Christie’s sale house has found that the average age of art buyers is getting younger. It said that in the first half of 2023, 30% of its Singapore buyers were millennials, which was up from 26% at the same time last year.
Surprisingly, younger buyers were very interested in Chinese art. Christie’s statistics show that 97% of the bought value for the group came from millennials.
How this could affect you
If you’ve been looking for a new type of item to add to your portfolio, you might want to think about art right now. The product has shown that it can last, and getting in on the growing trend could pay off in the long run.
CNA found in a study that owners who rent out their artworks can get steady returns of 6% per year. This beats stocks, T-Bills, and cash equivalents, which have been thought of as safe investments for a long time. The appeal of buying art is easy to see when you consider that its value could go up by up to 22% per year.
SINGAPORE STOCKS GO DOWN FOR A WEEK
Six sessions in a row ended with Singapore stocks in the red. This caused the STI to drop 22.82 points, or 0.7%, and end the week at 3,173.93. During the time period, more people lost money than made money, 372 to 246, in deals worth S$1.1 billion.
The drop for a week was blamed on the bullish tone in the minutes of the U.S. Federal Open Market Committee Meeting, which experts took to mean that the Fed will keep interest rates high.
Other markets in the area also went down, like the 0.1% drop on the Bursa Malaysia across the strait. During the last hour of trade for the week, the Hang Seng Index fell by 2% in Hong Kong.
The price of petrol keeps going up, which adds to inflationary pressures.
Prices at the pump are going up again, and 95-octane is on track to reach S$3 per liter by September. This is a level that hasn’t been seen since July 2022, which is less than a year ago.
Prices at the pump have been going up for more than a month. Prices for petrol have gone up by between S$0.04 and S$0.07 per liter, and diesel prices have gone up by between S$0.08 and S$0.16 per liter.
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