The Art Basel and UBS Survey of Global Collecting 2024 is the largest survey of its kind, providing insights into the behaviors of high-net-worth individuals in the art market.
The survey gathered responses from over 3,500 collectors across 14 global markets, revealing significant findings about buyer behaviors and the transfer of wealth between generations.
The report highlights the evolving landscape of art collecting, with collectors increasingly considering the long-term value of their investments.
Art is seen as a stable asset class amidst fluctuating financial markets, reflecting broader shifts in wealth management strategies.
The transfer of wealth between generations is influencing collecting trends, with younger collectors prioritizing contemporary art and emerging artists, as well as diversity and social impact.
This demographic is more likely to support underrepresented artists and invest in works that reflect their commitment to social change.
Economic conditions, such as inflationary pressures and market volatility, are leading many high-net-worth individuals to turn to art as a hedge against uncertainty.
Art is viewed as a tangible asset that can retain value over time.
Technology is playing a significant role in shaping the art collecting experience, with digital platforms and online marketplaces making art more accessible to a global audience.
The integration of blockchain technology and non-fungible tokens (NFTs) is introducing new dimensions to art ownership and provenance.
Collectors are exploring the intersection of traditional art and digital formats, indicating a shift towards a more inclusive and technologically advanced art market.
The insights from the survey provide a valuable understanding of the changing dynamics of art investment, including generational wealth transfer, economic conditions, and technological advancements.