An annual report also finds spending remains resilient this year despite global headwinds
A survey of global collectors by Art Basel and UBS released on Thursday revealed the biggest drivers for buying art this year were motivated by personal concerns, such as self-identity, and that buyers are taking time to do research before making a purchase.and thought-through, or maybe slightly risk averse in some cases, approach to buying,” says Clare McAndrew, a cultural economist and founder of ArtEconomics in Dublin, who authored a report on the survey results.
The survey of collectors in 11 markets worldwide is the most expansive conducted in the eight years ArtEconomics and UBS have studied collector behavior. Participants are active collectors with US$1 million in investable assets or more who spent at least US$10,000 in 2021 and 2022, and US$5,000 in the first half of this year, on art and antiques, a criteria that doesn’t account for many established collectors who aren’t currently buying art.
Overall, the collectors surveyed reported allocating 19% of their wealth to art—including real estate and private business assets. That’s down from 24% last year and 22% in each of the two previous years, the report said. The lower allocation may reflect the fact that this year’s report surveyed fewer collectors with assets of US$10 million or more , as the percentage allocation tends to rise with an individual’s wealth.
Of those surveyed—28%—said they bought art for “financial motivations,” yet only 10% described themselves as art “investors,” according to a report on the survey results that was authored by McAndrew.
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