The 2024 Art Basel and UBS Survey of Global Collecting offers a nuanced portrait of the shifting dynamics within the upper echelons of the art market as high-net-worth individuals (HNWIs) navigate an evolving landscape. Despite the challenges posed by a cooling market, the survey reveals a persistent appetite for art acquisitions among collectors across 14 major markets worldwide.
Authored by Dr. Clare McAndrew, a leading economist in the art world, this latest edition marks the most comprehensive survey of its kind. It encapsulates responses from over 3,660 HNWIs across key art markets, including Brazil, France, Germany, Mainland China, and the United States. What emerges is a complex yet cautiously optimistic picture of how the world’s wealthiest art buyers are engaging with artists, galleries, and institutions.
One of the report’s key findings is the resilience in overall art spending despite a 32% drop in average expenditure in 2023. This contraction primarily reflects reduced activity at the uppermost tier of the market, while median spending figures—remarkably stable at $50,000—suggest a solid foundation remains. As the survey extends into the first half of 2024, it also reflects a promising stabilization of median spending, with HNWIs showing renewed optimism: a striking 91% believe in the art market’s positive trajectory, up significantly from the 77% at the close of 2023.
An equally important trend underscored by the survey is the rising prominence of female artists in HNWI collections, with works by women reaching a seven-year high of 44%. This growing recognition signals a shift in collector consciousness and perhaps a corrective in the long-standing gender imbalance in art valuation. Equally notable is the dedication of these collectors to new talent, with 52% of their acquisitions devoted to emerging artists, further underlining their commitment to fostering contemporary artistic voices.
Interestingly, the report highlights how relationships between collectors and galleries are evolving. HNWIs are broadening their horizons, increasingly working with new galleries and dealers—88% reported purchasing from at least one new dealer in 2023, signaling a healthy appetite for diversification. This also reflects a pivot towards more localized buying practices, as 70% of gallery transactions occurred within their region, a significant rise from 50% in 2022.
Beyond the sheer numbers, the report illuminates the subtle shifts in generational wealth transfer. As inherited collections find new custodians, questions of legacy and the future direction of art collections focus, particularly on how future collectors will balance personal taste with the history and heritage they inherit.
Ultimately, the survey positions the global art market as a space of resilience and transformation, where collectors remain vital players in shaping the landscape of contemporary art amidst economic uncertainties.
