The article discusses the latest trends and insights from a survey of high net worth individuals (HNWIs) in the art world. Here are some key takeaways:
1. **Inheritance plays a significant role**: 84% of HNWIs own works inherited or gifted from family or friends, with 67% keeping at least some of them.
2. **Philanthropy is on the rise**: 70% of collectors plan to donate works to museums or charities, with women being more inclined to do so (75%) than men (64%).
3. **Market volatility and trade barriers remain concerns**: While HNWIs are optimistic about the market's direction, they still worry about cross-border trade barriers, market volatility, transparency, legal exposure, and safeguarding personal data when buying online.
4. **Investment in art continues to grow**: 40% of HNWIs plan to buy more art over the next 12 months, suggesting continued momentum in New York's marquee sales and a confident finish in Miami.
5. **New channels of influence emerge**: The survey finds that collectors are increasingly turning to online platforms, social media, and art advisors for guidance on buying and collecting art.
6. **Direct sales from artists become more popular**: 20% of HNWIs report buying directly from artists, with women being more likely to do so (43%) than men (27%).
7. **Local events gain popularity**: Collectors are increasingly attending local events and exhibitions, with 54% reporting a preference for local over international events.
8. **Global uncertainty drives cautious optimism**: Despite concerns about cross-border trade barriers and market volatility, HNWIs remain optimistic about the market's direction, with 84% expressing confidence in the outlook for 2025.
Overall, the survey highlights the ongoing growth of the art market, driven by increasing investment, philanthropy, and new channels of influence. However, it also underscores the ongoing challenges facing collectors, including market volatility, trade barriers, and concerns about transparency and personal data protection.
1. **Inheritance plays a significant role**: 84% of HNWIs own works inherited or gifted from family or friends, with 67% keeping at least some of them.
2. **Philanthropy is on the rise**: 70% of collectors plan to donate works to museums or charities, with women being more inclined to do so (75%) than men (64%).
3. **Market volatility and trade barriers remain concerns**: While HNWIs are optimistic about the market's direction, they still worry about cross-border trade barriers, market volatility, transparency, legal exposure, and safeguarding personal data when buying online.
4. **Investment in art continues to grow**: 40% of HNWIs plan to buy more art over the next 12 months, suggesting continued momentum in New York's marquee sales and a confident finish in Miami.
5. **New channels of influence emerge**: The survey finds that collectors are increasingly turning to online platforms, social media, and art advisors for guidance on buying and collecting art.
6. **Direct sales from artists become more popular**: 20% of HNWIs report buying directly from artists, with women being more likely to do so (43%) than men (27%).
7. **Local events gain popularity**: Collectors are increasingly attending local events and exhibitions, with 54% reporting a preference for local over international events.
8. **Global uncertainty drives cautious optimism**: Despite concerns about cross-border trade barriers and market volatility, HNWIs remain optimistic about the market's direction, with 84% expressing confidence in the outlook for 2025.
Overall, the survey highlights the ongoing growth of the art market, driven by increasing investment, philanthropy, and new channels of influence. However, it also underscores the ongoing challenges facing collectors, including market volatility, trade barriers, and concerns about transparency and personal data protection.