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.

Art Together, a subsidiary under major Korean art auctioneer K-Auction, announced Monday it has submitted its registration statement for fractional investments in Yayoi Kusama’s 2002 artwork, “Pumpkin,” to the country’s top regulator, the Financial Supervisory Service.

Art Together purchased the painting from renowned British auction house Christie’s for 1.09 billion won ($835,000) and has set the subscription price at 1.18 billion won, allowing retail investors to subscribe to buy 11,820 shares at 100,000 won per share.

By subscribing to the shares, retail investors can hold fractional ownership in the artwork, and later turn a profit when the entire work is sold or by selling their share. Fractional investment assets are not limited to fine art but could also be expanded to real estate properties, music copyrights and even cattle that are sold at auction for beef.

Art Together analyzed 359 transactions of similar works by the artist from January 2013 to October 2023, and also received appraisals from external agencies to justify its subscription price, according to the company.

If approved by the FSS, local brokerage house NH Investment & Securities will receive subscriptions from investors who have real-name accounts at the firm from Dec. 26 to Jan. 2.

This is the second time Art Together has submitted a registration statement for fractional art investment to the FSS.

Shortly after submitting the registration for Stanley Whitney’s painting “Stay Song 61” in August, it withdrew the registration, responding to concerns about unfair price appraisal, considering it had purchased the artwork from its parent company, K-Auction.

“The previous withdrawal was a voluntary one for fair value suggestion and investor protection,” analyst Choi Jae-ho at Hana Financial Investment said. “It is likely that the newly submitted registration will earn the financial authorities’ approval, having continuously reflected their feedback.”

With companies such as Art Together lining up for registrations, Korea’s fractional investment market has been gaining traction in recent months. In August, the FSS allowed five companies — Stockeeper, Tessa, Yeolmae Company, Seoul Auction Blue and Art Together — to submit registration statements for fractional investment, after exempting them from tight regulations.

On Nov. 28, Seoul Auction Blue, operator of the fractional art investment app Sotwo, also submitted to the FSS its registration for the artwork “Dollar Sign” by Andy Warhol.

Affiliated with Seoul Auction, another big-name art auction house here, the company procured the artwork for 626 million won from its parent company.

Like Art Together’s Kusama piece, the subscription price has been set at 100,000 won. It plans to allow retail investors to subscribe to 7,000 shares worth a total of 700 million won. If the FSS approves the registration, the public subscription process will kick off in late December.

Yeolmae Company, the operator of the app ArtnGuide, has also submitted its registration for another piece by Kusama also titled “Pumpkin” (2001). It plans to attract 1.23 billion won of investments in the piece, which depicts the artist’s most well-known pumpkin motif, but is of a different size than the work owned by Art Together.

In addition, fine art fractional investment platform Tessa is to submit its registration to the FSS by the end of December, while Stockeeper, the operator of Bancow, a platform for investing in cattle to be auctioned for beef, is also gearing up to start its registration procedures.

“Though the FSS has not approved any company yet, the first subscription is likely to happen in December, considering the current process,” analyst Yoon Yu-dong at NH Investment & Securities said. “K-Auction and Seoul Auction shares are growing in value, reflecting market expectations for fractional investment.”

We’re thrilled to welcome artist Ýr Jóhannsdóttir, better known as Ýrúrarí (previously), for our first Colossal Workshop of 2024. During this one-hour session on January 27, Ýrúrarí will offer insight into her process and teach the needle-felting technique she often uses in her creative mending projects that transform sweaters into friends. The techniques are suitable for complete beginners, so just grab a needle and some wool and join in.

Register today to reserve your seat, and if you’re a Colossal Member, don’t forget to use the code in your account to receive $5 off.

Do stories and artists like this matter to you? Become a Colossal Member today and support independent arts publishing for as little as $5 per month. The article Join Us for a Colossal Workshop and Make Your Sweaters into Friends with Ýrúrarí appeared first on Colossal.

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SHARON – Patti Hanley decided to visit the Art Market Saturday with a friend in part because she knows a couple of the vendors.

“There’s some gorgeous things here,” said Hanley, of Sharpsville. “This is great.”

Hanley purchased a necklace from Lauren Potts of Austintown, Ohio, and Chris Daniels of Lowellville, Ohio. Potts creates the designs and Daniels, who has a degree in geology, goes with Potts to pick out the stones she uses in her jewelry.

Potts started bringing her jewelry to the Art Market because she is friends with one of the organizers.

Alane Jewel, and Jen Crisan and Crisan’s husband, Daniel Horne, have organized the event that has been running around the holidays for four years.

Jewel and Crisan are artists who manned their own booths at the show with Steve Vuich as entertainment, taking donations for the Community Food Warehouse of Mercer County.

Crisan and Jewel both have studio space in The Landing. The show started in 2018 when Crisan and Horne thought the center needed an art show.

The first year, they opened up their studio space to have the show then in 2019, the show expanded to the main lobby and adjoining room inside The Landing.

The show ran Friday and Saturday. About 200 people came through on Friday, and Jewel and Crisan were expecting the same amount Saturday.

“I feel like everybody I talked to today is doing well, selling, and that’s what we want,” Jewel said. “We want to make sure our artists are selling and that traffic comes through.”

The show has a variety of everything from pottery to jewelry to sculpture art and photography.

“We’ve got it all,” Jewel said. “Someone can find a handmade gift here that’s homemade.”

And it all comes through the arts in Sharon, Crisan said.

“It’s important to get the artists together to have a place to sell their work. There’s not a lot that we have around here,” Crisan said. “It’s nice for them to have an outlet for sales, especially for the holidays.”

Follow Melissa Klaric on twitter @HeraldKlaric or email her at mklaric@sharonherald.com