High-net-worth collector spending on art remained strong in 2023, with most optimistic about the art market in 2024, as findings may also indicate a more careful buying approach.
Authored by cultural economist Dr. Clare McAndrew, founder of Arts Economics, The Art Basel and UBS Survey of Global Collecting in 2023 presents the results of research on the activities and buying behaviors of high-net-worth (HNW) collectors in 11 key markets in the first half of 2023. Conducted by Arts Economics in collaboration with UBS, the report reviews trends in collector spending, motivations of their activities in the market, and how they interact with artists, galleries, institutions, and their environment. The collector survey in 2023 is the largest of its kind to date, with qualified responses from more than 2,800 HNW collectors across Brazil, Mainland China, France, Germany, Hong Kong, Italy, Japan, Singapore, Taiwan, the United Kingdom, and the United States.
The report revealed strong HNW collector spending in the first half of the year, with a notable increase from Mainland China post-lockdown, as in-person buying also continued its resurgence. There were some signs that HNW collectors exhibited greater risk-aversion in their collecting so far in 2023 compared to 2022, with more spending on paintings and less on digital art, and as more HNW collectors planned to hold off selling works from their collection in the next year. Nonetheless, the HNW collectors surveyed did not gravitate to the higher end of the market, with a lower share spending on artworks at the highest price points than in previous years.
The Art Basel and UBS Survey of Global Collecting in 2023 is available to download for free here.