The 2024 Survey of Global Collecting reveals resilience among high-net-worth individuals in the art market despite economic challenges. While public auction sales have decreased by 26%, the cross-border trade of art has grown, particularly in major hubs like Hong Kong, with imports reaching $33 billion in 2023. Collectors from Mainland China lead in median spending, showcasing the strength of the Chinese market amid broader economic concerns.
The global art market is experiencing a decline for the second consecutive year, with auction sales dropping significantly as wealthy collectors shift towards lower-priced works. While 91% of collectors remain optimistic about the market's future, concerns over geopolitical issues and economic instability are dampening buyer confidence. A generational shift is evident, as younger collectors prioritize affordability, leading to an oversupply of high-value artworks and a reduction in overall art investment.
The 2024 Art Basel and UBS Survey reveals that high-net-worth collectors continue to invest in art despite economic challenges, with global imports of art and antiques rising 6% to $33 billion. Spending patterns show a decline in average expenditure, particularly among millennials, while interest in new and emerging artists is growing, with 52% of HNWIs' spending directed towards them. The share of works by female artists in collections has reached a seven-year high at 44%, reflecting a significant shift in collector preferences.
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