Art Basel has long been synonymous with queues of VIPs eager to secure first access to ‘the next big thing.’ A new survey of more than 1,400 private art collectors from the fair’s VIP lists, conducted by Arts Economics in 2024, now sheds greater light on their characteristics, preferences, and spending behaviors.

Compiled as part of The Art Basel and UBS Survey of Global Collecting 2024, authored by Arts Economics’ Clare McAndrew, the VIP survey posed an additional set of questions to ‘active’ collectors, spanning 28 markets. Unlike the broader survey (conducted by Arts Economics as well) which screened participants based on personal wealth (respondents were required to have disposable household financial assets of over USD 1 million, excluding real estate and private business assets), this subset includes individuals from diverse professions, including museum directors, art advisors, and artists. Nevertheless, with an average of 20 years collecting art and an average of USD 485,000 spent on their collections – a third higher than the wider pool of high-net-worth individuals (HNWIs) – the smaller survey clearly reflects a focused clientele.

‘The trends and shifts in the VIP networks are constantly moving, so we regularly survey and connect with these individuals, but this is the first time we’ve directly surveyed attendees from all four Art Basel shows in a collective way,’ says Irene Kim, Global Head of VIP Relations at Art Basel. ‘The art world audience became younger and broader, more accessible, and ready to use a range of buying channels more fluidly, but the findings are clear that the fair experience is still valued when making decisions on what to buy,’ she adds.

One of the most striking findings is Art Basel VIPs’ preference for in-person transactions, particularly at art fairs. While both the VIPs and broader HNWI group demonstrate an affinity for purchasing through dealers, the VIP group clearly prioritize making transactions in an art fair environment – with more than double the proportion of their total spending on art carried out through fairs compared with the wider survey participants.

So far, perhaps so obvious. But the revelation that Art Basel’s VIP collectors are more open in terms of regional preferences for future artwork purchases and that 74% do not have a particular preference or focus for the artists they will look at over the coming year, indicates a stronger ambition for fresh talent (compared to the HNWIs in the broader survey, which showed a strong home bias) and highlights the ongoing appeal of fairs on the art world circuit.

The preference for in-person experiences revealed in the smaller survey extends to a more cautious embrace of online transactions among Art Basel VIPs. Only 10% of their spending was conducted online without first viewing in person. This hesitance contrasts with broader market dynamics, where the value of online sales doubled at its peak in 2020, accounting for 25% of total art market sales, dropping back to around 18% of all sales in 2023. The VIP’s lower reliance on online channels may reflect its older demographic: half of the sample are aged over 60. Similarly, auctions do not have the same traction with the VIPs – making up just 12% of their spending in 2023 and 2024.

‘A lot of high-end collectors will be arriving for the experience. If you’re spending USD 3 million on an artwork, you want the whole experience of viewing in person, champagne, parties. These price points obviously don’t represent the average buyer and so the channels may differ,’ says Jeffrey Yin, the chief executive of the online marketplace Artsy, which found in its Art Collectors Insight report that 82% of young collectors had purchased art online.

An area where IRL experiences do not appear to trump digital opportunities is the notable decline in Art Basel VIPs’ interest in attending art events, which include gallery exhibitions and museum openings, as well as art fairs. Here, attendance from the group has dropped approximately 40% to 51 events on average  in 2024 from a high of 89 in 2019. Crucially, the significant drop in attendance occurred during the pandemic but has remained consistent for the past three years.

‘New collectors entering our VIP list don’t necessarily have the same habits as those who have been collecting 20 years. There’s now a plethora of information especially via digital platforms available on shows, artists, and works, so the need to be “in the room” at every event has shifted into a more selective attendance when one is trying to learn and experience the art world,’ Kim says.

Unsurprisingly, there are similarities between the survey and broader market trends, including a leaning away from the purchase of higher-priced works, with sales of works priced at less than USD 10,000 growing from 37% in 2023 to 42% in 2024.

There are also areas where a direct comparison of statistics from the larger survey of HNWI participants and the smaller VIP list could be a welcome addition to future years of the research. For example, HNWIs who spent over USD 10 million on art and antiques allocated a larger proportion (52%) to female artists in 2024. Identifying whether there is a comparable trend across different price points among the more fair-friendly VIP collectors could aid understanding on how demographics, selling channels, and generational preferences are influencing decisions.

Recognizing the VIP group’s adventurous but careful and selective approach is likely to be the key to nurturing its growth; a growth needed as fairs across the globe compete to boost attendance in an increasingly competitive market.

 ‘Seasoned collectors don’t particularly like the “frenzy” of a fair,’ says Melanie Gerlis, art market journalist and author of The Art Fair Story. ‘If they’re in the mood for it, then they’ll pop in, but it has become more of a choice.’