Art Basel and UBS Survey Reveals Gen X Leads Art Spending in 2024

The 2024 Art Basel and UBS Survey of Global Collecting, overseen by Clare McAndrew, indicates that affluent individuals continued their significant investment in art during 2023 and early 2024, despite a downturn in the market. While average expenditure decreased by 32% to $363,905, the median spending held steady at $50,000 for 2023 and $25,555 for the first half of 2024. Gen X collectors topped the spending charts with an average of $578,000, marking a 3% rise, whereas millennials saw a 50% decline to $395,000. Chinese collectors led in median spending at $97,000, with France, Italy, the UK, and Hong Kong following. Emerging artists received 52% of the total spending, while women artists represented 44% of purchases, the highest in seven years. Furthermore, 88% of collectors engaged with a new gallery last year, and the average number of galleries utilized increased from 13 in 2019 to 17 in 2024. Optimism for the market was expressed by 91% of participants, and the survey noted a significant generational wealth transfer, with 91% of collectors having inherited art and 72% keeping some of those pieces.