Sep 19, 2024 2:00PM
Welcome to Art Collector Insights 2024, Artsy’s annual research-driven report that surveys the views, trends, and buying habits of art collectors worldwide.
This year’s report is gathered from the responses of more than 2,100 individuals who buy art, hailing from six continents. Our findings surface the key factors shaping art collecting today.
In the midst of a comparable market environment to our 2023 report, we found this year that the appetite for art collecting remains healthy. An overwhelming majority of respondents reported that they purchased art at the same level or increased levels in 2023 compared to 2022. These levels remained consistent across online sales channels, too.
Our report also looks into discounting practices, art fair attendance, the behaviors of younger collectors, and transparency in the art market. The picture overall shows that art collecting is alive and well—even while the motivations and practices among collectors continue to vary and diversify.
Below, we share a summary of the report. To see all of our findings, click here to download the report as a PDF.
1. 82% of young collectors have purchased art online
Based on Artsy survey data.
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Younger collectors (defined as individuals aged 36 or younger) are taking an online-first approach to discovering and collecting art. Some 82% of respondents from this cohort reported that they had purchased art online, versus 77% of their older counterparts.
This new generation of collectors is also more likely to use online marketplaces as channels for discovery: 47% of younger collectors said that they discover artists and purchase their works via online marketplaces, compared to 43% of older collectors.
Plus, more of their art budget is going towards buying art online: 42% said that they allocated more than 75% of the total amount they spent on art last year to buying online (versus 29% of older collectors).
2. 95% of collectors say price transparency on artworks is important
Based on Artsy survey data.
A major theme of this year’s report is the significance of price transparency when viewing artworks listed for sale, which we’ve gleaned from Artsy data as well as feedback from survey respondents.
Some 95% said that seeing a listed price is important when purchasing a work online. Just 1% said that it is not important, while the remaining 4% felt neutral.
When asked to select the greatest hindrances to purchasing art online, most respondents (56%) selected a lack of visible price, followed by a tie between shipping logistics (46%) and “insufficient information about the work (excluding price)” (46%). (Respondents were able to select up to nine options.)
3. 80% of collectors said their budgets for art in 2023 stayed the same or increased from the year prior
Based on Artsy survey data.
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Some 80% of survey respondents reported that their budgets for art in 2023 were the same or higher compared to 2022. And 79% said that they purchased the same amount of art or more in 2023 as they would buy in a typical year. This marks a four-point uptick compared to last year’s report, when 75% of collectors reported having purchased the same amount of artwork or more in the past year, compared to the same period previously.
Our report also found strong year-over-year spending via online marketplaces. Some 76% of respondents said that they purchased the same amount of art or more via online marketplaces in 2023, compared to 2022. Meanwhile, 9% reported spending less compared to previous years.
4. 67% of collectors are planning on attending 2–5 art fairs in 2024, roughly the same number as they did in 2023
Based on Artsy survey data.
Most survey respondents (62%) said that they had attended at least one in-person art fair in 2023; of them, 69% said that they attended between two and five. A similar percentage (67%) said that they are planning to attend the same number of fairs this year, showing neither an increased nor decreased appetite for these events. A slight reduction was observed among those who attended more than 10 art fairs last year—42% of this group said they plan on attending fewer art fairs this year.
Why do collectors attend art fairs? For the majority of respondents (71%), it’s to discover new artists. The next most popular motivation was gaining access to artworks (51%), followed by meeting new galleries (25%), connecting with galleries they already have relationships with (21%), and traveling to an interesting destination (6%).
5. Most collectors are asking for a discount of 11–20% on artworks
Based on Artsy survey data.
When we asked collectors in our survey about discounts, more than half (55%) said that they negotiated a discount on artworks purchased last year. The highest proportion (42%) said that they received discounts on more than half of the artworks that they purchased in 2023.
In terms of the size of discounts, the highest proportion (55%) said that they asked for discounts between 11% and 20% last year, followed by discounts of 10% or less (28% of respondents).
Among the respondents with higher budgets ($100,000 and above), 88% negotiated discounts on all artworks they purchased last year. A slightly higher proportion of this cohort is also likely to ask for bigger discounts, too.
Methodology
Art Collector Insights 2024 was developed through an online survey that ran from July 2024 to August 2024, with responses from 2,154 art collectors from over 70 countries. The majority of participants (54%) are based in the U.S., followed by the U.K. (6%).
Arun Kakar
Arun Kakar is Artsy’s Art Market Editor.
