At Art Basel Miami Beach 2024, UBS will showcase a new commission by Sagarika Sundaram and a solo presentation by Sarah Zapata, highlighting innovative textile art. The event features public panel discussions and offers complimentary tickets to nearly 1,000 students, reinforcing UBS's commitment to art and education. The fair runs from December 6 to 8 at the Miami Beach Convention Center.
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.
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