Launched throughout the whirlwind weeks of market exercise between Frieze London and Artwork Basel Paris, the newest Artwork Basel and UBS Survey of International Gathering revealed—and in some ways confirmed—key developments shaping high-net-worth accumulating worldwide, providing renewed confidence within the resurgent international artwork market. After surveying 3,100 millionaire collectors throughout 10 markets (the U.S., U.Ok., mainland China, Hong Kong, France, Switzerland, Germany, Japan, Brazil and Singapore), this 12 months’s version of the report centered on feminine and youthful collectors—these anticipated to inherit a lot of the forthcoming $83 trillion wealth switch. On the middle of the survey performed by Clare McAndrew of Arts Economics lies the questions defining as we speak’s artwork world: What drives the subsequent technology of patrons, and the way are their habits evolving?
A cautious but fluid new period of accumulating
Twenty p.c of HNWI wealth is now allotted to artwork, up from 15 p.c in 2024. Allocations rose alongside complete wealth: UHNWIs with greater than $50 million in property averaged 28 p.c. HNWI allocations towards artwork additionally elevated with time spent accumulating—16 p.c amongst these accumulating for 2 years or much less, rising to 24 p.c amongst these energetic for greater than 20 years.
Most notably, HNWIs have steadily expanded each their budgets and their dedication to accumulating, with common spending in 2024 reaching $438,990 throughout 14 works. Ten p.c of respondents spent greater than $500,000, and seven p.c exceeded $1 million in 2024, with related ranges noticed within the first half of 2025. The median expenditure in early 2025 ($22,000) almost matched the full-year 2024 median ($24,000), signaling sustained exercise throughout value segments. Encouragingly for the market’s future, Gen Z collectors reported higher-than-average allocations, at 26 p.c.
The survey attributes this to artwork’s enduring notion as a secure haven throughout inflation and financial volatility. Greater than 85 p.c of HNWIs seen it as a extra steady funding than shares, citing its resistance to market swings. Nonetheless, its illiquidity and logistical complexities have led cautious collectors to allocate much less regardless of its perceived safety. Nonetheless, in terms of the ultimate determination of what to purchase, 70 p.c of HNWIs make their decisions collectively—with a partner or associate, or with an knowledgeable comparable to an advisor or seller.
Diversification and assortment dimension
In 2025, HNWIs owned a median of 47 works, up from 44 in 2024, with most (72 p.c) holding fewer than 50 items—sometimes between 25 and 49. Gen Z collectors averaged 37 works, in comparison with 66 for Boomers. These energetic for lower than two years held round 36 works, whereas seasoned collectors with greater than 20 years available in the market averaged 104. Assortment dimension additionally elevated with wealth, from 39 works amongst these value $1-5 million to 52 amongst UHNWIs.
The info confirmed a extra selective and cautious method to accumulating, with a transparent shift towards established artists in comparison with 2024. Nonetheless, HNWIs continued to diversify their holdings throughout profession phases. In 2024 and early 2025, 16 p.c of works acquired had been by new artists—these coming into the business market with out gallery illustration (down from 27 p.c in 2024); 18 p.c had been by rising artists who had exhibited for lower than ten years (down from 26 p.c); 21 p.c had been by mid-career artists with established reputations however not but thought of top-tier (versus 22 p.c in 2024); and 45 p.c had been by established or blue-chip artists with sturdy secondary markets and works often promoting above $100,000—up sharply from 25 p.c the earlier 12 months.
Tendencies additionally diverse throughout native artwork ecosystems. Acquisitions of latest and rising artists had been strongest in Germany (39 p.c), Singapore (37 p.c) and each Switzerland and France (36 p.c), whereas the bottom shares had been recorded in mainland China and Brazil (30 p.c every). Mid-career artists noticed extra constant illustration throughout areas, peaking within the U.S. and Hong Kong at 23 p.c.
At the same time as HNWIs throughout generations in 2024-2025 purchased extra fluidly throughout mediums and classes, positive artwork remained central, with 78 p.c buying works in 2024 and 74 p.c in early 2025. Work continued to dominate, accounting for 27 p.c of complete positive artwork spending and remaining the first medium for Boomers. Nonetheless, tastes are shifting—Gen Z collectors are more and more drawn to digital and video artwork, whereas Millennials are extra energetic in prints, images and works on paper.
Amongst new mediums, digital artwork noticed the best rise in participation and spending, with greater than half (51 p.c) of surveyed HNWIs having purchased a digital work in 2024-2025. The medium ranked third in total spending, almost matching sculptures at 14 p.c.
The common share of wealth allotted to artwork diverse by demographic however was highest amongst youthful collectors, together with 26 p.c for Gen Z—exceeding their older friends. As newer entrants to the market, in addition they moved sooner and acquired extra actively than collectors who had accrued artwork over a lifetime.
It’s no shock that youthful collectors are essentially the most energetic patrons throughout classes. Millennials spend on ornamental artwork, design and jewellery—reflecting lifestyle-driven pursuits—whereas Gen Z dominates in collectible purses, sneakers and different luxurious property, with common sneaker spending almost 5 occasions increased than that of different teams.
“Millennials and Gen Z are approaching the market with new behaviors, tastes and modes of engagement, whereas the rising affect of girls collectors and the championing of feminine artists are markedly impacting the commerce,” wrote Artwork Basel CEO Noah Horowitz within the report. He famous that youthful collectors are increasing past conventional classes into digital, design and life-style collectibles, usually buying works by a rising vary of channels. For him, understanding these evolving behaviors is essential to serving to a good like Artwork Basel help galleries and artists, domesticate new audiences and increase the worldwide artwork ecosystem.
Jewellery and gems led the collectible classes in common expenditure, reaching $63,000, with males spending almost 5 occasions greater than ladies. Males additionally outspent ladies on watches, sports activities property, wine, whisky and spirits, whereas ladies spent extra throughout all different classes.
Ladies collectors on the rise
Feminine patrons are grabbing a bigger market share, significantly amongst youthful generations. In 2024, they outspent their male friends by a median of 46 p.c, led by Millennial and Gen Z collectors—particularly in Germany and China, the place ladies spent greater than twice as a lot as males. General, the information confirmed that girls outspent males in each the Gen Z and Millennial segments, whereas the reverse held true for Gen X and Boomers.
Ladies additionally have a tendency to gather, help and make investments extra in works by feminine artists, consciously serving to to shut the gender hole—a motivation usually central to their accumulating. “As wealth continues to shift vertically and horizontally over the approaching years, these developments are more likely to foster larger steadiness and variety in accumulating sooner or later,” McAndrew wrote within the report. Ladies spent greater than males on works by ladies artists, averaging 47 p.c of their complete artwork spending in 2024-2025, in comparison with 41 p.c for males.
Based on McAndrew, the findings problem the stereotype that girls are extra risk-averse than males, exhibiting that in accumulating, they’re usually extra keen to embrace danger and observe their instinct—buying throughout a broader vary of nontraditional mediums and actively supporting rising and lesser-known artists.
Whereas ladies had been equally conscious of danger (and confirmed the same degree of danger aversion as males), they nonetheless seen shopping for the work of unknown artists as a danger value taking. Ladies collectors had been extra open to buying newly found artists (69 p.c) than males (63 p.c), with 55 p.c reporting they incessantly or usually bought works by unknown artists (versus 44 p.c of males). Knowledge additionally revealed that girls allotted a smaller share of spending to conventional media, favoring digital artwork and images as an alternative.
Ladies collectors had been additionally essentially the most energetic contributors in artwork occasions, averaging 55 occasions in each 2024 and 2025—ten greater than males. Whereas they matched males in attendance at artwork festivals, auctions and biennales, ladies attended extra museum and gallery exhibitions and had been extra more likely to go to artists’ studios, demonstrating deeper engagement and a extra research-driven method to acquisitions, commissions and patronage.
Relationships nonetheless matter
As gross sales more and more happen throughout a wider mixture of channels, with extra transactions going down past the standard constructions of sellers and public sale homes, accumulating behaviors are evolving. But, reinforcing many sellers’ perception that it’s higher to focus regionally and construct neighborhood, HNWIs nonetheless worth private interplay above all. Galleries and sellers stay the most typical shopping for channels, with 83 p.c of respondents reporting purchases by a gallery—in individual, on-line, through social media, or at an artwork truthful.
Forty-three p.c of complete HNWI artwork transaction worth got here by sellers (both immediately or at artwork festivals), down from 60 p.c in 2023 however nearer to the 46 p.c recorded in 2022. Sellers remained essentially the most most well-liked gross sales channel in 2025 (30 p.c most well-liked shopping for immediately from a seller and 15 p.c at artwork festivals), adopted by direct purchases from artists (20 p.c). This development held regular throughout generations—besides amongst Boomers, who favored auctions.
Spending by sellers continued to dominate throughout areas. Excluding artwork festivals, direct seller gross sales ranged from 22 p.c in Brazil to 30 p.c within the U.S. Brazil led in artwork truthful spending at 18 p.c, whereas Japan recorded the bottom share at 14 p.c. Mixed seller and truthful spending remained broadly constant throughout generations, aside from Boomers, who allotted lower than a 3rd by these channels and leaned extra closely on auctions. Gender variations had been modest, although ladies spent barely extra by sellers (44 p.c versus 41 p.c for males), together with a 2 p.c increased share at artwork festivals (17 p.c).
Participation and spending at public sale declined, with about half (49 p.c) of surveyed HNWIs making a purchase order. In the meantime, the information confirmed an artwork circuit absolutely again in movement, as HNWIs attended a median of 48 art-related occasions in 2024—a determine surpassing pre-pandemic ranges—with ladies collaborating greater than males and planning even larger attendance in 2025.
Artist studio visits, nevertheless, are on the rise as collectors more and more search real, private connections that strengthen their dedication to the artists they help. Direct gross sales from artists have develop into an more and more frequent acquisition channel, now rating second total and accounting for 20 p.c of complete purchases—greater than double final 12 months’s share—with ladies allocating a bigger portion than males. This marks some of the important jumps throughout current surveys: 63 p.c of HNWIs reported shopping for immediately from artists in 2025, up from 27 p.c in 2023 and 43 p.c in 2022. The most typical type of entry was by studio visits (43 p.c), adopted by commissioned works (37 p.c, up from 15 p.c in 2023) and direct purchases through Instagram (35 p.c), as collectors pursue extra private and genuine relationships with the artists they help.
New channels of affect
Regardless of widespread complaints of “truthful fatigue” after the Frieze London/Artwork Basel Paris marathon, almost all respondents (96 p.c) nonetheless plan to attend artwork occasions in 2026, with youthful collectors exhibiting the strongest intent to extend their participation. Regionally, the most important development was reported in Brazil (69 p.c) and the U.S. (65 p.c), whereas Japan and mainland China confirmed the bottom ranges of enhance. Acquisitions at festivals additionally rose sharply, accounting for 37 p.c of complete purchases in 2024—21 p.c at stay occasions and 16 p.c through on-line viewing rooms—greater than double the 16 p.c recorded in 2023.
Collectors are additionally turning their consideration again to native occasions (54 p.c native). Whereas gallery exhibitions had been evenly divided between native and abroad occasions in 2023, the newest information reveals a transparent swing towards native engagement, rising to 57 p.c in 2024-2025.
On the similar time, the movement of data guiding the shopping for course of is shifting, significantly amongst youthful collectors. Gen Z and Millennial patrons are extra possible than Gen X to behave on suggestions from on-line artwork platforms, artwork publications, critics, or the press, with Instagram rising as essentially the most influential supply amongst Millennials.
Boomers (39 p.c) and Gen X (29 p.c) had been the most certainly to depend on recommendation from household and buddies. Marital standing additionally influenced whether or not this channel was used—although extra for males than ladies. Married males had been extra more likely to search household recommendation (28 p.c) than single males (23 p.c), a better fee than each married ladies (25 p.c) and single ladies (20 p.c).
Legacy and property planning developments
As the good generational wealth switch continues—with greater than $83 trillion anticipated to go between generations within the coming a long time, in line with UBS—it’s unsurprising that inheritance performs a key function in accumulating.
General, 84 p.c of surveyed HNWIs owned works inherited or gifted from household or buddies and 67 p.c saved at the least a few of them. Most notably, almost 90 p.c of Gen Z collectors who inherited works retained them, highlighting each the affect of household custom in shaping collections and the enduring function of inheritance in carrying these legacies ahead.
The survey signifies that inheritance sometimes serves as a impartial place to begin quite than a defining drive in accumulating methods. Amongst collectors motivated by household and custom, inherited works accounted for 33 p.c of their collections by worth—barely increased than the 31 p.c reported by financially pushed collectors.
Reflecting demographic and historic variations throughout nations, regional variations had been important. The share of inherited works by worth was highest amongst collectors in Switzerland (44 p.c), adopted by above-average ranges within the U.S. (38 p.c). In distinction, Japan (21 p.c) and the U.Ok. (24 p.c) reported a number of the lowest proportions. Whereas fewer respondents in mainland China mentioned they’d inherited artwork, those that did reported that such works made up a considerable 30 p.c of their assortment’s worth. Throughout all areas, inherited items represented greater than 20 p.c of collections by each worth and quantity.
Trying forward, about 80 p.c of collectors plan to go their collections to their kids or companions, whereas 70 p.c hope to donate works to museums or charities. This sample was constant throughout age, wealth and area, although the probability of getting formal plans elevated predictably with age and marital standing.
Promoting, nevertheless, is just not a precedence. Collectors have a tendency to carry onto their prized works throughout unsure occasions—solely 25 p.c plan to promote, down sharply from 55 p.c in 2024. As an alternative, 40 p.c of HNWIs intend to purchase extra artwork over the subsequent 12 months, suggesting that the renewed momentum seen in London and Paris might proceed to construct. Promoting intentions easing to 25 p.c (from 55 p.c in 2024) factors to larger market stability, whereas 1 / 4 of respondents additionally plan to donate works, reinforcing the broader shift towards philanthropy. Ladies collectors had been notably extra inclined to donate, with 75 p.c expressing plans to present works to museums and charities, in comparison with 64 p.c of males—a spot that widens past the sphere of quick household.
Amid international uncertainty and speedy change, collectors’ prime issues stay acquainted: cross-border commerce limitations, market volatility, transparency, authorized publicity and safeguarding private information when shopping for on-line. But the survey displays the cautious optimism coursing by this season’s festivals and European auctions, with sturdy expectations for continued momentum in New York’s marquee gross sales and a assured end in Miami. Most HNWIs stay upbeat concerning the market’s path—84 p.c are optimistic about efficiency by the rest of 2025 (down barely from 91 p.c in mid-2024), and 81 p.c specific confidence within the outlook for the 12 months forward.
