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.