The 2024 Art Basel and UBS Survey of Global Collecting reveals that high-net-worth individuals (HNWIs) continue to drive the resilience of the art market.
Despite a cooling market, HNWIs show a strong interest in acquiring art across various global markets. The survey, conducted by Dr. Clare McAndrew, captures insights from over 3,660 HNWIs and presents an optimistic view of their engagement with artists, galleries, and institutions.
One notable finding is the overall resilience in art spending, with a decline in average expenditures but stable median spending figures. The survey also highlights a shift in collector preferences, with an increasing focus on female artists and support for emerging talent.
Additionally, collectors are diversifying their purchasing habits and engaging with new galleries and dealers. This indicates a willingness to explore new avenues and discover fresh talent in the art market.
The report also discusses the challenges associated with generational wealth transfer and the impact it has on the future direction of art collections. This highlights the need for careful planning and consideration when passing down art collections to future generations.
Overall, the survey portrays a complex yet optimistic outlook for the art market, driven by HNWIs who adapt to changing dynamics while remaining committed to their passion for art.