The third annual Art Basel and UBS Survey of Global Collecting paints a mixed picture of art collecting in 2024. Authored by Dr. Clare McAndrew, the founder of Arts Economics, it was published on October 24 and focuses on 2023 and the first 6 months of 2024. This edition is the largest to date, with over 3600 high-net-worth individuals (HNWI, defined as having over USD 1 million in liquid assets) from 14 key regions participating, with Switzerland, Mexico, and Indonesia as new additions. Despite economic uncertainty and conflict in Europe and the Middle East, HNWIs continued to build their collections and expressed optimism about the future of the art market.

1. Ultra-high-net-worths moderate their spending

While average art expenditure among ultra-wealthy individuals decreased 32% to USD 363,905 in 2023, the median expenditure remained nearly constant, moving from USD 50,165 to USD 50,000. Initial figures from 2024 (median USD 25,555 for the first half) suggest this pattern of stability may persist.

2. The art trade shows resilience, while some auction houses see weaker results

Despite broader market deceleration, global art and antiques imports increased 6% to $33 billion, supported by sustained demand from Hong Kong. However, exports declined 1% to $32 billion, with traditional centers such as the US and UK experiencing continued weakness into the first quarter of 2024. Major auction houses recorded significant decreases, with Christie’s, Sotheby’s, Phillips, and Bonhams reporting a collective 26% reduction in sales in the first 6 months of 2024.

3. The generational shift in collecting taste has been overstated

The anticipated generational transfer of wealth – estimated at USD 6 trillion in assets among the wealthiest billionaire segment over the next two decades – reveals interesting patterns. Currently, 91% of HNWIs possess inherited artworks, with 72% retaining these pieces. Sales of inherited works are primarily motivated by practical considerations rather than changing aesthetic preferences.

4. The majority of HNWIs are supporting new and emerging artists

Many HNWIs were open to exploring new artists and they play a critical role in supporting artists’ careers at early and later stages. Just over half of expenditure by HNWIs in 2023 and 2024 was on works by new and emerging artists (from 44% in the previous survey); 21% was on mid-career artists’ works (down by 6%); and 26% was on those by established, top-tier artists (down by 2% on 2023 and 5% on 2022).

5. The share of female artists work rises in collections

The share of works by female artists in the collections of HNWIs rose to a ratio of 44%, its highest level in seven years, up from 33% in 2018. Notably, the wealthier the collector, the more they spend on female artists: HNWIs who had spent over $10 million on art and antiques so far in 2024 had devoted a considerably larger share to female artists (52%) and those spending between $1 million and $10 million were 50:50.

6. Canvas remains king, while prints and works on paper are increasingly popular

Paintings continue to command the primary position, with over three quarters of those surveyed acquiring a painting in both 2023 and the first half of 2024. Works on paper experienced significant growth, with over half the sample active in this medium in 2023, up from 33% in 2022, while prints showed an uplift to 35%. This shift toward more accessible media formats appears to have enhanced market stability at lower price points.

7. Gen X continues to drive the market, and millennials spend less

With growth of 3% year-on-year, 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 boomers and Gen Z. While younger HNWIs had some of the biggest increases in average spending overall up to 2022, this was reversed in 2023, and the key driver of the decline was the 50% decrease in spending by millennial respondents to USD 395,000.

8. The majority of HNWIs buy from dealers, and art fair spending increased, while multichannel buying is here to stay

The most used channel for purchasing art was a dealer, with 95% of respondents purchasing through galleries. The importance of a multichannel approach for dealers was evident: in addition to purchasing in person at galleries, 72% of HNWIs had bought through a dealer’s website or OVR without viewing the work in person first, 61% used email or phone, and 43% bought from them on Instagram. In the first half of 2024, 41% had bought at an art fair, up from 39% in the whole of 2023.

The report revealed that HNWIs showed a strong willingness to work with new galleries, with 88% purchasing from at least one new dealer over the last year and buying from an average of 17 galleries in 2024, up from 13 in 2019. Additionally, 70% of the galleries they purchased from were based within their local region, compared to 50% in 2022.

9. Chinese HNWIs demonstrate exceptional market presence

Mainland Chinese HNWIs maintained the highest median expenditure at $97,000 throughout 2023 and early 2024—more than double that of other regions. This robust activity has persisted despite concerns regarding broader economic deceleration.

10. Not all collecting segments exhibit the same behavior

A separate survey of over 1,400 private collectors sourced from Art Basel VIP guests also showed a large share of spending through dealers (73%) in 2023 and 2024, with a significantly higher 26% through art fairs. These collectors strongly favored in-person transacting, with 55% of their spending through dealers done at a gallery or dealer’s premises (more than double the share in the wider survey), mainly for reasons of confidentiality and security. Art fairs were valued for their potential to discover new artists, and for the variety of art on view.