I recently had the opportunity to join a fascinating live session on art collecting, I have been invited by the No Name Collective Art Gallery London Project as a representative of VWorld Europe. The focus of the session was the Global Art Collecting Survey 2024, presented by Dr. Clare McAndrew, a renowned cultural economist.
For some time, I’ve been exploring the dynamics of the contemporary art market, especially through my involvement in various art projects. Although I don’t claim to be an expert, these insights are invaluable for understanding trends and developing communication strategies for the artists and galleries I collaborate with. Here, I’ll share a few key findings from the survey, along with my reflections.
The panel of experts included Corvo Kelly from The Wall Street Journal, Clare McAndrew of Arts Economics, Paolo Donovan from UBS Global Wealth Management, and Noah Horowitz, CEO of Art Basel, one of the world’s leading contemporary art fairs.
1. Market Trends: A “Small” Crisis
The art market is currently facing a bit of a slowdown, with investments decreasing in both the primary (galleries and artists) and secondary (auctions and resales) markets. This comes as no surprise considering the global economic landscape, but I also believe that the lower quality of some artistic productions and the reluctance of many galleries to adapt to new, technology-driven sales methods are contributing factors. Art fairs and galleries must evolve alongside digital platforms if they wish to thrive in this changing environment.
2. High-Net-Worth Individuals (HNWI) and Their Behavior
The survey, which involved over 3,660 High-Net-Worth Individuals (HNWI) from 14 major global markets, reveals that a significant portion of their spending (52%) is directed toward emerging artists. Even more promising, spending on female artists saw an impressive 44% increase—an encouraging trend that demonstrates the growing recognition of underrepresented voices in the art world.
HNWI are a crucial demographic in the art market. These individuals possess significant disposable income and invest not just for pleasure but also as a strategic asset. For emerging artists, being on the radar of such collectors can be a significant career breakthrough. The rise in demand for emerging and female artists signals a shift in the market, where collectors are now more focused on diversity and innovation.
3. The Digital Shift in Art Buying
One of the more striking statistics from the survey is that 95% of respondents prefer to purchase art through galleries, online platforms, or art fairs. This reinforces the importance of a strong online presence for artists and galleries alike. Many artists have been hesitant to embrace digital sales, perhaps viewing them as less authentic or detached from traditional gallery interactions. However, this hesitation risks leaving them behind in an increasingly digital marketplace. Technology has clearly altered the way art is bought and sold, and there’s no going back.
For collectors, online platforms offer unprecedented convenience and access to a global pool of artists. In fact, many high-profile collectors use digital platforms to discover new works, further diversifying their collections. Virtual viewing rooms, social media, and online galleries have democratized access to art, making it easier for buyers to explore and purchase art from anywhere in the world.
4. Growing Interest in New Galleries
A noteworthy takeaway from the survey is the growing interest in new galleries. In 2024, 60% of art purchases are expected to be made through dealers, with a notable emphasis on newer galleries—those managed by fresh talent and embracing modern practices. This interest signals a shift towards contemporary tastes and innovative business models in the art world. For these newer galleries, it’s a chance to establish themselves as go-to venues for collectors seeking cutting-edge art and unique narratives.
HNWI attended an average of 49 art events in 2023 and anticipate attending 46 in 2024. These events include gallery openings, art fairs, and other related exhibitions. In addition, the survey reveals that 43% of respondents intend to purchase artwork within the next 12 months, with a strong preference for paintings (91%), followed by sculptures (61%), and works on paper (55%). The growing popularity of works on paper, including prints and conceptual photography, offers younger or more price-sensitive collectors a more accessible entry point into the art world.
5. Insights on Affordable Art Fair (AAF) 2023 and Young Collectors
For those interested in emerging trends, I also dug into recent data from the Affordable Art Fair (AAF) 2023, which has seen a surge in interest from young collectors, particularly Millennials and Generation Z. These younger buyers are attracted to the fair's price accessibility—typically ranging from $100 to $12,000—which makes it an excellent platform for first-time collectors who want to start building their own collections.
Events like the New York and London editions of AAF have put a spotlight on emerging talent, resonating well with this younger demographic. Many of these collectors are drawn to the opportunity to discover new voices and acquire works that reflect modern themes, such as social justice, sustainability, and identity politics. The personal connection between the collector and the artist—often facilitated through meet-and-greet opportunities and engagement on social media—adds an additional layer of meaning to these purchases.
Technology also plays a significant role in shaping the purchasing habits of these younger collectors. Many of them are digital natives, using online platforms, virtual viewing rooms, and even social media to discover, explore, and purchase art. The integration of digital tools into art fairs, such as online advisory apps or virtual galleries, has proven to be a significant advantage for younger, tech-savvy buyers who value convenience and accessibility.
Conclusion
In conclusion, both the Global Art Collecting Survey 2024 and the Affordable Art Fair show how the art world is evolving, particularly with the involvement of younger and more diverse collectors. As the market shifts towards inclusivity, digital engagement, and support for emerging artists, both galleries and artists must adapt to these trends to remain relevant. It’s an exciting time for both collectors and creators, and I look forward to seeing how these developments unfold in the coming years.
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