I authored a little book prior to the pandemic titled No Thanks Mom: The Top Ten Objects Your Kids Do Not Want. To my surprise, it went viral. The heart of the book is my generational differences chart—meaning: differences in homeownership, design, and acquisitions between the generations. It lists bullet points on what “home” means to each generation—and what home contains. I list (a) the Traditionalists (1928-45), (b) Baby Boomers (1946-64), (c) the Gen Xers (1965-80) and (d) the Millennials (1981-97). I’m working on adding (e) Gen Zers (1997-2012) and (f) Generation Alphas (2013-25). In research derived from my client’s homes and interviews, I’m learning much about what mid-30 to mid-20 year-olds collect, not just fine artwork, but experiences, technology, and sneakers—yes—you read that right!
The newer generations—late year Millennials, Gen Zers, and soon, Gen Alphas—are poised to reshape what collectors consider valuable. Here’s proof: in 2024, Millennials and Gen Zers accounted for a quarter to a third of bidders and buyers at Christie’s & Sotheby’s. The new buyers don’t necessarily buy historical work, but focus on the material culture of the present. Objects purchased by Millennials and Gen Xers will surprise you. They include nontraditional collectibles you and me never imagined would sell for millions: sneakers, comic books, and Hermes bags. A certificate of authenticity for Maurizio Cattelan’s “Comedian,” which allows the owner to duct-tape a banana to a wall and call it art, sold for $6.2 million at Sotheby’s auction. New money, new taste!
Defining Characteristics of a Gen Z Household
Gen Zers prefer experiences over material objects. However, objects in the home are minimalist, digital, smart, and ethically sourced. You’ll find young couples at all our thrift stores because they follow DIY trends. Gen Zers, along with late year Millennials (mid 30 year-old Millennials) are the “buying public” for art and home décor. Gen Zers want flexibility, affordability, and sustainability with high tech integration. I have many Gen Z clients here in Santa Barbara that are downsizing their parent’s and grandparent’s household collections. Unlike Millennials, Gen Zers don’t turn away from a fine porcelain dinner service and a good set of sterling flatware.
And the newer generations have money. According to Artnet, Gen Xers will inherit $30 trillion, millennials $27 trillion, and Gen Zers $11 trillion (information sourced from Bank of America Report 2024). All auction houses pay attention to what 25–40-year-olds buy. In a young couple’s first foray into buying at auction, they’re likely to spend $500-700, creating markets in fine art prints, and sports and celebrity owned objects, as well as comic books and “old” technology.
Luxury sales at Sotheby’s included Muhammed Ali’s shorts and Kobe Bryant’s sneakers. At the same auction sale, not often paired together, we see vintage African masks, modern female digital artists, and rare Louis XV furniture. Christie’s “Gen One” auction in September of 2024 sold Paul Allen’s vintage computers ($16 million). Heritage Auctions sold a $32.5 million pair of Dorothy’s ruby slippers (1939, Wizard of Oz), a $24 million Babe Ruth jersey, and a $6 million Superman comic book. This is the new nostalgia.
Speaking of New Avenues in Collecting
Two-day online sales at auctions across the country paired nostalgia with, art, watches, jewelry and handbags! It’s a new world: Cross category sales are offered as ‘pop up’ auctions by Sotheby’s. For example, MGM’s collection of Picassos sold this past year in Las Vegas, grossing $10mill; in Saudi Arabia, a pop up auction this February offered Warhol, NBA Jerseys, Patek Philippe watches, and Birkin bags. The buyers? “Digital Natives under 40,” reports Artnet News.