Art preference amongst the wealthy in Asia is shifting, according to a UBS survey, away from foreign artists to local creators.

In Asia, high net worth individuals' (HNWI) preference for local artists over foreign ones trended upwards in 2022, according to UBS’s art report titled «A Survey of Global Collecting in 2022». Mainland China led the trend with local artists accounting for 57 percent of art collections.

The trend was also evident in other markets in Asia, when compared to similar surveys conducted in 2019, with local artists now accounting for over half of the share of collections in Hong Kong (from 42 percent to 51 percent) and Singapore (from 47 percent to 54 percent). In contrast, the share of local artists from collections in Taiwan fell from 52 percent in 2019 to 46 percent in 2022. 

«There has been much discussion over the last two years about whether and how the pandemic and other concerns such as sustainability may have encouraged more focus on local artists and markets,» the report said.

Positive Outlook

Overall, the outlook is improving as optimism as well as spending is on a path of recovery.

According to the report, the median expenditure for art-related spending by HNWIs reached $180,000 in the first six months of 2022 – higher than all of 2021's $164,000 – with France, mainland China and Hong Kong leading all buyers. 78 percent of collectors were optimistic about the global art market’s performance in the coming six months.

«The art market in Asia has continued to show strength and resilience, demonstrated by the prolific sales in the region. HNW collectors based in APAC have played an active role in driving the global market through their increased spending power. This has helped form new art market hubs, while also enhancing international spending in the more traditional markets,» said UBS chief investment office’s APAC head of global asset allocation Adrian Zuercher. 

The survey was conducted by research and consulting firm Arts Economics alongside UBS, covering 11 markets including the US, UK, France, Germany, Italy, mainland China, Hong Kong, Taiwan, Singapore, Japan, and Brazil.