The art market is currently facing economic challenges such as inflation, geopolitical tensions, and trade fragmentation.
Despite these difficulties, high-net-worth individuals (HNWIs) engaged in art collecting have shown resilience. While public auction sales have declined, cross-border trade of art remains strong, with imports of art and antiques increasing by 6% in 2023. The high-end segment of the art market has experienced a slowdown, leading collectors to focus on lower-priced segments that have demonstrated greater resilience.
The demographics of global art collectors show that Mainland China has emerged as a significant player, with the highest median spending on art and antiques. Collectors from Mainland China have a strong passion for art and view their acquisitions as integral components of their personal identity and cultural expression.
Generational shifts and inheritance are shaping collecting behaviors, with younger collectors showing a growing interest in contemporary pieces and emerging artists. The transfer of wealth and assets from older collectors to the next generation is likely to impact market trends.
Overall, the art market is undergoing transformation, with a focus on resilience, shifting demographics, and the potential for new trends to emerge.