High net worth collectors from mainland China were the most active buyers of art in 2023 thus far, according to a UBS report, and momentum is expected to sustain over the next year.
At $241,000, mainland Chinese high net worth (HNW) collectors boasted the highest median expenditure on art and antiques in the first half of 2023, according to a report co-produced by UBS and Art Basel. This compares to the median of $65,000 in all of the 11 markets surveyed, which also includes Brazil, France, Germany, Hong Kong, Italy, Japan, Singapore, Taiwan, UK and US.
In 2022, HNW collectors from mainland China recorded a median expenditure of $202,000 compared to the overall median of $65,000.
Paintings Preferred
Of all the mediums, paintings accounted for the majority of spending in 2023 thus far at 58 percent. Mainland Chinese collectors were also the leader in this medium, alongside several others, with a spending that was four times the average.
Digital art made up only 3 percent of total expenditure and 8 percent of collections, down from 15 percent in 2022. Unsurprisingly, Gen Z collectors had the highest average expenditure on digital art.
Continued Momentum
In the coming year, 54 percent of HNW collectors were planning to buy art, in line with 2022 levels. China was once again the global leader with 68 percent anticipating upcoming purchases.
The «The Art Basel and UBS Survey of Global Collecting 2023» was based on surveys of over 2,800 collectors who were active in 2023 across the 11 aforementioned markets.
