Financial Independence for Millennials through Investments in Original Art
Yalonda D. McQuinn
Trinity Washington University
I have adhered to university policy regarding academic honesty in completing this assignment
Submitted to Dr. Kelley D. Wood on behalf of the faculty of the School of Business and
Graduate Studies in partial fulfillment of the degree requirements for the Masters of Science
Administration in Nonprofit Management
Spring 2015
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Abstract
This research study presents to offer a fine art investment model for the millennial generation
through the examination and analysis of investing in original art for financial independence. This
study recognizes the hardships that millennials face in securing financial independence due to
continuous instances of unethical corporate leadership, economic recession, reduced job
opportunities, all of which impact the health of their retirement. Financial resources and guides
give investors multiple methods to place their assets for wealth building, but lack in promoting
the awareness and values of purchasing original art as an alternative wealth asset class. A postpositivism world view was selected to discuss this issue and this research was conducted using a
quantitative design and strategy. Data was collected through a survey instrument composed of
demographic, Likert-scale, and multiple choice questions. The data from this study was
examined using frequencies, cross tabulations, Pearson’s correlations, one-sample t tests, and
theoretical constructs. The results of this study were determined by the significant relationship
between the dependent and independent variables with 81 participants, 95% confidence level and
a 10.87% margin of error. The findings and recommendations of this study provides the
academic and financial communities with the significant factors that contributed to millennials
decision-making for purchasing original art for financial independence.
Keywords: investing in art, millennials, generational theory, Strauss & Howe, financial
independence, art appreciation, art collecting
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Table of Contents
Page
Introduction ..................................................................................................................................... 6 Statement of Problem .......................................................................................................... 6 Purpose of the Study ............................................................................................................ 7 Significance of the Study..................................................................................................... 7 Theoretical Perspective ....................................................................................................... 7 Definition of Key Terms ..................................................................................................... 9 Research Method ................................................................................................................. 9 Assumptions and Limitations .............................................................................................. 9 Summary............................................................................................................................ 10 Literature Review .......................................................................................................................... 11 Exposure to Art.................................................................................................................. 11 Artistic Understanding....................................................................................................... 13 Investments and Consumer Risks ...................................................................................... 15 Theoretical Framework ..................................................................................................... 17 Summary............................................................................................................................ 21 Research Methods ......................................................................................................................... 22 Research Questions ........................................................................................................... 22 Setting ................................................................................................................................ 24 Population .......................................................................................................................... 24 Ethical Considerations ....................................................................................................... 24 Research Design ................................................................................................................ 25 Survey Instrument ............................................................................................................. 27 Demographic Questions: ................................................................................................... 27 Summary............................................................................................................................ 29 Results ........................................................................................................................................... 30 Sample ............................................................................................................................... 30 Data Analysis and Coding ................................................................................................. 31 FINANCIAL INDEPENDENCE FOR MILLENNIALS
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Summary............................................................................................................................ 42 Discussion...................................................................................................................................... 43 Research Questions ........................................................................................................... 43 Conclusions ....................................................................................................................... 46 Recommendation and Implications ................................................................................... 47 Summary............................................................................................................................ 49 References ..................................................................................................................................... 51 Appendices .................................................................................................................................... 54 Appendix A: Recruitment Materials ................................................................................. 54 Appendix B: Informed Consent Form ............................................................................... 56 Appendix C: Survey Instrument ........................................................................................ 58 FINANCIAL INDEPENDENCE FOR MILLENNIALS
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List of Tables
Page
Table 1. Frequency: Age ............................................................................................................... 30 Table 2. Frequency: Race/Ethnicity .............................................................................................. 31 Table 3. Frequency: Annual income ............................................................................................. 31 Table 4. Frequency: Preferred method of exposure ...................................................................... 32 Table 5. Frequency: Purchases viewed online only ...................................................................... 32 Table 6. Frequency: Purchases viewed at art events .................................................................... 32 Table 7. Frequency: Purchases only for future gain ..................................................................... 33 Table 8. Frequency: Purchases of dislikes for future gain ........................................................... 33 Table 9. Frequency: Enjoyment of possession most important ..................................................... 34 Table 10. Cross tabulation: Purchases in last 24 months and enjoy art events ........................... 34 Table 11. Cross tabulations: Purchases in last 24 months and artist relationship ...................... 35 Table 12. Correlations: Exposure and purchases ......................................................................... 36 Table 13. Correlations: Artistic Understanding and Purchases ..................................................... 38 Table 14. Correlations: Risks and purchases................................................................................ 39 Table 15. One-sample statistics - Exposure, artistic understanding, risks and purchases ........... 41 Table 16. One-sample test: exposure, artistic understanding, risks, and purchases .................... 41 List of Figures
Page
Figure 1. Theoretical framework of financial independence for millennials through investments
in original art. ................................................................................................................................ 20 Figure 2. Peer Personalities by Generational Type ....................................................................... 21 Figure 3. Principle endowment activites by generation type ........................................................ 49 FINANCIAL INDEPENDENCE FOR MILLENNIALS
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Introduction
In an era driven by digitized information and mobile technological platforms, visual art
has risen to higher levels of accessibility. Through the ages, art has provided society with the
escapism from the realities of daily life. With the Internet’s expanding platforms for viewing
artwork, gallery owners and art dealers are embracing the use of online marketing as other tools
to bridge collectors and artists (Quesenberry & Sykes, 2008 p. 121). Multiple platforms to view
art are available, however, little awareness emphasizes the value of investing in original art for
financial wealth building. According to Boyer (2011) the economy and the art market has
historically been intertwined (p. 77). The millennial generation currently ranks as the largest
generation since the baby boomers, and hailed the most educated and financially savvy
generation cohort. Cudmore, Patton & McClure states this young generation has an enormous
spending power upward of “$172 billion a year” where many financial services are attempting to
acquire this wealth (2010, p. 2). Yet, the millennial generation is hesitant in making financial
investments due to the growing distrust of the economy.
Statement of Problem
This research study recognizes the hardships that millennials face in securing financial
independence due to continuous instances of unethical corporate leadership, economic recession,
reduced job opportunities, all of which impact the health of their retirement. Financial resources
give investors multiple methods to place their assets for wealth building, but lack in promoting
the awareness and values of purchasing original art as an alternative asset class.
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Purpose of the Study
This quantitative study seeks to look at the methods of exposure to art, artistic
understanding and art appreciation among the millennial generation. The millennial generation is
challenged with societal pressures and competition to have a sustained affluent lifestyle. Through
this examination, this study will offer a prescriptive model to transfer an appreciation of fine art
into a wealth building strategy for financial independence. Although this study was conducted on
a small-scale of data collection, the research problem spans across multiple areas of knowledge,
transferable to business organizations, psychological and economic queries to create a perpetual
model for future generations.
Significance of the Study
The appreciation of art is the appreciation of an artist’s creativity and ability to evoke a
desired state of emotion. The review of the literature and engagement with the academic
conversation on generation theory, financial wealth building, and art appreciation, held a
consensus that art can transform individual mental states and serve as a valuable financial
investment. However, what the scholarly community has not offered art collectors is extensive
resources to aid in the selection of original artworks that will maximize the collector’s returns on
investments. The lack of such a model to guide collectors on the choice of artwork for financial
wealth building prompted the need for this study.
Theoretical Perspective
Fascination of the millennial generation can be seen across multiple industries and market
researchers who are compiling their research to decide the future direction of the economy. The
intensive examination of generations by theorist Strauss and Howe identified a recurring cycle of
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each generation’s endowment efforts being closely tied to its peer personality (1991, p. 73).
Additionally, Hines (1997) acknowledged Strauss and Howe’s predictions that an eminent crisis
would occur around the year “2005” fueled by a disintegration of political and economic trust (p.
14).
According to Strauss and Howe, there are four recurring generation types: a dominant
idealist generation, a recessive reactive generation, a dominant civic generation, and a recessive
adaptive generation (1991, p 74). Strauss and Howe state
In sum, Idealist generations tend to live what we might label a prophetic lifecycle
of vision and values; Reactives a picaresque lifecycle of survival and adventure;
Civics a heroic lifecycle of secular achievement and reward; and Adaptives a
genteel lifecycle of expertise and amelioration (1991, p 74).
Millennials are classified under the “Civic” generation type (Strauss & Howe, 1991, p.
84). According to this theory, the succeeding generation to follow Millennials will be the
Adaptive generation type. This new generation, Gen Z, would mirror the characteristics of
people born between 1925 and 1942, also known as the Silent generation (Strauss & Howe,
1991, p. 84).
On the basis of this assumption, I developed the art for wealth prescriptive model. In
doing so, this model will offer art collectors the ideal periods for purchasing artwork based on
historical generation patterns. In comparison, this study aligns with the research conducted by
Hauser (2007) who defends the theorists four generation rotation cycle (p. 45). Additionally, this
study recognizes that to have an effective model for millennials to use as a wealth building
strategy, the following hypotheses will be tested:
•
If exposure to art increases, then purchases of original art increases
FINANCIAL INDEPENDENCE FOR MILLENNIALS
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If artistic understanding increases, then purchases of original art increases
•
If consumer risks decreases, then purchases of original art increases
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Definition of Key Terms
Art appreciation is an interpretation of how visual art improves an individual’s quality
of life and overall understanding of the art community.
Millennials is a generational cohort as described by the theorist, William Strauss and
Neil Howe, and is the primary identifier of the participant group studied in this research.
Peer personality is a generational persona recognized and determined by common age
location, common beliefs and behavior, and perceived membership in a common generation
(Strauss and Howe, 1991, p. 64)
Wealth building asset is a financial resource that generates sustainable long term return
on investments.
Research Method
This research is a quantitative design study and uses a post-positivist worldview. With
careful consideration upon reviewing the scholarly community’s perspective on research
methodology, this study concluded that a quantitative design using a questionnaire survey
instrument would produce the most favorable results for testing the hypotheses.
Assumptions and Limitations
This study on financial independence for millennials concentrates specifically on males
and females aged between 18 and 35. Therefore people who fall outside this demographic, are
disqualified from participation in the research survey. The research conducted within this study
is limited by the constraints of the timeframe to complete the project and limited sample of data
collected from the recommended target population. The topic of study, theoretical constructs,
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and research questions was formulated to generate the most efficient results to carry out the
research goals based on these limitations.
Summary
Through the examination of the millennial generation and the desire to seek this
generation’s viewpoint on purchases of original art for wealth building, I will attempt to discover
the variables that significantly influence purchasing original art. In the next chapter of the
Literature Review, discussion of the identified independent variables: exposure to art, artistic
understanding, investments and consumer risks will be analyzed to provide further supporting
arguments to the claims of this research.
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Literature Review
Art speaks to each individual in a myriad of ways. But what constitutes an artist’s
artwork to be “great” or “valued” and offer art collectors a future intrinsic gain on the
investment? As previously mentioned, millennials are worried about their financial situations
through growing distrust in the stock market and corporations drawn from repeat instances of
unethical business practices (i.e. Enron, Mortgage collapse in 2008, etc). To alleviate these
increased financial issues for millennials, this study investigated which factors significantly
impacted the decision making for purchasing artwork and proclaimed how investing in original
art can be utilized as a wealth building strategy for financial independence.
Exposure to Art
Art is everywhere and consistently evolving through the times. The beauty of art can be
seen passing the neighborhood café, or simply a visit to the local park. Art influences our moods
and can change our moods just the same. According to Dilawari and Tripathi, “taking the time to
focus on a piece of art alone can make a tremendous difference in how we live and think and can
reduce stress amazingly” (2014, p. 85). To this point, when art acts as a mechanism to reduce an
individual’s level of stress, this suggests the potential willingness of a person to invest in
artworks.
Several articles were reviewed in analyzing how exposure to art will affect an
individual’s purchasing behaviors. A recurring theme emerged indicating that people are
impacted by how they view art and the individual experiences from exposure to art. Quesenberry
& Sykes (2008) discussed the various platforms to view art and how patrons preferred the
experiences of viewing art at physical locations versus through technology (p. 122).
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Additionally, Winter (2014) indicated experiencing art as “an aspect of self-actualization” (p.
59). People do not merely enjoy art for the beauty of it alone, these individuals look to art as the
escapism and vehicle to connect their lives to that of the artwork and artist. It is through these
inferences that captivate and sustain long term interest of the artist products. Oleck (1999)
describes the “hallmark of a true collector” as one who forms relationships with artists, galleries,
or dealers, and staying abreast to the selected genres of interest (p. 160). Interestingly, Chen
(2009) describes “from a consumption perspective” artwork is acquired by two modes of
consumption, that being purchased and possessed or solely admired (p. 925).
In a study by Valsan (2002) titled “Canadian versus American art: What pays off and
why” the researcher examined the dynamics of how subject matter plays an integral part in how
collectors acquire fine art. To the previous point of the desire for connection, Valsan states “a
painting representing a can of soup, a portrait of Marilynn Monroe, or even an American
landscape of the West would sell at higher prices because they epitomize a leading system of
values- the mainstream pop culture” (2002, p. 214). The pop culture of society drives the person
to connect with art. When exposed to similar contexts, such that, a scene of a couple having their
first kiss in the park or a young girl primping her hair under a vanity mirror, both resonate a
moment of experiences that is shared through owning original art. Valsan further concludes “it is
very likely that most people would enjoy viewing a painting of landscapes just as much as a
portrait of an iconic figure; both producing aesthetic pleasures” (2002, p. 203). According to Lim
(2013) viewing artwork can ignite memories of past or present experiences for the individual,
even if the artwork is not directly related to the circumstance (p. 139). The supporting claims
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presented by the academic community suggest exposure to art influences the individual’s
perceptions on subject matter or aesthetic pleasures creating a desire to own original art.
Exposure to art from a millennial perspective revolves in the social media world. Social
media technology has equipped galleries, museums, and artists with faster methods to get their
venues seen by the public. This method creates instant gratification for the potential collector and
enables the discussion of an art purchase to commence. However, a possible flaw to this method
is the instant gratification of viewing the artwork opposed to viewing the artwork in person at a
venue and fully engaging with the piece. This flaw has the potential to hinder millennial art
buyers from acquiring original artwork, should their needs be met from the viewing online alone.
To mitigate this hindrance, this study offers the guidance to millennials that will turn the
appreciation for art into a long term investment.
Artistic Understanding
Several factors of “perception, attention, memory, decision-making, affect and emotion”
combine to create the complex interaction of an art experience (Brieber, Nadal, Leder, &
Rosenberg 2014, p. 1). Because art is a subjective object, where the person determines how any
specific artwork will or will not influence them in a way of enjoyment to ownership, suggest
artistic understanding is paramount. According to Myburg (2014) individuals typically possess a
low knowledge of art and through the attendance of art fairs, are able to engage in the lectures
leading to their first purchases (p. 57). A person can make increased connections with the artist if
under the premise of how that artist produced the work, what mediums and materials were used,
and the external or internal aspects that influenced its production. These variables contributes to
the person developing a deep appreciation for the art. According to Oleck (1999) buying art
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possesses the same emotion as falling in love, and in doing so, the person should consider their
long-term intentions for owning the art (p. 160).
The research by Brieber, Nadal, Leder, and Rosenberg (2014) conducted an analysis on
the experience of art and viewing time. The findings reported “higher interestingness and
pleasantness ratings for original artworks in the museum compared to digital reproductions
presented on a laboratory computer screen. (Brieber et al., 2014, p. 6). To this point, these results
show that art viewed in person offers the individual the opportunity to view the authenticity of
the art, from the brush strokes to scale in size. The limitations of viewing art online, hinders the
in-person experience to become united with the art on an intimate level. Furthermore, the results
indicated “increased understanding was related to an increase in viewing time for artworks”
(Brieber et al., 2014, p. 6). With these findings, I discovered an interesting dilemma for the
millennial generation where technology has become the governing vehicle of communication,
marketing, and consumerism.
A leading element that artist can tailor to the millennial generation is the ability to engage
the art collector in their creation process. As shown in Figure 2, the theorist Strauss and Howe
(1991) state millennials peer personality key attribute is valuing community and duty (p. 365).
This attribute offers the artist and the collector an opportunity to build a sustained relationship.
The engagement of studio visits or group painting events further enables the collector to build an
experience with the artist. Millennials seek fulfillment in experiences, and with the relationships
formed through this process, artist can secure new potential investors.
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Investments and Consumer Risks
Money, money, and more money! The way a person determines how to use their financial
resources is a daunting daily task. More specifically, the recreational money a person has once
all pertinent obligations are complete, creates an even worse internal conflict. According to
Marshall & Forrest (2011) there are three types of art buyers:
First is the buyer whose personal, subjective experience motivates the desire to have a
particular work to perpetuate the experience evoked in him or her by the work of art.
Second is the collector who seeks to accumulate an array of representative works of a
certain artist or of a certain style or theme. The third buyer category is the investor who
buys in anticipation of rising market value as the artist becomes more widely recognized
(p. 119).
This world has a very small group of art collectors with immense financial resources
enabling the purchases of artwork at any price. According to Obusan (2008) billionaire tycoon
Steven Cohen spent an excess of $500 million over a five year period building his art collection
with a projected value upward of $1 billion (p. 40). Obusan proclaims “it’s the golden ratio for
any market: limited supply, unlimited demand” (2008, p. 40). However, for art collectors who do
not fall under this elite group, spending financial resources on purchasing artwork requires other
considerations.
Dimson and Spaenjers identified “the average high net worth individual has almost 10%
of his wealth invested in artworks, antiques, jewelry, fine wines, and other luxuries in limited
supply” (2014, p. 20). There is no coincidence that high net worth individual’s set aside 10% of
their investments in wealth building assets. In the qualitative study conducted by Banks (2010)
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“middle-class blacks view art as a source of wealth that can be transferred across generations” (p.
334). In comparison, Banks (2010) and Martin & Prince (2008) identified material possessions
as a method to reinforce the individual social class standing (p. 333; p. 67). Furthermore, French
billionaire, Francois Pinault, kept his art collection secretive and hidden from the public eye,
later stating “I feel an obligation to share my passion” leading to the conversion of his 18th
century palace into an art museum (Adams, 2006, p. 80). Through these examples, ownership of
artwork influence people in way that compels the owner to share what brings them joy and
fulfillment.
With any financial investment, varying consumer risks are present. Purchases of fine art
by wealthy art collectors, are able to absorb the “illiquidity” transaction cost risks that
accompany the acquisition of collectibles (Dimson & Spaenjers, 2014 p. 23). Additionally, the
novice art collectors face other investment risks such as trends, fluctuating tastes and scams
(Dimson & Spaenjers, 2014 p. 24). The average consumer when combined with other risks, on
top of, determining the best method to spend their financial resources, results in placing
purchasing art at the lower end of priorities. Despite these potential woes, Dimson & Spaenjers
concluded “the motivations for putting money in collectibles have always been a complex mix of
the financial and the emotional. However, the long period of uncertainty in financial markets has
made many investors think about collectible luxury goods as an alternative store of value” (2014,
p. 24).
As previously mentioned, artwork can be a costly investment for a collector with limited
financial resources. The millennial generation, although considered financially savvy, is also
miserly in spending recreational funds. The challenge for artist, gallery owners, and art dealers is
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being able to show millennials the value of the art investment. Peggy Guggenhiem (1960)
candidly stated in a documentary “I had no idea then what Pollock paintings would be worth; I
never sold one for more than a thousand dollars when I left America in 1947, not one gallery
would take over my contract” (p.1134). To this point, millennials have a rich opportunity to
acquire works of art from this 21st century in their peer group. The amount of creative talent
being produced from the millennial generation as well as the rising youth of Generation Z, will
enable the chance to possess works of art with the same monetary value to that of a Pollock
painting.
Theoretical Framework
The areas of exposure to art, artistic understanding, investments and consumer risks
critiqued from the academic literature, translate further in this conceptual theoretical framework
in Figure 1. Upon examination of the academic literature, the independent variables guided the
basis of the survey instrument for data collection and formulated the research questions this
study addressed. This study pulled from these independent variables to build the arguments and
support the claim of investments in original art as wealth building assets. In Figure 2, millennials
are categorized under the Civic generational type with many characteristics attributed to values
of community and duty (Strauss & Howe, 1991, p. 365). By understanding the peer personality
of the millennial generation, this research was able to analyze the data collected from a new
generational perspective.
Dependent Variable (DV). Financial Independence for Millennials through Investments
in Original Art. To offer millennials a method to gain financial independence, this dependent
variable is impacted by several variables positively and negatively. As previously mentioned by
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Marshall & Forrest (2011) art buyers fall into three types, where the motivation to purchase art is
based on the person’s long term needs (p. 119). By examining the art buyer who purchases
artwork for the enjoyment of ownership, this information will determine if the positive or
negative relationship with the artist increases more purchases of original art. In order to
determine what motivates millennials to consistently purchase original art, these considerations
were addressed to conclude which factors hold the greatest impact for art collectors.
Independent Variable one (IV1). Exposure to Art. The methods people are exposed to
art varies between visiting an artist studio, museums, galleries, as well as art fairs. These
resources are abundant and give art collectors consistent exposure tailored to their needs.
Benefits of using the internet for art exposure, offers potential collectors the access to view
artwork regardless of the distance between the buyer and seller (Quesenberry & Sykes, 2008 p.
127).
Independent Variable two (IV2). Artistic Understanding. Scholars determined artworks
possess values measured in terms at the moments they are produced by the artist and not by the
money exchanged, thus creating a gift exchange relationship between the two parties
(Rosenstein, 2004, p. 65). These findings suggest that when exposed to art and having a
connection to the piece, people are impacted by the experience. When the art collector and the
artist transact in the mind frame of gifting, long term bonds are developed. This idea is supported
by scholars Quesenberry & Sykes (2008) proclaiming “buying art forms an emotional connection
with the artist: the collector enables the artist to continue creating art. The purchase also makes a
statement about the collector” (p. 122).
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Independent Variable three (IV3). Investment and Consumer Risks. Several associated
investment risk can thwart a person from acquiring costly pieces of artwork. Investing in art is
expressed in terms of being a “floating crap game” and with all elements being equal, artists
have similar chances of becoming famous. (Valsan 2002, p. 203). The individual art collector has
to be able to absorb the risks that a purchase may or may not lead to a financial capital gain.
Furthermore, scholars suggest “knowing what to buy, how much, and from where are important
considerations in investing in art” (Quesenberry & Sykes 2008, p. 127).
Moderating Variables (MV). Trends in art, beliefs in the value of art, and artistic
experiences. Both the dependent and independent variables are highly weighted upon the
positive and negative fluctuations of these moderating variables. As previously stated, art is
subjective and its aesthetic fulfillment is based solely upon each person. Lim (2013) states
viewing artwork can ignite memories of past or present experiences for the individual, even if the
artwork is not directly related to the circumstance (p. 139). To Lim’s point, millennials value
experiences and through the use of social media, the ability to share is imprinted into daily life of
the millennial. Artists can capture these moments of experiences through the artwork and
develop the type of trends that will appeal to this generation.
Intervening Variables. Demographics (Age, Race/Ethnicity, and Income). Due to the
fluctuating costs associated with fine art, ranging from hundreds to thousands of dollars, these
intervening variables might determine the spending ceilings that the millennial generation is
willing to spend on art purchases.
FINANCIAL INDEPENDENCE FOR MILLENNIALS
Exposure to Art Intervening variables: Millennials, race/ethnicity, and income Ar;s;c Understanding Investments and Consumer Risks Modera;ng varialbes: Trends in art, beliefs in the value of art, and ar;s;c experiences 20
Dependent variable: Financial independence for millennials through investments in original art Figure 1. Theoretical framework of financial independence for millennials through investments
in original art.
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Figure 2. Peer Personalities by Generational Type
Summary
In this chapter, I discussed and examined, key factors that contribute to offering
millennials an alternative perspective for wealth acquisition by purchasing art. Exposure to art,
levels of artistic understanding, and investment risks show how art can be used beyond its
aesthetic beauty. Through this research study, the goal is not only to highlight art appreciation
and its benefactors, but provide a method to select art using the art for wealth prescriptive model.
The next chapter discusses the research methodology for this study.
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Research Methods
This research is a quantitative study and used a post-positivist worldview. After review of
the scholarly community’s perspective on research methodology, I concluded that a quantitative
design using a survey instrument would produce the most favorable results for testing the
hypotheses. According to Remler and Van Ryzin (2010), survey research is the most efficient
method of data collection to gather responses directly from the intended target population (p.
212). By selecting to utilize a cross-sectional survey instrument, this research can be replicated
for future generation research studies to mirror the millennial generation peer personality.
Research Questions
This study investigated the impact of several variables for investing in original art to
create financial independence for millennials. Specifically, the research analyzed the relationship
of the moderating variables; trends in art, beliefs in the value of art, and artistic experiences, on
sustaining art appreciation and continuous art investments.
Research Question 1 (RQ1): Does exposure to art affect Millennials plans to invest in
art as a financial strategy?
Null hypothesis one (H01): Exposure to art does not affect Millennials plans to invest in
art as a financial strategy.
Alternate hypothesis one (H1): Exposure to art does affect Millennials plans to invest in
art as a financial strategy.
Research Question 2 (RQ2): Does artistic understanding affect Millennials plans to
invest in art as a financial strategy?
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Null hypothesis two (H02): Artistic understanding does not affect Millennials plans to
invest in art as a financial strategy.
Alternate hypothesis two (Ha2): Artistic understanding does affect Millennials plans to
invest in art as a financial strategy.
Research Question 3 (RQ3): Does investment and consumer risk affect Millennials
plans to invest in art as a financial strategy?
Null hypothesis three (H03): Investment and consumer risk does not affect Millennials
plans to invest in art as a financial strategy.
Alternate hypothesis three (Ha3): Investment and consumer risk does affect Millennials
plans to invest in art as a financial strategy.
Research Question 4 (RQ4): Do factors such as trends in art, belief in the value of art,
and artistic experiences affect Millennials plans to invest in art as a financial strategy?
Null hypothesis four (H04): Factors such as trends in art, belief in the value of art, and
artistic experiences do not affect Millennials plans to invest in art as a financial strategy.
Alternate hypothesis four (Ha4a): Factors such as trends in art do affect Millennials
plans to invest in art as a financial strategy.
Alternate hypothesis four (Ha4b): Factors such as belief in the value of art do affect
Millennials plans to invest in art as a financial strategy.
Alternate hypothesis four (Ha4c): Factors such as artistic experiences do affect
Millennials plans to invest in art as a financial strategy.
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Setting
The recruitment of participants for this research was by group invitation solicitations
using social media platforms Facebook, LinkedIn, Twitter, and Instagram. The invitation asked
participants to respond with their desire to participate and then directed the participants to
complete the informed consent form and survey instrument on Google Drive. This strategy was
selected to recruit the highest number of participants to reach the recommended sample of the
population. By utilizing multiple social media platforms, this study was able to target the
millennial generation across the Washington D.C. metropolitan region.
Population
The population of the study was millennials between the ages of 18 and 35. This group
consisted of individuals from diverse socioeconomic backgrounds and demographics across the
Washington D.C. metropolitan region. The focus around this specific group of millennials was
ideal for adopting the art for wealth prescriptive model. The total population of millennials in the
Washington D.C. metropolitan region exceeded the thresholds of 20,000 and therefore produced
a sample size of 377 participants with a 5.0% margin of error, a 95% confidence interval, and
40% response rate (CheckMarket.com). Participants were recruited through a group event
invitation via social media platforms. A paper application was created from the online survey
instrument and distributed to participants by request. Recruitment materials are found in
Appendix A.
Ethical Considerations
This research study involved work with human participants when completing the survey
instrument. The researcher recognized the potential associated risks for participants involved in a
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research study such as physical, psychological, social, economic, or legal and found minimal
associations of these risks with the survey instrument. To mitigate any potential risks to
participants, the researcher explained in the recruitment materials that participation in this study
was completely voluntary and participants may quit the study survey instrument at any time.
Additionally, the researcher proclaimed the materials and responses collected are solely to be
used for education purposes only and to gain better understanding of how purchases of original
art can be used as an alternative financial investment strategy for wealth building.
The researcher ensured participants confidentiality and privacy indicating that no
participants names will appear on the survey results, and results from the survey will not be
shared with anyone other than the researcher and supervising faculty advisor. Participants were
required to complete and accept the informed consent form prior to continuing to the survey
instrument.
Research Design
For the purposes of this study, the participants were recruited through a group invitation
using various social media platforms. The group invitation consisted of information regarding
the purpose of the research study survey and requested participation from millennials residing in
the Washington D.C. metropolitan area. The group invitation was submitted to multiple network
groups within the social media platforms that effectively targeted millennial participants aged
between 18 and 35. These network groups included, but not limited to, area colleges and
universities, networking professionals, etc. Qualifying participants were asked to accept the
group invitation rsvp and were provided the direct link to Google Drive to complete the informed
consent form. Upon accepting the terms of the consent form, participants were directed to the
FINANCIAL INDEPENDENCE FOR MILLENNIALS
26
next page of the document to begin the survey. Participants completed the survey instrument in
the following order: demographic questions, categorical questions, Likert-scale questions, and
multiple choice questions. The survey would take participants approximately 5-15 minutes to
successfully complete. Upon completion of the survey, participants received a thank you
acknowledgment for their participation.
Tests and Measurement. Once all data was collected from the participant survey
responses, the analysis was completed using IBM SPSS statistical software to determine levels of
significance, strengths, and associations between the variables.
Frequency disclosed the number of cases that repeat within the data set. The use of the
frequency tables aided in analyzing the consistency of responses from the millennial generation
cohort. The survey instrument offered more opportunities to analyze discrete versus continuous
variables, making the use of the frequency measurement most effective to test the hypotheses
(Szafran, 2012, p. 71). This measurement proved the validity of a generation peer personality
with the percentage of valid cases.
Cross tabulations revealed patterns of influence between the independent variables. This
measurement determined how significant the independent variables influence millennials
decisions on purchasing artwork (Szafran, 2012). Furthermore, the use of this measurement
determined if the art for wealth model would be used by the millennial generation. A sample
pairing of variables for this measurement included relationships with the artist and purchases of
art in the last 24 months. As previously mentioned in the Literature review, the prediction of this
pair will validate the characteristics described for millennials where the key attribute is valuing
community and duty (see Figure 3).
FINANCIAL INDEPENDENCE FOR MILLENNIALS
27
Pearson’s Correlation determined the strength of relationships between the variables
with values ranging from -1.00 to 1.00 (Szafran, 2012, p. 219). This study sought to discover
how great an influence each independent variable affected the dependent variable, therefore
bivariate linear regression was used to illustrate these results (Szafran, 2012, p. 218, 242).
One-Sample t test was utilized for the inferential hypothesis testing. This test illustrated
when the null hypothesis is rejected thus showing the results to be statistically significant
(Szafran, 2012, p. 304). For instances where the probability is 0.05 or less, the null hypothesis
will be rejected and the alternative hypothesis will be accepted (Szafran, 2012, p. 299).
Survey Instrument
The survey was created using the forms function in Google docs and a hyperlink to the
survey was generated for participants who consented to participate in the study. The logic behind
the creation of this survey intended to examine the individual perspectives on investing in
original art as a means for financial wealth building. The following are examples from each
survey question type.
Demographic Questions:
Age: Check the box next to your age range:
18 – 25
26 – 30
31 – 35
Race/Ethnicity: Check one
Caucasian
Asian
African-American
FINANCIAL INDEPENDENCE FOR MILLENNIALS
28
Hispanic
Other
Annual income: Check one
$20K - $40K
$40K - $60K
$60K - $80K
$80K and Above
Other
Likert-scaled questions:
I would purchase original art if viewed solely online.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
Constant exposure to art is necessary for me to purchase original art.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
The enjoyment of possessing the artwork is more important to me than the potential for a
future financial gain on my investment.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
Multiple choice questions:
What methods do you use to follow and be exposed to art?
a. Social Media b. Art Organizations c. Festivals d. Networking
What was the total number of original art purchases made within the last 24 months?
a. None b. 1 to 2 c. 3 to 4 d. 5 and Above
FINANCIAL INDEPENDENCE FOR MILLENNIALS
29
Summary
The selected research methodology as described in this chapter captured the participant’s
perceptions on their exposure to art, their levels of artistic understanding, and risk tolerances for
art as an investment. Lastly, through the collection of data under this survey instrument and
analysis of data, the results concluded whether millennials would purchase original artwork as a
wealth building asset.
FINANCIAL INDEPENDENCE FOR MILLENNIALS
30
Results
The core objective of this research study was to identify if millennials would make
purchases of art as a method for future financial wealth building. In an attempt to reach this
objective, I conducted an analysis of the preferred methods of exposure to art, identification of
which methods of exposure resulted in a future purchase, and determined if purchases are based
solely for financial gain or the enjoyment of ownership. The IBM SPSS Statistics software was
used to analyze all of the data collected from the participants of the study. The tests performed
using the statistics software included the following: frequency, cross tabulations, Pearson’s
correlation, and one sample t-test.
Sample
The data collection began March 28, 2015 and concluded April 6, 2015 with a total of 81
participants, which indicates a 10.87% margin of error at a 95% confidence interval. Of the 81
participants, 40 (49.4%) were aged 31 to 35; 26 (32.1%) were aged 18 to 25; and 15 (18.5%)
were aged 26 to 30 (see Table 1). African-Americans were the majority race/ethnicity of the 81
participants totaling 67 (82.7%) and the annual income of $40K to $60K was the majority
response for 24 (29.6%) participants (see Tables 2 and 3). All participants completed the
informed consent form and survey instrument in its entirety.
Table 1. Frequency: Age
Cumulative
Frequency
Valid
Percent
Valid Percent
Percent
18 - 25
26
32.1
32.1
32.1
26 - 30
15
18.5
18.5
50.6
31 - 35
40
49.4
49.4
100.0
Total
81
100.0
100.0
FINANCIAL INDEPENDENCE FOR MILLENNIALS
31
Table 2. Frequency: Race/Ethnicity
Cumulative
Frequency
Valid
African-American
Percent
Valid Percent
Percent
67
82.7
82.7
82.7
Caucasian
8
9.9
9.9
92.6
Hispanic
1
1.2
1.2
93.8
Other
5
6.2
6.2
100.0
Total
81
100.0
100.0
Table 3. Frequency: Annual income
Cumulative
Frequency
Valid
Percent
Valid Percent
Percent
$20K - $40K
21
25.9
25.9
25.9
$40K - $60K
24
29.6
29.6
55.6
$60K - $80K
17
21.0
21.0
76.5
$80K and Above
14
17.3
17.3
93.8
Other
5
6.2
6.2
100.0
Total
81
100.0
100.0
Data Analysis and Coding
Frequency. The following frequency tables were analyzed to determine the collective
responses by the participants on preferred methods of exposure to art and influences on
purchasing artwork. In Table 4 (Preferred Method of Exposure) the top three responses revealed
35 (43.2%) participants preferred social media, 22 (27.2%) participants preferred festivals, and
13 (16.0%) participants preferred art organizations as the methods to follow and be exposed to
art. In Table 5 (Purchases Viewed Online Only) where 1=strongly agree, 2=agree, 3=neither,
4=disagree, 5=strongly disagree, identified the weighted responses of the group falling between
FINANCIAL INDEPENDENCE FOR MILLENNIALS
32
3=neither and 5=strongly disagree. 28 (34.6%) participants responded 3=neither, 19 (23.5%)
participants responded 4=disagree, and 13 (16%) participants responded 5=strongly disagree to
making purchases of art if viewed solely online. In Table 6 (Purchases Viewed at Art Events)
showed the majority 28 (34.6%) participants responded 1=strongly agree and 3 (3.7%)
participants responded 5=strongly disagree to making purchases of art if viewed at a gallery, art
fair, or festival.
Table 4. Frequency: Preferred method of exposure
Valid
Art Organizations
Festivals
Networking
Social Media
Total
Frequency
13
22
11
35
81
Percent
16.0
27.2
13.6
43.2
100.0
Valid Percent
16.0
27.2
13.6
43.2
100.0
Cumulative
Percent
16.0
43.2
56.8
100.0
Table 5. Frequency: Purchases viewed online only
Frequency
Valid
1 - Strongly Agree
2 - Agree
3 - Neither
4 - Disagree
5 - Strongly Disagree
Total
9
12
28
19
13
81
Percent
11.1
14.8
34.6
23.5
16.0
100.0
Valid Percent
11.1
14.8
34.6
23.5
16.0
100.0
Cumulative
Percent
11.1
25.9
60.5
84.0
100.0
Table 6. Frequency: Purchases viewed at art events
Valid
1 - Strongly Agree
2 - Agree
3 - Neither
4 - Disagree
5 - Strongly Disagree
Total
Frequency
28
27
13
10
3
81
Percent
34.6
33.3
16.0
12.3
3.7
100.0
Valid Percent
34.6
33.3
16.0
12.3
3.7
100.0
Cumulative
Percent
34.6
67.9
84.0
96.3
100.0
FINANCIAL INDEPENDENCE FOR MILLENNIALS
33
Furthermore, in Tables 7 to 9 (Purchases Only for Future Gain, Purchases of Dislikes for
Future Gain, and Enjoyment of Possession Most Important) 27 (33.3%) participants disagreed to
only purchasing art for a future financial gain; 23 (28.4%) participants disagreed to purchasing
art that was disliked but offered a future financial gain; and 23 (28.4%) participants agreed that
the enjoyment of possessing the artwork was more important than the potential for a future
financial gain.
Table 7. Frequency: Purchases only for future gain
Frequency
Valid
1 - Strongly Agree
2 - Agree
3 - Neither
4 - Disagree
5 - Strongly Disagree
Total
6
9
16
27
23
81
Percent
7.4
11.1
19.8
33.3
28.4
100.0
Valid Percent
7.4
11.1
19.8
33.3
28.4
100.0
Cumulative
Percent
7.4
18.5
38.3
71.6
100.0
Table 8. Frequency: Purchases of dislikes for future gain
Frequency
Valid
1 - Strongly Agree
2 - Agree
3 - Neither
4 - Disagree
5 - Strongly Disagree
Total
6
15
22
23
15
81
Percent
7.4
18.5
27.2
28.4
18.5
100.0
Valid Percent
7.4
18.5
27.2
28.4
18.5
100.0
Cumulative
Percent
7.4
25.9
53.1
81.5
100.0
FINANCIAL INDEPENDENCE FOR MILLENNIALS
34
Table 9. Frequency: Enjoyment of possession most important
Valid
1 - Strongly Agree
2 - Agree
3 - Neither
4 - Disagree
5 - Strongly Disagree
Total
Frequency
19
23
19
12
8
81
Percent
23.5
28.4
23.5
14.8
9.9
100.0
Valid Percent
23.5
28.4
23.5
14.8
9.9
100.0
Cumulative
Percent
23.5
51.9
75.3
90.1
100.0
Cross Tabulations. In Table 10 (Purchases in Last 24 Months and Enjoy Art Events)
results showed the relationship between the dependent and independent variables. Of the 81
responses 32 (94.10%) participants who enjoyed visiting art events made at least 1 to 2 purchases
of art in the last 24 months and 9 (27.30%) participants who did not enjoy visiting art events did
not make any purchases of art in the last 24 months.
Table 10. Cross tabulation: Purchases in last 24 months and enjoy art events
Enjoy Visiting Art Events (IV)
Total
1 to 2
PUR in Last
24Months (DV)
3 to 4
5 and
above
None
Total
FALSE
TRUE
Count
2
32
34
% within PUR in Last
24Months
5.90%
94.10%
100.00%
Count
0
11
11
% within PUR in Last
24Months
0.00%
100.00%
100.00%
Count
0
3
3
% within PUR in Last
24Months
0.00%
100.00%
100.00%
Count
% within PUR in Last
24Months
9
24
33
27.30%
72.70%
100.00%
Count
11
70
81
% within PUR in Last
24Months
13.60%
86.40%
100.00%
FINANCIAL INDEPENDENCE FOR MILLENNIALS
35
In Table 11 (Purchases in Last 24 Months and Artist Relationship) 10 (29.4%)
participants who agreed that the relationship with the artist influences purchases of art made at
least 1 to 2 purchases in the last 24 months and 7 (21.2%) who strongly disagreed that the
relationship with the artist influences purchases of art did not make any purchases in the last 24
months.
Table 11. Cross tabulations: Purchases in last 24 months and artist relationship
1 to 2
3 to 4
PUR in Last
24Months
5 and above
None
Total
Count
% within PUR in
Last 24Months
Count
% within PUR in
Last 24Months
Count
% within PUR in
Last 24Months
Count
% within PUR in
Last 24Months
Count
% within PUR in
Last 24Months
Artist Relationship Influences PUR
1.0
2.0
3.0
4.0
5.0
7
10
9
4
4
Total
34
20.6%
29.4%
26.5%
11.8%
11.8%
100.0%
2
3
3
3
0
11
18.2%
27.3%
27.3%
27.3%
0.0%
100.0%
1
1
0
1
0
3
33.3%
33.3%
0.0%
33.3%
0.0%
100.0%
4
11
8
3
7
33
12.1%
33.3%
24.2%
9.1%
21.2%
100.0%
14
25
20
11
11
81
17.3%
30.9%
24.7%
13.6%
13.6%
100.0%
Pearson’s Correlation. In Table 12 (Correlations: Exposure and Purchases) results
revealed significant correlations between the dependent variable, investments in original art and
the independent variables. Two identical strong negative relationships emerged for Purchases
Viewed at Art Events/No Pur Regardless of View (-.402, .000, 81) and Purchases Viewed at Art
Events/Pur Only for Future Gain (-.402, .000, 81). The results of these two correlation tables
indicates that as Purchases Viewed at Art Events increases then No Purchases Regardless of
View decreases and Purchases Only for Future Gain decreases. The table showed a strong
positive relationship for Purchases Only for Future Gain/No Pur Regardless of View (.423, .000,
FINANCIAL INDEPENDENCE FOR MILLENNIALS
36
81) and Purchases Viewed Online Only/Enjoyment of Possession Most Imp (.400, .000, 81).
Moderate positive relationships were indicated for Exposure Critical for Pur/Pur Only for Future
Gain (.332, .002, 81), Exposure Critical for Pur/Pur at 1K or more (.358, .001, 81), Pur Viewed
at Art Events/Enjoyment of Possession Most Imp (.382, .000, 81), and Pur Viewed at Art
Events/Pur at 1K or more (.345, .002, 81). Additionally, two negative moderate relationships
occurred for Pur Viewed Online Only/No Pur Regardless of View (-.256, .21, 81) and No Pur
Regardless of View/Enjoyment of Possession Most Imp (-.302, .006, 81). Several of these results
indicate that millennials place great decision making around if the art presented and the attended
events yields a satisfying affect to be worthy of the purchase.
Table 12. Correlations: Exposure and purchases
Exposure
Critical
for PUR
PUR
Viewed
at
ArtEvent
s
PUR
Viewed
OnlineO
nly
NO PUR
Regardle
ss of
Pearson
Correlatio
n
Sig. (2tailed)
N
Pearson
Correlatio
n
Sig. (2tailed)
N
Pearson
Correlatio
n
Sig. (2tailed)
N
Pearson
Correlatio
n
Exposur
eCritica
l for
PUR
PUR
Viewed
at
ArtEvent
s
PUR
Viewed
OnlineOnl
y
NO PUR
Regardles
s of View
PUR Only
for
FutureGai
n
Enjoymen
t of
Possessio
n
MostImp
1
0.113
-0.062
0.023
.332**
0.107
0.316
0.585
0.837
0.002
0.34
81
81
81
81
81
81
0.113
1
0.184
-.402**
-.402**
.382**
0.1
0
0
0
0.316
81
81
81
81
81
81
-0.062
0.184
1
-.256*
-0.218
.400**
0.585
0.1
0.021
0.05
0
81
81
81
81
81
81
0.023
-.402**
-.256*
1
.423**
-.302**
PUR
at
1K
or
more
.358*
*
0.00
1
81
.345*
*
0.00
2
81
0.09
3
0.40
7
81
0.11
6
FINANCIAL INDEPENDENCE FOR MILLENNIALS
View
PUR
Only for
FutureGa
in
Enjoyme
nt of
Possessi
on
MostImp
PUR at
1K or
more
Sig. (2tailed)
N
Pearson
Correlatio
n
Sig. (2tailed)
N
Pearson
Correlatio
n
Sig. (2tailed)
N
Pearson
Correlatio
n
Sig. (2tailed)
N
37
0
0.006
81
81
81
-0.218
.423**
1
-.257*
0
0.05
0
81
81
81
81
81
81
0.30
4
81
0.00
2
0.98
6
81
0.107
.382**
.400**
-.302**
-.257*
1
0.08
0.34
0
0
0.006
0.021
81
81
81
81
81
81
0.47
9
81
.358**
.345**
0.093
-0.116
-0.002
0.08
1
0.001
0.002
0.407
0.304
0.986
0.479
81
81
81
81
81
81
0.837
0
0.021
81
81
81
.332**
-.402**
0.002
0.021
81
In Table 13 (Correlations: Artistic Understanding and Purchases) results revealed a
strong positive relationship for Purchases Only for Future Gain/Pur Dislikes for Future Gain
(.494, .000, 81). There were several moderate positive and negative significant relationships
identified: Artistic Understanding Critical for Pur/Artist Relationship Influences Pur (.256, .021,
81), Artistic Understanding Critical for Pur/Purchases Only for Future Gain (.243, .029, 81),
Artistic Understanding Critical for Pur/Pur at 1K or More (.287, .009, 81), Artist Relationship
Influences Pur/Pur at 1K or More (.278, .012, 81), and Enjoyment of Possession Most
Imp/Purchases Only for Future Gain (-.257, .021, 81). These correlations further reveal
millennials value an experience and ownership of the works of art.
FINANCIAL INDEPENDENCE FOR MILLENNIALS
38
Table 13. Correlations: Artistic understanding and purchases
Artistic
Understandin
g Critical for
PUR
Artist
Relationship
Influences
PUR
Enjoyment of
Possession
MostImp
PUR Only for
FutureGain
PUR Dislikes
for
FutureGain
PUR at 1K or
more
Pearson
Correlatio
n
Sig. (2tailed)
N
Pearson
Correlatio
n
Sig. (2tailed)
N
Pearson
Correlatio
n
Sig. (2tailed)
N
Pearson
Correlatio
n
Sig. (2tailed)
N
Pearson
Correlatio
n
Sig. (2tailed)
N
Pearson
Correlatio
n
Sig. (2tailed)
N
Artistic
Understandin
g Critical for
PUR
Artist
Relationshi
p
Influences
PUR
Enjoyme
nt of
Possessio
n
MostImp
PUR Only
for
FutureGai
n
PUR
Dislikes
for
FutureGai
n
PUR
at
1K
or
more
1
.256*
0.078
.243*
0.142
0.021
0.489
0.029
0.208
81
81
81
81
81
0.00
9
81
.256*
1
0.099
0.199
0.003
.278*
0.381
0.075
0.976
.287*
*
81
81
81
81
81
0.01
2
81
0.078
0.099
1
-.257*
-0.003
0.08
0.489
0.381
0.021
0.976
81
81
81
81
81
.243*
0.199
-.257*
1
.494**
0.029
0.075
0.021
81
81
81
81
81
0.142
0.003
-0.003
.494**
1
0.208
0.976
0.976
0
81
81
81
81
81
0.47
9
81
0.00
2
0.98
6
81
0.01
2
0.91
3
81
.287**
.278*
0.08
-0.002
-0.012
1
0.009
0.012
0.479
0.986
0.913
81
81
81
81
81
0.021
0
81
Furthermore, in Table 14 (Correlations: Risks and Purchases) results revealed one
moderate positive relationship for Pur Influenced by Art Forgeries Risk/Artist Relationship
FINANCIAL INDEPENDENCE FOR MILLENNIALS
39
Influence Pur (.280, .011, 81). The other significant relationship indicated under this table was
previously addressed in Tables 12-13. Therefore, only the risk related relationship was
highlighted for Table 14.
Table 14. Correlations: Risks and purchases
PUR
Influenced
by Art
Forgeries
Risk
NO PUR
Regardless
of View
Artist
Relationshi
p
Influences
PUR
PUR Only
for
FutureGain
PUR
Dislikes for
FutureGain
Enjoyment
of
Possession
MostImp
PUR at 1K
or more
Pearson
Correlation
Sig. (2tailed)
N
Pearson
Correlation
Sig. (2tailed)
N
Pearson
Correlation
Sig. (2tailed)
N
Pearson
Correlation
Sig. (2tailed)
N
Pearson
Correlation
Sig. (2tailed)
N
Pearson
Correlation
Sig. (2tailed)
N
Pearson
Correlation
Sig. (2tailed)
N
PUR
Influence
d by Art
Forgeries
Risk
NO PUR
Regardle
ss of
View
Artist
Relations
hip
Influences
PUR
PUR
Only
for
Future
Gain
PUR
Dislik
es for
Future
Gain
Enjoymen
t of
Possessio
n
MostImp
PUR
at 1K
or
more
1
-0.155
.280*
0.05
0.092
0.092
0.093
0.168
0.011
0.66
0.412
0.413
0.411
81
81
81
81
81
81
81
-0.155
1
0.069
.423**
.301**
-.302**
-0.116
0.538
0
0.006
0.006
0.304
0.168
81
81
81
81
81
81
81
.280*
0.069
1
0.199
0.003
0.099
.278*
0.011
0.538
0.075
0.976
0.381
0.012
81
81
81
81
81
81
81
0.05
.423**
0.199
1
.494**
-.257*
-0.002
0.66
0
0.075
0
0.021
0.986
81
81
81
81
81
81
81
0.092
.301**
0.003
.494**
1
-0.003
-0.012
0.412
0.006
0.976
0
0.976
0.913
81
81
81
81
81
81
81
0.092
**
0.099
-.257
*
-0.003
1
0.08
0.413
0.006
0.381
0.021
0.976
81
81
81
81
81
81
81
0.093
-0.116
.278
*
-0.002
-0.012
0.08
1
0.411
0.304
0.012
0.986
0.913
0.479
81
81
81
81
81
81
-.302
0.479
81
FINANCIAL INDEPENDENCE FOR MILLENNIALS
40
One-Sample t test. Tables 15 and 16 (One-Sample Statistics/Test: Exposure, Artistic
Understanding, Risks and Purchases) tested the hypotheses of the four research questions of this
study. For RQ1: Does exposure to art affect millennials plans to invest in art as a financial
strategy? The results revealed the relationship for label Exposure Critical for Pur (-.363, 80,
.717) is not significant. This indicates the researcher should accept the Null hypothesis that
exposure to art does not affect millennials plans to invest in art as a financial strategy and rejects
the alternative.
For RQ2: Does artistic understanding affect millennials plans to invest in art as a
financial strategy? The results revealed the relationship for label Artistic Understanding Critical
for Pur (-.092, 80, .927) is not significant. This indicates the researcher should accept the Null
hypothesis that artistic understanding does not affect millennials plans to invest in art as a
financial strategy and rejects the alternative.
For RQ3: Does investment and consumer risks affect millennials plans to invest in art as
a financial strategy? The results revealed the relationship for labels Pur Only for Future Gain
(4.745, 80, .000), Enjoyment of Possession Most Imp (-2.881, 80, .005), Pur Dislikes for Future
Gain (2.424, 80, .018), Pur at 1K or More (2.411, 80, .018), and Pur Influenced by Art Forgeries
Risk (2.558, 80, .012) is significant at the 95% confidence level with 5% margin of error. This
indicates the researcher should accept the Alternative hypothesis that investments and consumer
risks does affect millennials plans to invest in art as a financial strategy and rejects the null.
For RQ4: Do factors such as trends in art, belief in the value of art, and artistic
experiences affect millennials plans to invest in art as a financial strategy? The results revealed
the relationship for labels Pur Influenced by Trends (3.598, 80, .001), Pur Influenced by Art
FINANCIAL INDEPENDENCE FOR MILLENNIALS
41
Value Beliefs (-2.491, 80, .015), and Pur Influenced by Art Experiences (-2.768, 80, .007) is
significant at the 95% confidence level with 5% margin of error. This indicates the researcher
should accept the Alternative hypotheses that factors in art, belief in the value of art, and art
experiences do affect millennials plans to invest in art as a financial strategy and rejects the null.
Table 15. One-sample statistics - Exposure, artistic understanding, risks and purchases
N
Std.
Deviation
Mean
Std. Error
Mean
Exposure Critical for PUR
81
2.951
1.2237
0.136
Artistic Understanding Critical for PUR
81
2.988
1.2093
0.1344
Artist Relationship Influences PUR
81
2.753
1.2799
0.1422
PUR Only for Future Gain
81
3.642
1.2177
0.1353
Enjoyment of Possession Most Imp
PUR Dislikes for Future Gain
PUR Influenced by Art Forgeries Risk
PUR at 1K or more
PUR Influenced by Trends
PUR Influenced by Art Value Beliefs
PUR Influenced by Art Experiences
81
81
81
81
81
81
81
2.593
3.321
3.333
3.370
3.469
2.667
2.667
1.2726
1.1919
1.1726
1.3824
1.1735
1.2042
1.0840
0.1414
0.1324
0.1303
0.1536
0.1304
0.1338
0.1204
Table 16. One-sample test: exposure, artistic understanding, risks, and purchases
Test Value = 3
t
Exposure Critical for PUR
Artistic Understanding Critical
for PUR
Artist Relationship Influences
PUR
PUR Only for Future Gain
Enjoyment of Possession Most
Imp
Sig. (2tailed)
df
Mean
Difference
95%
Confidence
Interval of
the
Difference
95%
Confidence
Interval of
the
Difference
Lower
Upper
-0.363
80
0.717
-0.0494
-0.32
0.221
-0.092
80
0.927
-0.0123
-0.28
0.255
-1.736
80
0.086
-0.2469
-0.53
0.036
4.745
80
0
0.642
0.373
0.911
-2.881
80
0.005
-0.4074
-0.689
-0.126
FINANCIAL INDEPENDENCE FOR MILLENNIALS
42
PUR Dislikes for Future Gain
PUR Influenced by Art Forgeries
Risk
2.424
80
0.018
0.321
0.057
0.585
2.558
80
0.012
0.3333
0.074
0.593
PUR at 1K or more
2.411
80
0.018
0.3704
0.065
0.676
PUR Influenced by Trends
PUR Influenced by Art Value
Beliefs
PUR Influenced by Art
Experiences
3.598
80
0.001
0.4691
0.21
0.729
-2.491
80
0.015
-0.3333
-0.6
-0.067
-2.768
80
0.007
-0.3333
-0.573
-0.094
Summary
In this chapter, I discussed the results of the data collected from the survey instrument
using the IBM SPSS Statistics software. The core objective of this research study was achieved
through the analysis of the test results performed from the frequency, cross tabulations,
Pearson’s correlation, and one-sample t test. In the next and final chapter, the significance of
these results are discussed and determined if the art for wealth model would be beneficial for
millennial art collectors.
FINANCIAL INDEPENDENCE FOR MILLENNIALS
43
Discussion
This study aimed to investigate investing in original art as an alternative wealth building
asset to create financial independence for millennials. In this final chapter, I will discuss the
significant findings from the analysis and tests of the data. Furthermore, the recommendations
and art for wealth model will be addressed.
Research Questions
Research Question 1 (RQ1): Does exposure to art affect Millennials plans to invest in
art as a financial strategy?
Null hypothesis one (H01): Exposure to art does not affect Millennials plans to invest in
art as a financial strategy.
Alternate hypothesis one (H1): Exposure to art does affect Millennials plans to invest in
art as a financial strategy.
Based on the results in Tables 15 and 16 One-Sample t test, the label Exposure Critical
for Pur (-.363, 80, .717) was greater than .05 and found not significant. This study accepted the
null hypothesis that states exposure to art does not affect millennials plans for art investments.
The participants indicated they can effectively make purchases of art without having the need for
constant exposure through social media and/or art festivals. Typically, the goal of hypothesis
testing is to test the null hypotheses in the study. For this question, the null is accepted and which
shows that the respondents can make purchases in art based on internal as well as external
influences. Interestingly, the correlation results in Table 12 indicated purchases of one thousand
dollars or more was significant with exposure to art. Additionally, more than four significant
relationships under Table 12 revealed the effects of art viewed at art events with purchases. This
FINANCIAL INDEPENDENCE FOR MILLENNIALS
44
information informs the researcher that further probing is needed surrounding how millennials
define exposure to art.
Research Question 2 (RQ2): Does artistic understanding affect Millennials plans to
invest in art as a financial strategy?
Null hypothesis two (H02): Artistic understanding does not affect Millennials plans to
invest in art as a financial strategy.
Alternate hypothesis two (Ha2): Artistic understanding does effect Millennials plans to
invest in art as a financial strategy.
Based on the results of the one-sample t test found in Tables 15 and 16, the label Artistic
Understanding Critical for Pur (-.092, 80, .927) was greater than .05 and found not significant.
The researcher can accept the null hypothesis that artistic understanding does not affect
millennials plans for art investments. Similarly to the findings mentioned for RQ1, these results
further indicate external influences to persuade a person to purchase artwork is not always
necessary. However, correlations results revealed significance between the artist relationship and
collector for obtaining artistic knowledge. Further, the results also show the artist relationship
has an effect on the collector’s decision making to purchase artwork above one thousand dollars.
Research Question 3 (RQ3): Does investment and consumer risk affect Millennials
plans to invest in art as a financial strategy.
Null hypothesis three (H03): Investment and consumer risk does not affect Millennials
plans to invest in art as a financial strategy.
Alternate hypothesis three (Ha3): Investment and consumer risk does effect Millennials
plans to invest in art as a financial strategy.
FINANCIAL INDEPENDENCE FOR MILLENNIALS
45
Based on the results of the one-sample t test found in Tables 15 and 16, labels Pur Only
for Future Gain (4.745, 80, .000); Enjoyment of Possession Most Imp (-2.881, 80, .005); Pur
Dislikes for Future Gain (2.424, 80, .018); Pur at 1K or More (2.411, 80, .018), and Pur
Influenced by Art Forgeries Risk (2.558, 80, .012) were less than .05 and found significant. The
researcher can accept the Alternative hypothesis that investments and consumer risks does affect
millennials plans to invest in art as a financial strategy and rejected the null.
Research Question 4 (RQ4): Do factors such as trends in art, belief in the value of art,
and artistic experiences affect Millennials plans to invest in art as a financial strategy?
Null hypothesis four (H04): Factors such as trends in art, belief in the value of art, and
artistic experiences do not effect Millennials plans to invest in art as a financial strategy.
Alternate hypothesis four (Ha4a): Factors such as trends in art do effect Millennials
plans to invest in art as a financial strategy.
Alternate hypothesis four (Ha4b): Factors such as belief in the value of art do effect
Millennials plans to invest in art as a financial strategy.
Alternate hypothesis four (Ha4c): Factors such as artistic experiences do effect
Millennials plans to invest in art as a financial strategy.
Based on the results of the one-sample t test found in Tables 15 and 16, for labels Pur
Influenced by Trends (3.598, 80, .001), Pur Influenced by Art Value Beliefs (-2.491, 80, .015),
and Pur Influenced by Art Experiences (-2.768, 80, .007) were less than .05 and found
significant. The Alternative hypotheses were accepted that factors of trends in art, belief in the
value of art, and art experiences do affect millennials plans to invest in art as a financial strategy
FINANCIAL INDEPENDENCE FOR MILLENNIALS
46
and rejected the null. Of all of the hypothesis testing, RQ4 describes the factors that need
longitudinal examination as each generation matures and new generations are formed.
Conclusions
Reflecting back to the theoretical framework of this study, the results of this study
identified two of the three independent variables, exposure to art and artistic understanding have
minimal impact on financial independence through investments in original art. The analysis of
millennials perspective on art investing, offers researchers a new set of variables for future
studies surrounding this research problem. First, the variables Enjoyment of Possession and
Ownership, Cost threshold for Art Purchase, and Artist/Collector Relationship were selected
based on the correlation results shown in Tables 12-14. The results indicated that millennials are
strongly influenced to purchase artwork based on the art events attended and the relationships
developed with the artist. Social media offers artists the initial methods to seek potential
collectors, but based on the findings of this research, the driving force to secure the millennial
collector stems from how well the artist, art dealer, gallery owner, or museum program can
imprint an experience for the millennial generation. This generation cohort experienced many
economic and societal challenges where art can be translated to ease the constant social
concerns. Artist can use these challenges to create works of art that trend to the social issues.
These trends in art will create the lasting imprint necessary for the millennial collector to value
the work of art over a long period of time and enable the desire to purchase the art.
Second, the focus of this research was the millennial generation, however there are three
other generation types (Baby Boomers, Gen X, and Gen Z) that are significant for future
examination on investing in art. This information was discovered during the process of
FINANCIAL INDEPENDENCE FOR MILLENNIALS
47
recruitment for the survey. Many participants who did not qualify expressed interest in
participating, many of the interest were from the Gen X cohort. Based on this discovery, a
longitudinal generation study may be performed for subsequent young adults. To test the
reliability of data between the relationships of past and present generation cohorts, this study
suggest opening the survey instrument to all four generation cohort types. By analyzing the data
across the generation types, the results will determine if the peer personalities continues to
follow a cyclical pattern. However, due to the time constraints of this study, these measurements
were not utilized. Last, new data collection will infer peer personality recycling of future
generations is perpetual and validate the usefulness of the art for wealth investment model.
Recommendation and Implications
Warren Buffett says “What we learn from history is that people don’t learn from history”
(Dzombak, 2014, p.1). This notable quote from Buffett ties seamlessly with the rigor to develop
a prescriptive art investment model for millennials. The critical component in the development of
the “Art for Wealth Almanac” was to thoroughly examine how past generational cohorts repeat a
cycle of peer personality traits. From the findings of this research, millennials have indicated a
recurring peer personality of community and experience which directly aligns with the theories
presented by Strauss and Howe as previously discussed in Figure 2.
Moreover, in an attempt to offer millennial art collectors the most useful resource for
acquiring artwork, this prescriptive model gears to transfer an appreciation of fine art into a
wealth building strategy for financial independence. In doing so, a generational theory approach
was adopted based on theorists Strauss and Howe. The two generation cohort types, Civic and
Adaptive, were further examined dating back to the 17th Century to identify the reoccurring
FINANCIAL INDEPENDENCE FOR MILLENNIALS
48
patterns of generation endowments. Strauss and Howe (1991) named the Civic Glorious
Generation as America’s first secular optimists (p. 139). The 18th century Civic Republican
Generation fulfilled their peer endowment through decades of crisis establishing political and
social order (Strauss and Howe, 1991, p.172). Civic G.I. Generation of the 19th century were
deemed America’s confident and rational problem solvers (Strauss and Howe, 1991, p. 261). All
of the Civic generations as described by Strauss and Howe, imitated the same peer personality
patterns of a hero (see Figure 2). To this point, Civic Millennials show characteristics of the
heroic peer personality indicating the next generation to follow will be the Adaptive generation
cohort type whose key attributes are expertise in skill.
In Figure 3, the chart labels the dominant/recessive generations and key characteristics of
endowments typical of each cohort type. Throughout history, the Adaptive generation has
consistently exhibited high levels of expertise in skill sets. Strauss and Howe (1991) state
“arming themselves with impressive credentials, they hoped to make up in expertise what they
obviously lacked in ruggedness” (p. 224). As we slowly begin to welcome Gen Z, the next
Adaptive generation, this study concludes this generation type will fulfill their endowment of
significant artistic advancement and innovation.
FINANCIAL INDEPENDENCE FOR MILLENNIALS
49
Figure 3. Principle endowment activities by generation type
Summary
In closing, the core objective of this research study was to identify if millennials would
make purchases of art as a method for future financial wealth building. The purpose of this
objective was to offer millennials a resource to enable future financial independence by
acquiring items they would hold valuable. As previously mentioned in the Literature Review
chapter, buying art possesses the same emotion as falling in love, and in doing so, the person
should consider their long-term intentions for owning the art (Oleck, 1999, p. 160). In an attempt
to reach this objective, the data analysis of the preferred methods of exposure to art,
identification of which methods of exposure resulted in a future purchase, and if purchases are
based solely for financial gain or the enjoyment of ownership showed that millennials are most
concern with the enjoyment of ownership versus the future gain. Of the 81 responses 32
(94.10%) participants who enjoyed visiting art events made at least 1 to 2 purchases of art in the
FINANCIAL INDEPENDENCE FOR MILLENNIALS
50
last 24 months and 9 (27.30%) participants who did not enjoy visiting art events did not make
any purchases of art in the last 24 months. These results further validated how the experience
received at art events propels millennials to purchase art. This information provides leadership of
nonprofit art organizations and art associations the opportunity to thoroughly review the
programming objectives to maximize engagement of the attendees.
FINANCIAL INDEPENDENCE FOR MILLENNIALS
51
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FINANCIAL INDEPENDENCE FOR MILLENNIALS
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Appendices
Appendix A: Recruitment Materials
Greetings,
My name is Yalonda McQuinn and I am a graduate student at Trinity Washington
University. I am studying Non Profit Management under the Master of Science Administration
graduate program. I am sending this letter to explain why I would like you to participate in my
research study.
This study recognizes the hardships that individuals face in securing financial
independence due to continuous instances of unethical corporate leadership, economic recession,
reduced job opportunities, all of which impact the health of retirement. Financial resources and
guides provide investors with multiple methods to place their assets for wealth building, but lack
in promoting the awareness and values of purchasing original art.
The intent of this quantitative research study is to examine the levels of artistic
understanding and appreciation among the millennial generation. Through this examination, this
study will offer a prescriptive model to transfer this art appreciation into wealth building
investments for financial independence. The Millennial generation is faced with societal
pressures and competition to possess a sustained quality of life with the mass media influence of
over-indulgence. Although this study is conducted on a small scale of data collection, the
research problem spans across multiple areas of knowledge that can be transferred to business
organizations, and psychological and economic queries to create a sustainable model for future
generations hereafter.
With your permission; I will ask you to complete a 12 questioned survey. The survey
would take about approximately 15-20 minutes. Your participation in this study is completely
voluntary and you may quit this study at any time. There are minimal risks involved; this study
will be used for education purposes only, as I seek to gain better understanding of how purchases
of original art can aid as an alternative financial investment strategy.
To protect your confidentiality, your name will not appear on the survey, I will only use
data and results from the survey, without including your name. This survey will not be shared
with anyone other than myself, Yalonda McQuinn (student researcher) and faculty advisor Dr.
Kelley Wood, at Trinity Washington University. If you have any questions or if you would like
to receive a final copy of this research study after completion, please feel free to contact me at
(410) 440-0665.
FINANCIAL INDEPENDENCE FOR MILLENNIALS
55
This letter will serve as a consent form for your participation and will be kept in my
personal locked file for a minimal of three years after completion of the study. If you have any
questions about this research, please call Dr. Kelley Wood, my research supervisor for this
project or the School of Business and Graduate Studies at Trinity Washington University at (202)
884-9620.
Sincerely,
Yalonda McQuinn
MSA Non Profit Management Candidate 2015
FINANCIAL INDEPENDENCE FOR MILLENNIALS
56
Appendix B: Informed Consent Form
Financial Independence for Millennials through Investments in Original Art
I would like to invite you to participate in a research study examining investments in original art
as a wealth building asset, which will add to the knowledge related to alternative methods for investing to
secure financial independence. The data collected in this study will help fulfill the requirements for a
Master of Science in Administration in Non Profit Management at Trinity Washington University. I am
under the supervision of my faculty advisor Dr. Kelley Wood.
Participation Requires of You: To complete the research survey instrument that will assist the
researcher in gaining your valuable insights on exposure to art, artistic understanding on art, and risk
tolerance levels for purchasing original art.
Your Privacy: Your participation in this study and your responses will be kept confidential. Any
reference to you will be by pseudonym, including any direct quotes from your responses. This document
and any notes or recordings that might personally identify you as a participant in this study will be kept in
a locked place that only the researcher will have access to. Only the researcher and the research
supervisor might know who has participated in this study. Three years after the completion of this
research study all personally identifying information will be destroyed.
Risks to you: There are five acknowledged risks generally associated with participation in research
studies such as this one: Physical, psychological, social, economic, and legal. The researcher foresees
minimal risk for those who choose to participate in this study. There is no planned use of deception
involved in this study. There are no foreseen physical risks associated with this study; other risks might
include the following:
You might experience anxiety, discomfort, or negative emotions as a result of responding to the
questions asked of them in this research study. If you experience a negative reaction, you may
choose to skip the question, to withdraw from the study, or you may contact my faculty advisor or
the SPS Institutional Review Board, especially if your discomfort continues after the study. See
the contact information on the page below.
You might experience social, economic, or legal implications if you share your responses or your
participation in this study with others. If you choose to participate in this study, you are
encouraged to keep your participation in this study and your responses confidential. The
researcher will maintain your confidentiality throughout the study, and will destroy the records of
your participation three years after the study is complete.
Benefits to You: There are not foreseen direct benefits to you regarding participation in this study beyond
the general knowledge that you are assisting in furthering the knowledge related to this research topic,
and assisting the researcher in completing the degree requirements. There is no compensation associated
with participation in this study.
FINANCIAL INDEPENDENCE FOR MILLENNIALS
57
Informed Consent Form, continued:
Financial Independence for Millennials through Investments in Original Art
I acknowledge that the researcher has explained my rights, the requirements of this study, and the
potential risks involved in participating in this study. I understand there is no compensation for, or direct
benefit of participating in this study. By signing below and providing my contact information I am
indicating that I consent to participate in this study, that I am at least 18 years of age, and I am eligible to
participate in this study.
I may withdraw from this study at any time by notifying the researcher by email. If you have any
concerns regarding your participation in this research study you may contact the faculty advisor, Dr.
Kelley Wood, or the BGS Institutional Review Board (IRB), which oversees the ethical practice of
research involving human participants conducted by students of the Trinity Washington University
School of Business and Graduate Studies.
Signing this document acknowledges I understand my rights as a participant, which have been explained
to me prior to signing this document. I may ask for a copy of this document for my own records.
Signed Name: _____________________________________________ Date: _______________
Printed Name: _____________________________________
Phone Number, Email Address, or Postal Address: ____________________________________
_____________________________________________________________________________
Thank you for your participation,
Yalonda McQuinn
MSA in Non Profit Management
Trinity Washington University
(410) 440-0665, or
[email protected]
Research Supervisor: Dr. Kelley Wood
MSA Program
Trinity Washington University
(202) 884-9640, or
[email protected]
BGS Institutional Review Board Committee
(202) 884-9620, or
[email protected] with BGS IRB in the subject line.
FINANCIAL INDEPENDENCE FOR MILLENNIALS
58
Appendix C: Survey Instrument
Financial Independence through Investing in Original Art Survey
Please answer the following questions truthfully, naturally and freely. Your responses
will be kept confidential and only my supervisor and I might know who potential participants
are. You will have up to 30 minutes to complete the questionnaire. You may withdraw from the
study at any time for any reason. If you withdraw while taking the questionnaire your consent
form and responses will be removed and destroyed. However, once data is compiled for analysis
the responses cannot be removed from the data. If you have any questions while taking the
questionnaire you can ask the researcher. If you are taking the online version you may contact
the researcher directly at [email protected], or by phone 410-440-0665 if you
have any additional questions.
Many thanks for your participation.
Demographics
Age: Check the box next to your age range:
18 – 25
26 – 30
31 – 35
Race/Ethnicity: Check one:
Caucasian
Asian
African-American
Hispanic
Other
Annual Income: Check one:
$20K - $40K
FINANCIAL INDEPENDENCE FOR MILLENNIALS
59
$40K - $60K
$60K - $80K
$80K and Above
Other
Categorical questions:
1. I enjoy visiting art galleries, museums, and art festivals.
True or False
2. I am concerned about investing for the future.
True or False
3. I currently have an active investment strategy/retirement plan.
True or False
Likert-Scale Questions:
4. I would purchase original art if viewed solely online.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
5. I would purchase original art if viewed at a gallery, art fair or festival.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
6. I would not purchase original art even if I viewed online, at a gallery, or art
fair/festival.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
7. Constant exposure to art is necessary for me to purchase original art.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
FINANCIAL INDEPENDENCE FOR MILLENNIALS
60
8. Artistic understanding is critical for me to purchase original art.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
9. The relationship with the artist influences my decision to purchase original art.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
10. I would only purchase original art if I know I will receive a future financial gain on
my investment.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
11. The enjoyment of possessing the artwork is more important to me than the potential
for a future financial gain on my investment.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
12. I would purchase original art that I did not like, but offered me a future financial gain
on my investment.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
13. Trends in art influence my decision to purchase original art.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
14. Belief in the value of art influence my decision to purchase original art.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
FINANCIAL INDEPENDENCE FOR MILLENNIALS
61
15. Artistic experiences influence my decision to purchase original art.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
16. Art forgeries influence my decision to purchase original art.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
17. I would make a purchase of original art that cost $1,000 or more.
1
Strongly Agree
2
Agree
3
Neither
4
Disagree
5
Strongly Disagree
Multiple Choice Questions:
18. What method do you use to follow and be exposed to art?
b. Social Media
c. Art Organizations
d. Festivals
e. Networking
19. What was the total number of original art purchases made within the last 24 months?
a. None
b. 1 to 2
c. 3 to 4
d. 5 and Above
20. Which of the following genres of original artwork would you make a purchase at a
cost of $1,000 USD or more?
a. Landscapes
b. Abstract
c. Portrait/Figurative
d. Animal/Wildlife
e. All of the Above