This is a concise overview that captures the key findings from the Art Basel and UBS Survey of Global Collecting in 2023.
Key Findings:
- Auction Sector Trends:
- H1 2023 witnessed a 16% decline in aggregate sales at major auction houses.
- Despite the dip, it exceeded the first half of 2019, accounting for 84% of 2022’s record values.
2. Global Art Trade:
- In 2022, art and antiques imports peaked at $30.7 billion, and exports reached the second-highest at $33.4 billion.
- Despite a global decline in Q1 2023, key hubs like Hong Kong, the UK, and the US experienced double-digit increases in art inflows.
3. HNW Collector Spending:
- Median spending on art by HNW collectors hit $65,000 in 2022, rising by 19% from 2021.
- Mainland Chinese collectors saw a robust return to spending, reporting the highest median expenditure in H1 2023 at $241,000.
4. Art Medium Preferences:
- Majority of spending in 2023 focused on paintings (58%), with digital art representing only 3% of HNW collectors’ total expenditure.
- Gen X collectors surpassed millennials in spending on paintings, while Gen Z showed a preference for prints and digital art.
5. Gender Representation:
- Works by female artists constituted 39% of collections in 2023, with collectors spending over $10 million annually showing an increased share (55%).
- The overall ratio of spending on works priced over $1 million declined, indicating potential buyer caution.
6. Wealth Portfolio Allocation:
- The average allocation to art in HNW collectors’ portfolios dropped to 19% in 2023 from the peak of 24% in 2022.
- The allocation increased with collector wealth, ranging from 15% for those under $5 million to almost 30% for UHNW collectors.
7. HNW Collector Buying Channels:
- In-person buying continued to rise in 2023, with 86% purchasing from a dealer and 58% making art fair acquisitions.
- Dealer and art fair spending increased, with auctions remaining a significant channel for three-quarters of respondents.
8. Collector Motivations and Outlook:
- Self-focused motivations ranked highest at 37%, followed by financial motivations at 28%.
- 54% of HNW collectors planned to buy art in 2024, with paintings being the preferred choice, and 26% intended to sell, anticipating future price improvements.