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.
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