Younger Americans are steering away from the traditional paths to wealth through stocks (^DJI, ^IXIC, ^GSPC) and bonds (^TYX, ^TNX, ^FVX), increasingly opting for alternative investments: art and collectibles. Bank of America Private Bank head of art services Drew Watson explores these non-traditional investment strategies.
Watson points out that art collection has become a prominent avenue for wealth-building among younger generations. According to a study by Bank of America, 40% of this demographic identifies as art collectors, and more than 40% express interest in investing in and collecting art.
He explains that younger individuals have experienced a "different wealth journey," having lived through market corrections and bull markets, which has made them more "opportunistic." Additionally, they prefer "tangible assets" for their investments. He also highlights that while this generation values experiences over material possessions: "art is both."
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