The survey of 2000 people carried out in June by independent research company Atomik Research, found that 63% of respondents aged between 25 to 34 had been to an antiques auction, fair, market or commercial gallery in the past year, compared with 34% of those aged 55 and older.
However, 62% of the younger group also categorises themselves as a “disposable future generation”, buying furniture modern furniture rather than antiques. These buyers cite the cost of antiques and lack of space to store them as the key factors that discourage their purchases.
“While people see great benefits of purchasing antiques, often they don’t realise the options and scope available to them – and the affordability,” said Mary Claire Boyd, director of The Art & Antiques Fair, Olympia.
The survey was commissioned by the Art & Antiques Fair.
A majority of 72% across all age groups said that antique furniture is “always in fashion”. Low-cost furniture from places such as Ikea and DFS, on the other hand, were voted by 64% to look ‘tired and old’ after seven years.
“Antiques can be combined very effectively with contemporary art and furniture. They are appreciated for the qualities they can bring to people’s homes – particularly for the younger generation who are frustrated with spending money of furnishings that only last a few years,” Boyd added.
Art Deco is the favourite era for works of art with 19% naming it their favourite. It is closely followed by contemporary (18%) and modern (17%).
However, when asked what the modern day status symbol is in 2016, the newest smartphone came out top choice, followed by a nice car and original artwork coming in third place.
The Olympia fair runs from June 27 to July 3.
