5 Things You Need To Know About... The Survey of Global Collecting (Art Basel & UBS, 2023)

Explore the dynamic landscape of high-net-worth art collectors through the 2023 edition of "The Survey of Global Collecting" by Art Basel & UBS. Curated by Dr Clare McAndrew of Arts Economics, the document unveils pivotal trends in spending, demographics, gender disparities, market sentiments, and collector engagements.

Our Research Team have summarised the insights gained from this document and has highlighted the 5 things you need to know about this report.

1) Spending Trends Among Affluent Art Collectors

In 2022, affluent collectors globally reported a median spend of $65,000 on art and antiques, representing a 19% hike from 2021, with consistent figures in early 2023 suggesting an upward trajectory for the year. The UK and Taiwan experienced substantial increases in median expenditure, while Mainland Chinese collectors demonstrated a significant recovery in spending. Paintings dominated their investments, particularly among Chinese collectors, whereas digital art experienced a downturn, comprising a smaller fraction of total art spending and collection composition.

2) Demographic Spending Patterns

Generational spending patterns emerged, with Gen X outlaying more in high-value categories like paintings, while millennials and Gen Z invested in other forms such as sculptures, installations, and digital prints, indicating evolving preferences among younger art enthusiasts.

3) Gender Disparity in Art Acquisitions

There was a noticeable discrepancy in purchasing art created by female artists, with a 39:61 female-to-male ratio by value, regressing to levels seen in 2020. However, top-tier spenders with expenditures over $10 million annually displayed a higher inclination towards acquiring female-created artworks.

4) Art Purchase Venues

In-person acquisitions continued to gain momentum, with most transactions occurring directly through dealers and galleries. Collectors showed a steady loyalty to familiar dealers, suggesting risk aversion and strong business relationships. Despite a preference for local galleries, there was a subtle pivot towards international venues, with French and Japanese galleries gaining popularity.

5) Collector Engagement and Motivations

Event attendance has become more selective, with decreased participation in large-scale events and live auctions, while future engagement is expected to remain robust. Collectors cited personal fulfilment and identity as prime motivations for acquiring art, with financial considerations following. Despite a low self-identification as investors, nearly half had resold artworks, often using credit for purchases, especially among the ultra-wealthy.

Whether you want to start your art journey, or you're a seasoned collector, the Maddox Team are on hand to help you with whatever your art needs are. Please explore our New Arrivals here or explore our Current Exhibitions page here.

Created by the Maddox Research Team on the 16th of November 2023.

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