The art market is experiencing changes in art collecting preferences, with traditional mediums such as paintings remaining popular among high-net-worth individuals (HNWIs).
Recent findings show that a majority of collectors acquired paintings in both 2023 and the first half of 2024. However, there is also a notable increase in interest in works on paper and prints. More than half of collectors engaged with works on paper in 2023, compared to 33% in 2022. Prints have also gained traction, with 35% of respondents indicating purchases in this medium. This shift towards more accessible art forms contributes to market stability and inclusivity.
There is a generational shift in spending patterns in the art market, with Generation X emerging as the dominant force. In 2023, Gen X collectors spent an average of USD 578,000, marking a 3% year-on-year growth. This trend continued into the first half of 2024, with Gen X spending levels exceeding those of millennials by over a third and being double that of both baby boomers and Generation Z. On the other hand, millennials experienced a significant decline in their average spending in 2023, dropping to USD 395,000. The reasons behind this reversal and the shifting priorities of millennials in the art market are worth exploring.
While traditional dealers remain the preferred purchasing channel for HNWIs, there is a rise in multichannel buying. In addition to in-person purchases, a significant number of collectors reported buying through a dealer's website or online viewing room (OVR) without physically inspecting the artwork. Email, phone communications, and social media platforms like Instagram are also utilized for art purchases. Art fairs have gained prominence as a purchasing venue, with 41% of HNWIs making acquisitions at these events in the first half of 2024.
Collectors are increasingly open to exploring new galleries, with 88% of respondents purchasing from at least one new dealer in the past year. On average, collectors engaged with 17 different galleries in 2024, compared to 13 in 2019. This indicates a dynamic market where collectors are eager to discover emerging artists and fresh perspectives. Local connections also play a crucial role in purchasing decisions, with a majority of galleries from which HNWIs made purchases being located within their local regions. This suggests a growing appreciation for regional art scenes and the importance of community in the art collecting experience.
In summary, the art market is experiencing changes in collecting preferences, with traditional mediums remaining popular but works on paper and prints gaining traction. Generation X is the dominant force in terms of spending, while millennials have experienced a decline in their average spending. Multichannel buying, including online platforms and art fairs, is becoming more prevalent. Collectors are open to exploring new galleries and engaging with their local art scenes, indicating a vibrant future for the art market driven by diverse voices and perspectives.