Global Wealth and HNW Collector Perspectives
Chapter 6 provides a brief overview of some of the changes in the size and distribution of HNW wealth that have emerged in 2020, and presents the results of a comprehensive survey of 2,569 HNW collectors, conducted in conjunction with UBS Investor Watch. The survey covers ten regional markets, analysing the spending, preferences and interactions of collectors in the art market in 2020.
Surveys of 2,569 high net worth (HNW) collectors, conducted by Arts Economics and UBS Investor Watch in ten markets indicated active engagement in the art market despite the COVID-19 pandemic, with 66% of those surveyed reporting that the pandemic had increased their interest in collecting, including 32% who reported it had significantly done so.
COVID-19 Pandemic – Effects on HNW Collectors' Appetite for Collecting Art
Millennial HNW collectors were the highest spenders in 2020, with 30% having spent over $1 million versus 17% of Boomers.
Share of Collectors by Expenditure Level in 2020
Despite the restrictions in place, HNW collectors still purchased through a range of channels, with 81% having purchased from a gallery or dealer in 2020, and 54% at auction.
Sales Channels used for Purchasing in 2020
Dealers were the most preferred channel for purchasing art and the majority of HNW collectors (57%) preferred buying from their gallery
or physical premises, while 29%
liked to purchase online and 14% by phone or email.
HNW Collector Preferences for Purchasing Art
HNW collectors will be active in the market in 2021, with the majority (57%) planning to purchase more works for their collections, and just over one third (35%) planning to sell works.
Collectors’ Intentions for Purchases and Sales of Art in 2021