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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 Basel and UBS Survey of Global Collecting 2024 reveals insights into the behaviors of high-net-worth collectors amid challenging economic conditions, gathering responses from over 3,500 individuals across 14 markets, including new additions like Switzerland, Mexico, and Indonesia. The report, authored by cultural economist Dr. Clare McAndrew, features discussions with UBS Global Wealth Management's chief economist Paul Donovan and Art Basel CEO Noah Horowitz.
The UBS Global Wealth Report 2024 highlights a significant wealth transfer of over USD 84 trillion expected in the next two decades, influencing new collectors' strategies. The Art Basel and UBS Survey reveals stable spending among high-net-worth individuals (HNWIs), with a focus on new and emerging artists, and a notable increase in purchases from new galleries. Despite a decline in average spending, optimism remains high, with 91% of HNWIs confident in the art market's future performance.
In 2023, the global art trade saw a 4% decline in sales volume, totaling $65 billion, largely due to geopolitical tensions and rising interest rates affecting high-value purchases. Despite a drop in average spending by collectors, optimism remains, with 91% expecting market growth in the next six months. The U.S. leads in millionaire distribution, while younger collectors show a reluctance to buy, favoring new galleries and emerging artists, with painting continuing to dominate sales.
High net worth individuals (HNWIs) are increasingly active in the art market, with median spending on art and antiques at $25,555 in early 2024. Notably, HNWIs in mainland China reported the highest median expenditure at $97,000, reflecting a strong post-lockdown recovery. The survey indicates a shift towards purchasing from new galleries and emerging artists, with a growing representation of female artists in collections.
The Art Basel and UBS Survey of Global Collecting 2024 reveals that high-net-worth individuals (HNWIs) are continuing to invest in art despite market challenges. While average spending dropped by 32% in 2023, median spending remained stable at $50,000, with optimism about the market's future rising to 91%. Notably, the share of works by women artists in collections reached 44%, and HNWIs allocated 52% of their spending to new and emerging artists, reflecting a strong support for living talent and new galleries.
The 2024 Art Basel and UBS Survey reveals a resilient art market, with high-net-worth individuals showing renewed optimism despite a 32% drop in average spending in 2023. Notably, 91% of collectors believe in a positive market trajectory, and female artists now comprise 44% of collections. Additionally, 52% of acquisitions focus on emerging talent, while 88% of collectors engaged with new galleries, indicating a shift towards diversification and localized buying practices.
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.
Clare McAndrew
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
art basel miami beach 2024 features transformative panels and student access initiatives
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19:28 14.11.2024
insights from the art basel and ubs global collecting survey 2024
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01:00 11.11.2024
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high net worth individuals drive art market recovery in 2024
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high net worth collectors drive optimism in evolving art market
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art market trends reveal shifting spending patterns among wealthy collectors
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high-net-worth collectors increasingly turn to new galleries for art purchases
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