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.
The global art market shows signs of resilience despite a 32% drop in average spending in 2023, with median values remaining stable. Wealthy collectors, particularly from China, are optimistic, with 91% expecting market growth, and they increasingly support new galleries and emerging artists. The proportion of works by women in collections has also risen to a seven-year high, reflecting a shift in purchasing behavior towards informed decisions rather than impulse buys.
The latest Art Basel and UBS Survey reveals a 4% decline in the art market to $65 billion, with high-net-worth individuals (HNWIs) experiencing a 32% drop in average spending. Despite this, interest in emerging artists is growing, and 77% of HNWIs are optimistic about the market's future, with many planning purchases in the coming year. The survey highlights a shift towards more diverse buying channels and a focus on affordability, suggesting potential stability in the art market.
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.
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