art market trends reveal shifts in buyer demographics and spending habits

The art market is currently undergoing a period of transformation influenced by generational shifts, economic conditions, and evolving collector preferences.

Strategic Approach to Collection Management

One notable aspect of this transformation is the strategic approach to collection management. Rather than selling for profit, advisors are assisting clients in refining their collections. This trend is characterized by the practice of deaccessioning, which involves selling lower-value works.

Continued Art Spending by High-Net-Worth Individuals

Despite a decrease in art spending among the ultra-wealthy, high-net-worth individuals with assets exceeding $50 million still allocate a substantial portion of their wealth to art collections.

Rise of Female Artists

Female artists are gaining recognition and representation in these collections, with a seven-year high in the number of works attributed to women.

Chinese Collectors Leading in Art and Antiques Spending

Chinese collectors, particularly those from Generation X, are leading in art and antiques spending. This contradicts reports of a slowdown in Chinese buying.

Changing Habits of Wealthy Collectors

The habits of wealthy collectors have diverged. While there is increased attendance at art events, there are fewer purchases being made.

Growing Trend of Remote Purchases

Remote purchases are becoming more popular, reflecting a growing trend towards digital engagement in the art market.

Future of Art Collections

The anticipated great wealth transfer raises questions about the future of art collections. Millennials and Gen Z collectors may have different tastes and preferences. However, a majority of high-net-worth individuals already possess inherited works and plan to retain or donate them.

Interest in Lower-Value Works

Art advisors are acquiring more artworks, particularly those priced under $100,000. This reflects a growing interest in lower-value works.

Buoyant Market for Lower-Priced Artworks

Purchase prices at auction have decreased, indicating a buoyant market for lower-priced artworks.

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