Millennials are spending more on art than you might think. Here's what Chattanooga millennials are buying and how they buy it.

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According to a survey conducted by UBS and Arts Economics, millennials spent more on art in 2020 than any other age group of high-net-worth investors. Thirty percent of millennials - the oldest of whom turn 40 this year - spent more than $1 million on artwork, versus 17% of Boomers, it reports.

As the art market shifts to serve a millennial audience, new trends are taking shape locally and across the world.

A large portion of millennial collectors are women, and they are looking for work they connect with as a woman, says local art advisor Elizabeth Ruffner, who helps people find the best value and pieces to build their collections through her business, Ruffner Art Advisory. Therefore, works by women have become more popular globally, along with works by Asian and Near Eastern artists, she says.