Art Basel in Miami Beach 2019

UBS survey finds millennials are becoming more environmentally conscious in their art buying habits

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High net worth collectors, particularly millennials, are becoming more environmentally conscious, according to a new report by the banking firm UBS. The latest UBS Investor Watch Pulse Survey, released yesterday, reports that 81% of millennials are concerned about the carbon footprint of the art market (compared with just 18% of baby boomers) and 86% of millennial collectors (and 59% overall) would “consider sustainable options, like recyclable packing and alternative delivery methods”, such as opting for sea or land shipments versus air. Of these, 86% would pay more for such options. Collectors “increasingly see no need to compromise their [environmental] values” when it comes to their art collections says John Mathews, the head of ultra high net worth Americas at UBS Global Wealth Management. “This mindset is only going to continue to become the norm as millennials increasingly adopt sustainable practices and more options become available on the market.”