A survey conducted by Art Basel and UBS Bank on art collecting worldwide shows that spending by high-net-worth collectors has remained strong in 2023.

The analysis previews the market in advance of Art Basel Miami Beach from December 8-10, when exhibiting galleries and their artists arrive in the area. It is expected to make Miami the most extensive artistic scene in the world.

The Global Collecting analysis examines research into the purchasing activities of wealthy collectors over the first half of 2023. Dr. Clare McAndrew, founder of Arts Economics, wrote the analysis, which compiled responses from more than 2,800 collectors from Brazil, China, France, Germany, Hong Kong, Italy, Japan, Singapore, Taiwan, the United Kingdom and the US.

The report details in its most salient points:

– Average spending on art and antiques in 11 markets around the world reached $65,000 in 2022, up 19% from 2021.

– The average allocation to art in estate portfolios fell to 19% in 2023 from a high of 24% in 2022. This indicates a more cautious approach to collecting, with a greater focus on more liquid financial assets.

– Most spending in 2023 has been on paintings (58%), with works on paper the second largest component (13%).

– The proportion of spending on digital art was only 3% of high-net-worth collectors’ total spending in 2023, and digital artworks accounted for 8% of their collections.

– After a decline in 2022 to $202,000, collectors in mainland China reported the highest average spending in the first half of 2023, $241,000.

– Millennials gravitated toward sculptures, installations, photography and film or video art.

– The proportion of collectors focused on purchasing artwork valued at more than $1 million fell from 12% in 2021 to 4% in 2022.