The Art Basel and UBS Survey of Global Collecting has revealed that the art market remains stable despite a decline in collector spending.
The survey gathered insights from 3,660 high-net-worth individuals across fourteen global markets, providing a comprehensive view of current trends in art collecting.
While the overall art market experienced a 4 percent decline in 2023, there are signs of resilience in certain segments.
Global imports of art and antiques have increased for the third consecutive year, with values rising by 6 percent to $33 billion. This indicates a potential expansion of the market's base, moving away from high-end sales.
The survey also shows a significant 32 percent drop in average spending among high-net-worth individuals, primarily at the top end of the market. However, attendance at art-related events has surpassed pre-pandemic levels, indicating a robust engagement with the art community.
The survey highlights a growing interest in new and emerging artists, with total expenditures in this category growing by 8 percent.
Additionally, there has been an improvement in gender parity within private collections, with the share of works by female artists rising to 44 percent in 2024.
The primary motivation for collecting art remains personal enjoyment, but financial motivations are particularly pronounced in certain markets.
Looking ahead, the survey offers a cautiously optimistic outlook for the global art market, with 77 percent of high-net-worth individuals expressing optimism about its performance in the next six months.