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Art investments are stabilizing among high-net-worth individuals (HNWIs) in 2024, following a period of volatility in the global art market. A recent report indicates that sales are normalizing, suggesting a more stable outlook for art investments moving forward.
The global art market shows signs of resilience despite a 32% drop in average spending in 2023, with median values remaining stable. Wealthy collectors, particularly from China, are optimistic, with 91% expecting market growth, and they increasingly support new galleries and emerging artists. The proportion of works by women in collections has also risen to a seven-year high, reflecting a shift in purchasing behavior towards informed decisions rather than impulse buys.
The 2023 Art Basel & UBS Global Collecting Survey reveals a declining art market, with total sales down 4% to $65 billion, primarily due to reduced high-end activity. Younger collectors are preserving inherited artworks but are also selling to manage space and cover taxes, amid a significant wealth transfer expected over the next two decades. While attendance at art events has increased post-pandemic, many collectors prefer online purchases, contrasting with dedicated VIP collectors who value in-person buying experiences.
The art market is experiencing a shift, with younger, speculative buyers being shaken out during economic downturns, while older collectors focus on value. Despite a tripling of billionaires since 2010, their art spending has decreased from 24% to 15% in 2023. Chinese collectors lead in art spending, and a significant wealth transfer is anticipated, with many HNWIs planning to preserve their collections for future generations.
The art market is approaching a significant turning point, as a recent survey reveals that wealthy collectors are allocating a smaller portion of their net worth to art. While a dedicated group of collectors prefers in-person acquisitions, many plan to attend fewer art events. Additionally, a generational shift is underway, with wealth transferring from older to younger collectors, who seem to be retreating from the market.
The art market is approaching a significant turning point, as a recent survey reveals that wealthy collectors are allocating a smaller portion of their net worth to art. While a dedicated group of collectors prefers in-person acquisitions, many plan to attend fewer art events. Additionally, a generational shift is underway, with wealth transferring from older to younger collectors, who seem to be retreating from the market.
The Art Basel and UBS Survey reveals that Generation X is now the leading art buyer, with average spending at $578,000, while millennial spending has dropped by 50% to $395,000. Despite a 4% decline in overall art market sales, median spending remains stable, and optimism among high net worth individuals is growing, with 91% expecting a positive market outlook. Chinese collectors are also spending significantly, with a median of $97,000, contradicting previous reports of a slowdown in their purchases.
High-net-worth collectors are increasingly purchasing from new art dealers, with 88% exploring at least one new gallery in the past year, according to the Art Basel and UBS Survey of Global Collecting 2024. Despite a 32% drop in average spending in 2023, median expenditures remained stable, indicating a shift towards more diverse purchasing channels and price points. Optimism in the art market is rising, with 91% of collectors confident about its performance in the next six months, while intergenerational wealth transfer is expected to influence future collecting trends.

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