. And, according to the report, 85% of millennials said they were very or somewhat likely to sell in the next year, whereas only 41% of Gen X collectors and 24% of baby boomers said the same.Kennedy calls this"art flipping" — buying with the hopes of quickly reselling. But profit isn't always the key motivator — some buyers reinvest profits in more art as a way to curate a better collection, according to Kennedy..
Art flipping can certainly reap a profit — the price of Jean-Michel Basquiat's"Warrior" increased by 450% from 2005 to 2012, during which it was sold three times; by its third selling, it was worth almost $9 million, according to Manly and Pogrebin. Millennials are particularly attracted to contemporary art — more than 90% of young collectors, defined as those under age 40, are interested in contemporary pieces, wrote Kennedy, citing data from an AXA Art Survey.
Also good for money laundering