Spending continues on art and antiques in a complex market

Despite a complex market, HNWIs are continuing their spending on art and antiques in different generations.

The median expenditure on art and antiques by HNWIs surveyed for H1 2024 was $25,555, if indicative for H2 could reflect a stable annual level of spending.

This is according to The Art Basel and UBS Survey of Global Collecting 2024 by Arts Economics. It also found that the 300 HNWIs surveyed from Mainland China reported the highest median expenditure of all respondents on art and antiques in 2023, as well as the first half of 2024 at $97,000.

In addition, this figure was more than double that of any other region surveyed in the first half of the year, and followed by France ($38,000), Italy ($32,000), the UK ($31,000) and Hong Kong ($28,000).

Furthermore, 91% of HNWIs had works that were inherited or gifted through a will or other method. 72% had kept at least some of them.

However, less than one-third of millennial and Gen Z respondents cited a lack of fit with their collections as a reason for selling or donating inherited works.

Gen X respondents had the highest average spending in 2023 ($578,000), and their lead continued in H1 2024, with levels over a third higher than millennials and double that of Gen Z and older generations.

Overall, spending in H1 2024 showed signs of stabilising, and 91% of HNWIs surveyed were optimistic about the global art market’s performance in the next six months, up from 77% at the end of 2023.

Art and antiques spending reaction

Clare McAndrew, author and founder, Arts Economics, said: “HNWIs continue to play a vital role in the art market in 2024. Findings from this survey align with our broader market research, revealing consistent and robust activity levels, but with a noticeable decline in average spending levels by value. The HNWIs we surveyed were transacting through a more diverse range of channels and price points in 2023 and 2024, engaging with more galleries than in previous years, including more new galleries. These changes are likely to contribute to the ongoing shift in focus away from the narrow high-end of sales that has dominated in previous years, potentially expanding the market’s base and encouraging growth in more affordable art segments which could provide greater stability in future.”

Paul Donovan, chief economist, UBS Global Wealth Management, continued: “After a downturn, global wealth has rebounded in 2023. This is reassuring for the global art market, which has shown continued resilience in the face of uncertainty. UBS Global Wealth Report 2024, reveals over $84trn, is expected to change hands during the next two decades. As the great wealth transfer gains momentum, we will see partners, spouses and children take on collections and become collectors themselves. These new collectors will bring fresh perspectives, often adopting new strategies that are more purpose-led.”

Noah Horowitz, CEO, Art Basel, added: “This year’s Art Basel and UBS Survey of Global Collecting shows that the drop in average spending among millennial HNWIs was driven by reduced activity from high-end buyers, reflecting a broader market shift. Despite this, median spending in 2023 and the first half of 2024 remained solid, with a growing focus on new and emerging artists, and art-related event attendance surpassing pre-pandemic levels. As a global business, we recognise the challenging market context and remain committed to fostering new and innovative ways for the next generation of collectors to connect with our galleries and their artists—both at our shows and beyond.”

This art and antiques spending in 2024 survey, the largest to date, gathered responses from over 3,660 HNWIs in 14 markets including Brazil, France, Germany, Hong Kong, Indonesia, Italy, Japan, Mainland China, Mexico, Singapore, Switzerland, Taiwan, the United Kingdom, and the United States.

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