As Art Basel and UBS release the third Survey of Global Collecting, authored by Dr Clare McAndrew, a fresh round of insights emerges into the behaviors and preferences of the high-net-worth individuals (HNWIs) who play a pivotal role in the global art market. For a sector awash with sometimes difficult to navigate figures, this report offers more than just numbers. It has become an established tool with which to read the evolving dynamics of art collecting and the trends shaping the sector.

‘Understanding of collectors’ behaviors, motives, and localities has long been a crucial part of our research, and a key measurement of the industry,’ says Clare McAndrew, the founder of Arts Economics, who also prepares and writes The Art Basel and UBS Global Art Market Report. ‘The more we delved into the findings from this group over the years, the more we realized that we needed to give this aspect of the survey, and adjoining research, some breathing space of its own,’ she adds.

While the Art Market Report offers a broader sweep across the market by encompassing a wide array of sources – including auction houses, dealers, collectors, art fairs, and sales records spanning a staggering 45 million transactions – the Survey of Global Collecting homes in on collectors with a net worth, excluding real estate and private business assets, of more than USD 1 million.

A total of 3,663 respondents across 14 major markets (the most global spread of participants in the series to date) were contacted between July and August 2024. More than half (55%) hold wealth between USD 1 million and USD 10 million, while 39% have wealth between USD 10 million and USD 50 million. A smaller but significant group (6%) qualified as ultra-high-net-worth individuals (UHNWIs), with assets exceeding USD 50 million.

Taking a more focused look into one aspect of the market is logical. There is a danger in trying to describe the art market as a single entity, when in reality it functions as an extensive series of sub-markets, with their own distinct ecosystems, dynamics, and behaviors. Attempting to understand the behavior of various players within such a fluid platform simultaneously risks over-generalization.

‘[HNW collectors are] just a bubble within a broader market, so this sort of survey can never represent the whole trade, but you do begin to reveal a greater understanding of how wealthy individuals who are active in the market are looking to engage with it, and how they want to interact with it going forward,’ says McAndrew.

Indeed, the demographic breakdown of participants that accompanies the survey immediately provides valuable – and sometimes surprising – learnings. The average age of respondents was 45 years, but there are notable regional differences. Collectors in Hong Kong, for example, came in with an average age of 38, compared to the average age of 50 in the US. Gender distribution was 63% male, although this again varied by region. For example, a low of 29% of respondents in Brazil were female compared to more than 40% in France, Mainland China, Hong Kong, and Mexico.

The methodology also unravels generational differences, with the increasing influence of millennials (making up 40% of respondents) and Gen X (23%) particularly evident.

A clear weighting toward the US and Asian markets in the findings reflects the concentration of wealth in these regions. India also emerged as a growing force in the global art market last year, with HNWIs in the country experiencing 41% growth in wealth. European and Latin American markets featured to a lesser extent and demonstrated a slightly older demographic of collector involved.

Many of the findings reinforce and correlate with those of the market report. But the collector survey adds depth and raises future lines of inquiry. Take, for example, the growing understanding over recent years that the volume of transactions across the sector has been rising, despite values towards the top end of the sector dropping. One of the more striking discoveries of this latest survey is that this set of trajectories also applies to HNWIs as a specific grouping. The fact that their activity involves more modest acquisitions will be of significant interest to many.

Similarly, a survey of 1,400 of Art Basel’s VIPs, which runs alongside the main survey for the first time this year, reveals differences and subtleties. While the broader survey demonstrates a growth in the number of events being attended alongside a greater preference for online transactions, the smaller group of highly engaged private collectors attended fewer events in 2024, showing a preference to buy in a one-on-one environment.

Naturally, there are limitations over the degree to which any survey can reveal a whole picture and draw conclusions. Younger collectors have historically responded to online surveys more readily than older generations. The screening requirement, that respondents had to have purchased art during the period from 2022 through to the end of the first half of 2024, could arguably have overlooked older collectors or those buying at a more measured pace.

Annual shifts in sampling processes and frameworks also make like-for-like comparisons across yearly results indicative, rather than precise.

For such an inquisitive survey, understanding of how the annual publication is used, circulated, and anticipated by the sector remains largely anecdotal. ‘We do know that its findings are used by dealers and galleries to inform their strategies and better understand the intricacies of collectors’ mindsets, particularly with attention to regional developments,’ McAndrew says. It is also clear that private firms working with HNWIs across investments pay attention to the allocation of wealth to art.

Given that such wealth is likely to be part of a significant generational wealth transfer over the next few years, the significance of this survey is only likely to grow. And, while the The Art Basel and UBS Art Market Report 2024 grows in stature (and size!) thanks to its commitment to solid quantitative data, the Survey of Global Collecting’s prioritization of qualitative insight makes it another of the sector’s most valuable reads.

Download the Art Basel and UBS Survey of Global Collecting 2024 here.