The Art Market in 2024: Key Insights from the Art Basel & UBS Survey of Global Collecting
As the art world navigates a shifting economic landscape, the recently published Art Basel & UBS Survey of Global Collecting 2024 offers a revealing look at the trends shaping high-net-worth individual (HNWI) collectors' behavior and the broader art market. From the increasing interest in emerging artists to the evolving role of digital platforms, the report outlines key factors driving art collecting in 2024.
A More Cautious Market
One of the standout findings is the art market's contraction in 2023. Total sales fell by 4% to $65 billion, with a noticeable slowdown at the high end of the market. The number of top-tier, high-value auction sales has diminished, contributing to a more subdued market performance overall. Despite this, certain segments, such as younger and emerging artists, continue to show resilience and growth, indicating a shift in buyer preferences.
The Role of High-Net-Worth Collectors
HNWI collectors remain vital to the art market's dynamics, even as their spending patterns have evolved. The survey reveals that while average expenditure dropped by 32% to $363,905 in 2023, the overall number of transactions remained steady. Median expenditure figures, less influenced by the ultra-high end of the market, only saw a slight decline. Importantly, Mainland Chinese collectors continue to be significant players, maintaining the highest median spending of any region in both 2023 and the first half of 2024.
Generational Shifts in Collecting
The report underscores a shift in taste across generations. Millennials, who had previously driven significant growth, saw a marked decrease in their spending in 2023, down 50%. Meanwhile, Gen X collectors emerged as the most active, with their spending levels surpassing other age groups. Interestingly, younger collectors increasingly favor emerging artists, with over 52% of HNWI expenditure in 2023 and 2024 going toward works by artists early in their careers.
Women Artists and Representation
A notable highlight is the growing presence of female artists in HNWI collections. In 2024, 44% of artworks in these collections were by women—up from 33% in 2018. This surge reflects a broader trend in the market as collectors seek to diversify their portfolios and champion underrepresented voices. HNWIs spending over $10 million in 2024 devoted an impressive 52% of their expenditure to works by female artists.
The Future of Art Fairs and Digital Channels
As the pandemic accelerated digital transformation across industries, the art market has fully embraced multichannel purchasing strategies. The 2024 survey reveals that 95% of HNWIs purchased art through a dealer, whether at a physical gallery, online, or via social media platforms. Art fairs remain a critical venue for discovery, with 41% of collectors buying at fairs in the first half of 2024.
Looking ahead to 2025, collectors plan to increase their attendance at art events, signaling optimism for continued growth in art fair and gallery attendance. However, preferences for in-person transactions remain strong, particularly among Art Basel’s VIP collectors, who emphasize confidentiality and the tactile experience of viewing art in person.
Conclusion
The Art Basel & UBS Survey of Global Collecting 2024 highlights a resilient yet evolving art market. Collectors are adapting to global economic challenges while showing a growing interest in emerging talent and female artists. With technology playing an increasingly significant role in transactions, the art world is poised for further transformation as both seasoned and new collectors continue to shape its future.
For more insights, check out the full report from Art Basel and UBS.
