Mainland China has been a leading spender in art over the past 18 months with expectations for this to potentially continue in the coming year, according to a survey by Art Basel and UBS.
At $97,000, high net worth individuals (HNWI) from mainland China posted the highest median expenditure on art and antiques in 2023 and the first half of 2024 compared to all other markets, according to the «Art Basel and UBS Survey of Global Collecting 2024 by Arts Economics».
There was a significant gap with runner-up France at $38,000 followed by Italy ($32,000), the UK ($31,000) and Hong Kong ($28,000). Globally, the median expenditure was $25,555.
2025 Outlook
When asked about their plans over the next 12 months, 43 percent across all markets said they intended to purchase more artworks for their collections. This was lower than in 2023 and 2022, when just over half said they were planning a purchase. Once again, mainland China is the leader in the coming year with 70 percent planning to purchase works. Singapore (52 percent) is also expected to be a relatively more active buyer.
The 2024 survey was based on responses from over 3,660 HNWIs in 14 markets including Brazil, France, Germany, Hong Kong, Indonesia, Italy, Japan, mainland China, Mexico, Singapore, Switzerland, Taiwan, the United Kingdom and the United States.
