The art market is nearing a critical inflection point, according to a new 2024 survey of global collecting from Art Basel and UBS.
Rich people are getting richer, but art represents a lower percentage of their net worth than in years past; meanwhile, a core group of dedicated collectors report that they plan to attend fewer art-related events than before, even though they favor in-person acquisitions by a large margin. On top of this, a slow-moving tsunami of wealth is transferring art from the hands of an older generation into a younger one, even as the youngest generation of collectors appears to be pulling back from the market.