The Art Basel and UBS Survey of Global Collecting 2024 is an annual study that provides an in-depth analysis of the global art market. This report, produced in collaboration between Art Basel and UBS, is one of the most authoritative sources for understanding the economic, social, and cultural dynamics influencing the art market. The research is based on the answers of a sample of high-net-worth individuals (HNWIs) active in the art market during the years taken into consideration, about their purchasing behaviors. This edition has the largest sample of HNWIs, with over 3,660 interviewees active in the art market in 2023 and 2024, from 14 key regions participating, and Switzerland, Mexico, and Indonesia as new additions. For the first time this year, Art Basel and UBS also conducted a parallel survey of 1,400 collectors from the Art Basel VIP network.

The stand of Galerie Pauline Pavec, © Art Basel
 

Market Overview

After a promising rebound from the COVID-19 pandemic, art market sales slowed in 2023, dropping 4% to $65 billion. The high end of the market, which was crucial in driving sales out of the 2020 crisis, significantly shrank, slowing growth. During 2024 there hasn't been any indication that this tendency will significantly change. As Christl Novakovic, Head UBS Global Wealth Management EMEA, pointed out in the survey, over the past year the global economy has been characterized by a complex mix of recovery, uncertainty, and opportunity. Noah Horowitz, Art Basel CEO, said that the persistent backdrop of geopolitical tensions, trade fragmentation, higher-for-longer interest rates, and other region-specific issues continue to weigh on the sentiment and plans of buyers and sellers.

Camille Bres, Sol enneigé 1, 2024, available on Artsper  

Main Trend

Emerging trends regarding the Art Market between 2023 and 2024 included:

• HNWIs spending

In 2023, the average expenditure of HNWIs dropped 32% to $363,905. Gen X (born between 1965-1976) respondents had the highest average spending in 2023 ($578,000), and this trend continued in the first half of 2024, with levels over a third higher than millennials and double that of Boomers and Gen Z.

Average Expenditure on Fine Art, Decorative Art, and Antiques by Generation, © Art Economics

Many HNWIs were open to exploring new artists and they play a critical role in supporting emergent artists’ careers at early and later stages. Just over half (52%) of expenditure by HNWIs in 2023 and 2024 was on works by new and emerging artists (from 44% in the previous survey). In addition, the interviewees are more willing to consider living artists.

The share of works by female artists in the collections of HNWIs rose to a ratio of 44% versus male artists’ works in 2024, its highest level in seven years. The share of spending on female artists’ works was also 44% versus 56% on those by male artists.

HNWIs from Mainland China had the highest expenditure on art and antiques in 2023, as well as the first half of 2024, with a median of $97,000. This suggests that the strong return to spending post-lockdown has been sustained despite worries of a slowdown in the market.

Median Expenditure by HNWIs on Fine Art, Decorative Art, and Antiques by Region © Art Economics

• HNWIs buying channel

The most used channel for purchasing art was a dealer, with 95% of respondents buying either at a gallery, online, through social media, or at an art fair.

Share of HNWIs Using Sales Channels for Purchasing 2023 and H1 2024, © Art Economics

The importance of a multichannel approach for dealers was evident. Buying directly through a dealer’s website was the second-largest route for spending through dealers in 2023, but the most preferred by HNWIs in 2024 (29% preferred buying via website against 20% from gallery visit).

HNWI Preferences for Purchasing from a Dealer in 2024 © Art Economics

HNWIs showed a strong willingness to purchase from new galleries in 2023 and 2024. Indeed 70% of the sample bought from a mix of new galleries and those they had relationships with before 2023/2024.

• Event Attendance

While the experience of the pandemic has facilitated the transition to digital, this came in tandem with a strong return to attending fairs, exhibitions, and other events. The most widely attended events were museum exhibitions, which averaged 10 in 2024, Both gallery exhibitions and art fairs were a stable eight and six respectively in both 2023 and 2024.

Looking in more detail at gallery exhibitions, the highest attendance by region was by HNWIs in the US, Singapore, and Japan, averaging 11 in 2024. Some of the lowest attendance was
by those in Mainland China, with respondents attending just three exhibitions, including only one overseas. HNWIs tended to visit a mix of overseas and local exhibitions regardless of where their regional base was.

• Motivation

When asked about their plans over the next 12 months, 43% of those surveyed across all markets intended to purchase more artworks for their collections. This share was down on previous surveys in 2023 and 2022. As in the previous surveys in 2023, the highest-ranking motivation was self-focus and pleasure (40%), and this was the highest motivator for buying art in all markets with the exceptions of Singapore, where financial motivations ranked higher, and Brazil, where they were roughly on par.

HNWI Motivations for Purchasing Art 2024 © Art Economics

Main Takeaways

The art market's trajectory for the rest of 2024 remained unclear with mixed signals coming from various sectors. This was similar to the broader context, where the ongoing tensions and concerns in the political and financial spheres create different reactions and outlook among countries. As far as the art market, the top concern in 2024 was the existing and rising barriers to the free movement and exchange of art and antiques. However, the HNWIs interviewed maintained their optimism overall despite the lack of information surrounding the potential performance of certain markets and economies.

Furthermore, the 2024 report indicates that while the global art market faces challenges, it remains dynamic and full of potential. Galleries that proactively embrace digital transformation, diversify their offerings, and actively engage with collectors—both online and in-person—are well-positioned to thrive. By adopting a forward-thinking, adaptable approach, galleries can not only face market fluctuations but also emerge stronger and more competitive in the evolving art landscape.

Actionable steps:

• Develop user-friendly e-commerce platforms that offer a seamless purchasing experience, like Artsper.
• Leverage social media and digital marketing to engage with younger, tech-savvy collectors.
• Utilize virtual reality (VR) and augmented reality (AR) technologies to provide immersive experiences, such as virtual exhibitions and live-streamed gallery tours.