The Art Basel and UBS Survey of Global Collecting 2023

Date: 16 Nov 2023

Karen Jones

The Art Basel and UBS Survey of Global Collecting in 2023 reveals insights into the behaviours and optimism of high net worth collectors. High net worth collector spending on art remained strong in the first half of 2023.

The Art Basel and UBS Survey of Global Collecting in 2023 reveals insights into high net worth (HNW) collectors’ attitudes, behaviours, and outlooks for the art market. Authored by cultural economist Dr. Clare McAndrew, the report reviews trends in collector spending, motivations of their activities in the market, and how they interact with artists, galleries, institutions, and their environment. Conducted in collaboration with UBS, the survey sample included over 2,800 collectors who were active in 2023 across 11 art markets, including Brazil, Mainland China, France, Germany, Hong Kong, Italy, Japan, Singapore, Taiwan, the United Kingdom, and the United States.

The key findings include:

• Increased cross-border trade in 2022 and early 2023: Imports of art and antiques across borders reached their highest-ever level of USD 30.7 billion in 2022, while exports were their second highest at USD 33.4 billion. While global imports across all industries were down in the first quarter of 2023, the value of inflows of art to key hubs continued to grow, including double-digit increases in Hong Kong (50%), the UK (38%), and the US (15%).

• HNW collector spending remained strong in the first half of 2023, signaling a potential year-on-year increase compared to 2022: The median expenditure on art and antiques by the surveyed HNW collectors reached USD 65,000 in 2022, up by 19% on 2021. This level was maintained in the first half of 2023, indicating a potentially substantial rise for the year if spending continues. Expenditure increased in nearly all markets in 2022, with some of the largest advances in the UK and Taiwan (both up 30%) and more moderate growth in the US (5%) and Hong Kong (2%). After a decline of 6% in 2022 to USD 202,000, collectors from Mainland China reported the highest expenditure in the first half of 2023, at USD 241,000.

• Higher share of research-based collecting: When asked about their collecting behaviours and motivations, 44% of collectors surveyed identified themselves as “researcher”, engaging in significant amounts of research before acquiring works (up from 37% in 2021). There was a slight drop in “impulse buyers” (down by 3%).

• Women outspent men in the survey: The median level of spending by women at USD 72,500 outpaced that of men in 2023, continuing to grow in value and reaching a higher level than in 2022. However, there were more male collectors than women among the narrow segment of those spending over USD 1 million in each period.

• The resurgence of in-person buying continued in 2023: 86% of HNW collectors purchased from a dealer, and of those, 84% bought in person from their gallery or premises (up from 73% in 2022).

• Optimistic outlook: Despite ongoing uncertainties, 77% of HNW collectors surveyed remained optimistic about the art market’s performance over the next six months. The majority of collectors (54%) were planning to buy art over the next year, stable on 2022. Some of the most active buying plans were reported by collectors from Mainland China, with 68% intending to purchase works, along with large majorities in Japan, Brazil, and Italy.

Clare McAndrew, Founder, Arts Economics said: “Economic and political uncertainty has been looming over the art market in 2023. Although much discussed, there has been little comprehensive research on how economic and social trends actually impact the decisions and spending plans of collectors. To delve into these questions, this survey – the largest of its kind to date – examined the attitudes, behaviors, and outlook of high net worth collectors from different regions around the world. Collectors continued to strongly engage in sales and events in 2023, alongside some evidence of more risk-averse approaches and less impulse buying. Self-focused motivations including self-identity and the personal pleasure one derives from owning art remained the biggest drivers for buying in 2023. And though only a small minority of collectors consider themselves investors, many are highly aware of the financial impact of their collecting activities, actively using leverage and credit as well as reselling works from their collections.”

Paul Donovan, UBS Global Wealth Management Chief Economist said: “2022 was marked by an extraordinary surge in consumer spending on higher priced goods, as pandemic restrictions ended. For higher income consumers, this included the personal luxury goods market. The art market, sharing a consumer base with the luxury sector, also benefitted from this trend. However, a palpable shift is underway. In 2023 consumer spending growth has pivoted from goods towards services. Trends in the art market are also evolving, with collectors becoming more discerning and intentional in their choices, favoring meaningful connections and quality over quantity. They are spending not just their money, but also their time, delving deep into research to ensure their acquisitions truly resonate with their values and aspirations.”

Noah Horowitz, CEO, Art Basel said: “This year’s Survey of Global Collecting suggests that high net worth collectors may reasonably be taking a more careful approach to their spending, amid volatile economic and geopolitical conditions. Nonetheless, HNW collector confidence remained strong, with spending in the first half of 2023 already matching the whole of 2022 and with Chinese collectors recording the highest. The remarkable success of our shows in Hong Kong, Basel, and Paris thus far this year bears out this dynamic, with these fairs being propelled by the continued resurgence of in-person buying even as collectors exercise greater selectivity in their event attendance. Looking ahead, the majority of collectors surveyed remained optimistic about the art market’s performance, reflecting the resilient demand for art in the largest global markets.”

Arts Economics and UBS have studied the behaviors and interactions of collectors in the market over the last eight years, providing insightful responses from active collectors. The annual survey is published to supplement The Art Basel and UBS Global Art Market Report, which revealed that 2022 art market sales reached an estimated USD 67.8 billion, their second-highest-ever level but much slower and more uneven growth of 3% year-on-year.

Download the report for free: www.ubs.com/collecting

Subscribe to Citywealth Weekly Newsletter to learn more about Private Wealth Management: Weekly News Email – Citywealth