The latest report released by UBS and Art Basel reveals that despite economic uncertainty, wealthy collectors, including Gen Z individuals, are increasing their spending on art. The 2025 Survey of Global Collecting, led by art economist Clare McAndrew, collected responses from 3,100 wealthy collectors across 10 global art markets. This year’s respondents included a significant number of Gen Z and millennial collectors, marking a shift in the demographics of the art collecting world.
According to the report, high-net-worth individuals allocated 20% of their wealth to collecting in 2025, up from 15% in 2024. Women emerged as some of the biggest spenders on fine and decorative art and antiques, with high-net-worth women spending 46% more on art than their male counterparts. The report also highlighted that women were more likely to purchase works by artists they were not familiar with, signaling a shift in taste and engagement in the art market.
The growing wealth among women, including an increase in the number of women billionaires, has contributed to the rise in art spending. Additionally, the anticipated “Great Wealth Transfer” from baby boomers to heirs by 2048 has further incentivized individuals to invest in art as a way to preserve and grow their wealth.
Despite a slight decline in global art sales, the report found that overall transaction volumes increased in 2024, indicating sustained engagement from collectors. Paintings remained the preferred medium for collectors, accounting for 27% of fine art spending, followed by sculptures and digital artworks. Galleries continued to be the preferred venue for art transactions, with 83% of collectors purchasing works directly from galleries.
Looking ahead, the report suggests a sense of market stability, with a decrease in both buying and selling intentions among high-net-worth collectors. While only 40% of respondents expressed a desire to collect more art in the next 12 months, the decrease in selling intentions indicates a balanced market outlook.
Overall, the 2025 Survey of Global Collecting highlights the evolving landscape of the art market, with a new generation of collectors driving changes in taste, engagement, and spending habits. The increasing influence of women in the art market and the shifting dynamics of wealth distribution are reshaping the way art is collected and valued in the modern era.
