Insurance Business.
Markel’s head of US fine art and specie for North America, Kyle McGrath, said the shift to digital channels has changed where education about coverage needs to start, including risks tied to transportation, storage, and long-term care. He added that the biggest vulnerability often begins once a work leaves its original display and is loaded for shipping to its destination.
Insurance Business also cited Artsy’s New York-based Art Collector Insights 2024, which found 82% of surveyed collectors aged 36 or younger purchased art online. The survey covered 2,154 collectors across more than 70 countries, with 54% based in the US.
The outlet further pointed to separate research by Art Basel and UBS estimating that 41.5 million art-market transactions occurred worldwide in 2025, up 2% year over year, and found that 49% of buyers purchasing from dealers were new to those businesses. McGrath said the rise in new, younger buyers means the industry needs to help them talk through risks before and after the deal closes.