Despite a certain rebound, the art market has been seesawing between happy surprises and severe slumps. This is what emerges from the (fascinating) report drawn up by Clare McAndrew on behalf of UBS and Art Basel.
Clare McAndrew.
© PAUL MCCARTHY. COURTESY ART BASEL
The latest report by Clare McAndrew, founder of Arts Economics, is essential reading as one of the few of its kind to offer a 360° panorama of a complex market. The report has fine-tuned its social and economic approach through a survey carried out among the wealthiest collectors – those famous "high net worth individuals", referred to by the acronym HNWI. It brings to light some instructive statistics, particularly on buying behaviours of millennials and women. For instance, we learn that the youngest of these collectors spent more (on average, $3 M over two years) – six times the amount spent by their elders, the baby-boomers – and that women bought more art than men, with 16% of them even topping $10 M in art purchases over the last two years. And they only represented 37%…
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