Art Collecting in 2024: Hear from the Experts
From shifting habits as new collectors enter the market to the impact of moving wealth, listen to the experts discuss the latest collecting insights…
To mark the launch of The Art Basel and UBS Survey of Global Collecting 2024 by Arts Economics, the author of the report Dr Clare McAndrew spoke with Noah Horowitz, CEO of Art Basel and Paul Donovan, Chief Economist of UBS Global Wealth Management. Moderated by Kelly Crow, staff reporter covering the art market at the Wall Street Journal, the experts shed light on the driving forces motivating collectors and the evolving behaviors playing out in the art market today.
McAndrew first gives an overview of the report’s key findings, highlighting that despite economic headwinds, high-net-worth individuals remain committed to art, with transactions growing in volume but lower in value. She also notes that although dealers remain the most popular channel, over the past year collectors are casting a wider net with high percentages of purchases from art fairs, auctions and galleries too.
We asked them how much of that of their wealth they allocate to art, and it was actually a very high figure. 15% of their net worth is allocated to their collections.
The panel also explored the impact of the great wealth transfer and growing wealth among women. This shift is not only financial but also cultural, as younger collectors and new demographics bring fresh motivations, including a focus on new and emerging artists to the market.
Women own and control about 30% of global wealth. I think within the next 20 years, that will be half, or more than half…in making investment decisions and broader decisions about wealth management, women tend to do their research
Looking ahead, the experts reflected on collector plans for the future, with an average of 46 events on collector’s calendars and 43% planning to buy art in the next year.
There's a lot of new collectors coming to our platform. I look at this optimistically, because we've never seen such a global levels of buying and engagement with art and collecting.
