Auctioneer Victoire Gineste gestures as she adjudicates for 20 million euros ($21.9 million) a recently rediscovered drawing by Michelangelo, the artist's first known nude, at the Christie's auction house in Paris on May 18, 2022. Wealthy, young collectors in Asia have been fueling demand for art — particularly via online channels — and have emerged as a key clientele for international auction houses. A report from the auction house showed a 65% increase in new Gen Z buyers in 2023. Sotheby's 2023 report stated that bidding activity of younger collectors grew to 30% in the first half of 2023 from 6% in 2018. Millennials and Gen X — aged 44 to 59 — are classified as "younger collectors" by the auction house.

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Persons: Victoire, Michelangelo, Gen Zers, Christie's, Phillips, millennials, Millennials, X — Organizations: Art Basel, UBS Survey, CNBC Locations: Paris, Asia, Mainland China, Hong Kong, Singapore, Christie's Hong Kong, China, Taiwan, Asia Pacific, Americas, Europe, millennials, South Korea