The Art Basel and UBS Survey of Global Collecting 2024 reveals continued spending on art and antiques by high-net-worth individuals

The largest survey of its kind to date, the report reveals insights into buyer behaviors in 14 global markets, and the transfer of wealth between generations of HNWIs, against a backdrop of challenging market conditions

The Art Basel and UBS Survey of Global Collecting 2024 by Arts Economics reveals insights into high-net-worth individuals’ (HNWIs) attitudes and behaviors in 2023 and the first half of 2024. Authored by cultural economist Dr. Clare McAndrew of Arts Economics and conducted in collaboration with UBS, the survey examines HNWIs’ spending, event attendance, motivations for collecting, and their interactions with artists, galleries, and institutions. Echoing insights from the UBS Global Wealth Report 2024, which projects a USD 83.5 trillion wealth transfer over the next 20–25 years, the survey also investigates the transfer of wealth between generations of HNWIs and how collectors are preparing to inherit and gift works of art.  This 2024 survey, the largest to date, gathered responses from over 3,660 HNWIs in 14 markets including Brazil, France, Germany, Hong Kong, Indonesia, Italy, Japan, Mainland China, Mexico, Singapore, Switzerland, Taiwan, the United Kingdom, and the United States.

Clare McAndrew, Author and Founder, Arts Economics, said: ‘HNWIs continue to play a vital role in the art market in 2024. Findings from this survey align with our broader market research, revealing consistent and robust activity levels, but with a noticeable decline in average spending levels by value. The HNWIs we surveyed were transacting through a more diverse range of channels and price points in 2023 and 2024, engaging with more galleries than in previous years, including more new galleries. These changes are likely to contribute to the ongoing shift in focus away from the narrow high-end of sales that has dominated in previous years, potentially expanding the market’s base and encouraging growth in more affordable art segments which could provide greater stability in future.’

The key findings include:

  • Signs of stable spending: The median expenditure on art and antiques by HNWIs surveyed for the first half of 2024 (at USD 25,555), if indicative of the level for the second half of the year, could reflect a stable annual level of spending.
  • Strong return in spending post-lockdown in Mainland China continues: The 300 HNWIs surveyed from Mainland China reported the highest median expenditure of all respondents on art and antiques in 2023, as well as the first half of 2024 at USD 97,000. This figure was more than double that of any other region surveyed in the first half of the year, and followed by France (USD 38,000), Italy (USD 32,000), the UK (USD 31,000) and Hong Kong (USD 28,000).
  • Evidence of the global wealth transfer: 91% of HNWIs had works in their collections that were inherited or gifted through a will or other bequest, and 72% had kept at least some of them. Despite the much-discussed issue of changing tastes across generations, less than one-third of millennial and Gen Z respondents cited a lack of fit with their collections as a reason for selling or donating inherited works.
  • Collecting from new galleries: HNWIs demonstrated a strong willingness to buy from new galleries in 2023 and 2024, with 88% of those purchasing from dealers buying from at least one new gallery.
  • Support for new and emerging artists: HNWIs allocated 52% of their expenditure to works by new and emerging artists, with 21% on mid-career, and 26% on those by established artists (the majority of which were living artists).
  • Gen X demonstrates the highest average spending: Gen X respondents had the highest average spending in 2023 (USD 578,000), and their lead continued in the first half of 2024, with levels over a third higher than millennials and double that of Gen Z and older generations.
  • Reduction in impulse buying and rise in collecting female artists: Impulse buying decreased from 10% in 2023 to 1% with respondents favoring background research ahead of buying. The share of works by female artists in the HNWI collections surveyed reached a seven-year high with a ratio of 44% versus male artists’ works.
  • HNWIs stay optimistic in a complex market: Spending in the first half of 2024 showed signs of stabilizing, and 91% of HNWIs surveyed were optimistic about the global art market’s performance in the next six months, up from 77% at the end of 2023

Paul Donovan, Chief Economist, UBS Global Wealth Management said: ‘After a downturn, global wealth has rebounded in 2023. This is reassuring for the global art market, which has shown continued resilience in the face of uncertainty. UBS Global Wealth Report 2024, reveals over USD 84 trillion, is expected to change hands during the next two decades. As the great wealth transfer gains momentum, we will see partners, spouses and children take on collections and become collectors themselves. These new collectors will bring fresh perspectives, often adopting new strategies that are more purpose-led.’

Noah Horowitz, CEO, Art Basel, said: ‘This year’s Art Basel and UBS Survey of Global Collecting shows that the drop in average spending among millennial HNWIs was driven by reduced activity from high-end buyers, reflecting a broader market shift. Despite this, median spending in 2023 and the first half of 2024 remained solid, with a growing focus on new and emerging artists, and art-related event attendance surpassing pre-pandemic levels. As a global business, we recognize the challenging market context and remain committed to fostering new and innovative ways for the next generation of collectors to connect with our galleries and their artists—both at our shows and beyond.’

Links

The full report is free to download at ubs.com/artmarket.

About Arts Economics & Clare McAndrew

Arts Economics is a research and consulting firm focused exclusively on research and analysis of the fine and decorative art market for private and institutional clients. The company was founded by Clare McAndrew in 2005. Dr McAndrew is a cultural economist who specializes in the arts, antiques, and collectibles markets. She completed her PhD in economics at Trinity College Dublin in 2001, where she also lectured and taught economics for four years. In 2002, Clare joined US firm Kusin & Company, a boutique investment banking firm specializing in art investment, as chief economist. After three years in the United States, Clare returned to Europe in 2005, and continued her work in the art market in a private research and consulting capacity for a global client base. She set up Arts Economics in 2005 to focus her efforts on art market research and analysis and works with a network of private consultants and academic scholars in different regions around the world providing research and consulting services to the global art trade and financial sector.

About UBS & Contemporary Art

Global Lead Partner of Art Basel, UBS has a long history of supporting contemporary art and artists. The firm has one of the world’s most important corporate art collections. UBS seeks to advance the international conversation about the art market through its global lead partnership with Art Basel, and as co-publisher of the ‘Art Basel and UBS Global Art Market Report’ and the ‘Art Basel and UBS Survey of Global Collecting’. UBS also supports some of the world’s most important arts institutions, events, and fairs. Through UBS Art Advisory & Collecting, UBS provides UHNW clients and their family offices impartial advice and execution services across the whole lifecycle of a collection, from strategic development and governance to making an impact through cultural philanthropy and the transition of collections into the next generation.

About Art Basel

Founded in 1970 by gallerists from Basel, Art Basel today stages the world’s premier art shows for Modern and contemporary art, sited in Basel, Miami Beach, Hong Kong, and Paris. Defined by its host city and region, each show is unique, which is reflected in its participating galleries, artworks presented, and the content of parallel programming produced in collaboration with local institutions for each edition. Art Basel’s engagement has expanded beyond art fairs through new digital platforms and new initiatives such as the Art Basel and UBS Global Art Market Report. Art Basel’s Global Media Partner is The Financial Times. For further information, please visit artbasel.com.

 

The Jersey Lifeboat Association makes SOS call for fundraising ball

On 30 November, The Jersey Lifeboat Association (JLA) is holding their first fundraising ball with the theme of ‘Save Our Souls’, but it’s not what you might think.

The event, aptly held at The Royal Yacht, has all the usual ingredients of your glitzy fundraiser; a three-course meal, live entertainment and raffle prizes, and yet the JLA wanted to add a splash of colour to this black-tie event.

The JLA wanted to create a unique event that was full of fun and celebration, so they drew inspiration from a Mexican festival for the theme. The ‘Save Our Souls’ dinner will pay homage to the Autumnal Mexican tradition that sees friends and family come together to celebrate the souls of their loved ones.

Simon O’Donoghue, Chairman of the Jersey Lifeboat Association, said “We’re really excited about hosting our first ball and hope it will become an annual event. We wanted to add a fun and colourful twist to the usual black-tie fundraiser and create an unforgettable evening which, most importantly, raises money for the JLA.”

The third sector has seen a rapid decline in donations which has forced some local charities to scale back their operations and others to close their doors completely. Fundraising is now more important than ever to keep the Island’s charitable organisations afloat and ensure that they continue to provide vital services to the people of Jersey. Mr O’Donoghue wants to highlight the importance of providing a year-round lifeboat service to our small island community. He explained: “Our local crew’s knowledge of our waters is unsurpassed and, with a locally controlled lifeboat station and the fastest rib in the UK, we are always on hand to help Islanders who need help at sea and ultimately save lives. To ensure that we can continue and weather any storm, we need your support.”

If you want to support the Jersey Lifeboat Association by attending the ‘Save Our Souls’ fundraising event, you can find out more and book tickets here: https://lifeboat.je/event/halloween-party-24/

About Jersey Lifeboat Association

The Jersey Lifeboat Association (JLA) has been established since 2 February 2018 as a charity with the main aim of saving lives, promoting safety and providing relief from disaster, in relation to the coastal waters of the Island of Jersey. The JLA is a member of the National Independent Lifeboat Association which provides support and full training to the Jersey lifeboat crew of 28 local volunteers.