High-net-worth collectors are demonstrating sustained confidence in art as an asset class.
So far this year, this cohort has allocated an average of 20 percent of their wealth to the trade, up from 15 percent in 2024, according to the Art Basel and UBS Survey of Global Collecting 2025. The release, authored by Dr. Clare McAndrew, founder of Arts Economics, examines the collecting behaviors, spending habits, event attendance and interactions with galleries and institutions of HNWIs.
“Against a backdrop of heightened global economic uncertainty, this study provided a valuable opportunity to examine how collectors adapt to risk, focusing especially on differences by gender,” said Dr. McAndrew, in a statement.
“Contrary to the common stereotype of women as more risk-averse than men, the findings reveal that in the context of collecting, women are equally aware of potential risks yet often more willing to embrace them in practice—purchasing across a broader range of non-traditional mediums and actively supporting emerging and unknown artists,” Ms. McAndrew said. “Women also collected, and spent, more on works by female artists, a trend also evident among younger collectors.
“As wealth continues to shift both vertically and horizontally over the coming years, these trends are likely to foster greater balance and diversity in collecting in future.”
For the report, UBS and Art Basel surveyed 3,100 high-net-worth individuals across 10 key markets, including the United States, United Kingdom, Mainland China, Hong Kong, France, Switzerland, Germany, Japan, Brazil and Singapore through the first half of the year.
Demographic differences Overall, art allocations rose with both wealth levels and collecting tenure, with UHNW individuals holding over $50 million in assets averaging 28 percent, and those collecting for more than 20 years allocating 24 percent.
HNW women are spending significantly more on art than their male counterparts, with female collectors demonstrating greater openness to emerging artists and diverse mediums.
Female collectors’ average spending on art and antiques was 46 percent higher than that of men in 2024.
View this post on Instagram
Gen Z collectors reported higher-than-average allocations at 26 percent, indicating sustained engagement among younger demographics despite economic uncertainty.
Paintings remained the most purchased medium and the largest by value, representing 27 percent of total fine art spending in 2024. However, 66 percent of high-net-worth individuals bought works by artists they had newly discovered over the previous 18 months, up 8 percent year-over-year and a notable rise from 43 percent in 2022.
In fine art, younger collectors engaged with a broader range of mediums, with Gen Z showing the highest activity rates in digital art while millennials favored prints, photography and works on paper.
Market outlook The share of high-net-worth individuals buying at art fairs rose to 58 percent, while galleries and dealers remained the most used and highest spending channels. The share of collectors engaging in Instagram purchases increased to 51 percent, reflecting social media's growing role in art acquisition.
Direct purchases from artists more than doubled, as did spending through this channel, indicating evolving relationships between collectors and creators. This shift suggests collectors increasingly value direct engagement and provenance transparency.
Looking ahead, 40 percent of high-net-worth individuals planned to buy more art in the next 12 months, down slightly from 43 percent in 2024 and 54 percent in 2023.
Though global art sales are down 12 percent (see story), 84 percent remained optimistic about the short-term future of the global art market.
View this post on Instagram
Selling intentions eased to 25 percent from 55 percent in 2024, while a quarter of respondents planned to donate works, continuing a trend toward philanthropic giving. Event attendance continued to stabilize post-pandemic, with high-net-worth individuals attending an average of 48 art-related events in 2024, above pre-pandemic levels.
Almost 90 percent of Gen Z collectors who had inherited works kept them, underlining the importance of family traditions in building collections. Across all generations, 80 percent plan to pass their collections to children or spouses in the future (see story).
“This year’s Art Basel and UBS Survey of Global Collecting provides a fascinating snapshot of how our field is evolving in 2025,” said Noah Horowitz, CEO of Art Basel, in a statement.
“Millennials and Gen Z are approaching the market with new behaviors, tastes, and modes of engagement, while the rising influence of women collectors and the championing of female artists are markedly impacting the trade,” Mr. Horowitz said. “We also see younger collectors expanding beyond traditional categories into digital, design, and lifestyle collectibles, and acquiring works through an increasing number of channels.
“These invaluable insights guide us as we work to support galleries and their artists, cultivate new collecting audiences, and expand the global arts ecosystem.”
This article originally appeared on LuxuryDaily.com. Luxury Portfolio is pleased to bring you the latest trends and insider takes through our exclusive partnership with the go-to destination for luxury news. Subscribe today.