Art Basel Report 2024 - Short Analysis

• Wealthy Collectors Spending Less, but Steady Median: Ultra-high-net-worth individuals (UHNWIs) reduced average art spending by 32% in 2023, though median spending remained stable, suggesting selective restraint.

• Art Market Resilient Despite Auction Decline: While imports rose slightly (6%), exports dropped (1%). Major auction houses saw a 26% sales decline in early 2024.

• Taste Shifts Overstated: Most UHNWIs keep inherited art, with practica - not aesthetic - reasons driving sales.

• Support for Emerging Artists Grows: Over half of UHNWI art spending in 2023–2024 went to new and emerging artists, showing increased willingness to back fresh talent.

• Female Artists Gaining Ground: Works by women made up 44% of collections in 2024, especially among top spenders.

• Paintings Dominate, but Prints Rise: Paintings are still preferred, but interest in works on paper and prints is growing steadily.

• Gen X Leads, Millennials Pull Back: Gen X had the highest spending, while millennial collectors cut theirs in half compared to 2022.

• Dealers and Art Fairs Thrive in Multichannel World: Most art is bought via dealers (95%), increasingly through digital channels. Art fair spending also rose slightly.

• Chinese Collectors Outspend All: Mainland Chinese UHNWIs maintained the highest median spend, showing strong market engagement.

• Segment-Specific Behaviors: VIP collectors value confidentiality, prefer in-person purchases, and favor art fairs for discovering new talent.

Source: https://www.artbasel.com/stories/10-findings-art-basel-ubs-survey-of-global-collecting-2024?lang=de