The recent 2024 survey conducted by Art Basel and UBS indicates that the art market is approaching a significant turning point. Wealthy individuals are accumulating more wealth, but art now constitutes a smaller portion of their overall net worth compared to previous years.

This shift raises concerns about the future dynamics of art investment. Furthermore, a core group of dedicated collectors is attending fewer art-related events, despite their strong preference for in-person acquisitions. This change in behavior could signal a broader shift in engagement within the art community.

Additionally, there is a gradual transfer of wealth happening, with art ownership moving from an older generation to a younger demographic. However, the youngest collectors seem to be retreating from the market, further complicating the landscape for art sales and acquisitions.