The art market is nearing a critical inflection point, according to a new 2024 survey of global collecting from Art Basel and UBS.
Rich people are getting richer, but art represents a lower percentage of their net worth than in years past; meanwhile, a core group of dedicated collectors report that they plan to attend fewer art-related events than before, even though they favor in-person acquisitions by a large margin. On top of this, a slow-moving tsunami of wealth is transferring art from the hands of an older generation into a younger one, even as the youngest generation of collectors appears to be pulling back from the market.
This post was originally published on this site be sure to check out more of their content
