UBS shares its passion for art and collecting with a global community of clients and has one of the world’s largest and most important corporate art collections. In order to assess the level of collector participation and interaction with the gallery sector and art market during the first half of 2020, Arts Economics worked in collaboration with UBS to gather insights from 360 high net worth collectors across three different markets: the US, the UK, and Hong Kong SAR (China). Another side-effect of the art market’s transition to online platforms has been price transparency – a development Horowitz had initially thought would be ‘years’ in the making. There's been a huge shift in the art market. This website uses cookies to make sure you get the best experience on our website. Sales at public auction reached $24.2 billion in 2019 – down 17% after two years of consecutive growth. Authored by renowned cultural economist Dr Clare McAndrew, the annual analysis is the definitive guide to key trends and developments – with an additional survey of 1,300 high-net-worth collectors by UBS Investor Watch and Arts Economics providing fresh insight into buyer behavior. Though the future shape of the art market remains to be seen, all participants agreed that advances in technology and a new approach to physical events could lead to innovation. In the last Art Market Report 2020 just published by Art Basel and UBS, we can get an overview of the value of the world art market: 64.1 billion dollars. The mid-year survey written by Dr. Clare McAndrew "provides a unique analysis of how the COVID-19 pandemic has impacted the global Modern and contemporary gallery sector throughout … The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. He references online retail, flexible working, and localized production – adaptions which were already being catalyzed by a wider push towards sustainability. The Art Basel and UBS Global Art Market Report 2020 is the definitive analysis of key trends in the international art market. Though there were fewer female collectors, those surveyed had a higher average level of spending than men – with 16% having spent more than $10 million in the last two years. ‘This is the second major recession that businesses have had to face in just over a decade,’ said McAndrew, discussing the initial challenge COVID-19 has posed to the art market’s health. Gallery sales contracted by over a third, but their online sales have accelerated. In 2019, global art sales eased 5% year-on-year to an estimated $64.1 billion – while the volume of transactions hit a decade-high of 40.5 million, according to the latest edition of the Art Basel and UBS Global Art Market Report. But just how bad was it? You can find more information under the Privacy Statement. Hear from Sotheby’s CEO, Charles Stewart and Chairman of Sotheby’s Fine Art Division, Amy Cappellazzo on how Sotheby’s are adapting, Listen to Monocle’s The Bulletin with UBS art market special. This brings the market to its second highest level in 10 years, with values advancing 9% over the decade from 2008 to 2018. Each month The Fine Art Group will offer an informative view on the current state of the art market, taking the pulse of real-time developments. Buyers in this age group averaged a total expenditure of $3 million over two years, according to a survey of 1,300 high-net-worth collectors by UBS Investor Watch and Arts Economics, included in the report. For Donovan, ‘the COVID-19 crisis is, in many ways, accelerating structural changes that were already happening’. But even economists must admit that there is more to life than economics. Art Basel Miami Beach 2019, Fortes D'Aloia & Gabriel. Some innovations have already emerged: Art Basel has launched its online viewing rooms, and selling exhibitions have become a common feature of gallery websites – despite historic ‘pushback’, McAndrew noted. Of those that had bought online, one quarter had spent more than $100,000, while 8% had spent over $1 million – double the share that had spent at that level in 2018. ‘When Art Basel ran its online viewing room in March, one of the mandates set out was that every gallery had to post a price. UBS and Art Basel review the art market in the context of the COVID-19 crisis. While she acknowledges it is ‘too early’ to make projections, she believes previous crises can provide useful learnings. “A very positive finding of the research this year … 7 Insights from the Art Basel and UBS Global Art Market Report 2020, The US retained its position as the largest market globally. You are free to change your cookies' settings in the privacy settings. Online is the new normal, and millennials collectors have become the most active buyers. Paul Donovan, Chief Economist, UBS Global Wealth Management, said: "The art market often mirrors the trends and economic developments we see in wealth creation. Download the Art Market Report 2020. The Art Market covers all aspects of the international market and highlights the most important developments in the previous year. Millennials emerged as active market participants. Sign up to our Newsletter. This was the question at the heart of a live discussion led by Melanie Gerlis, art market writer for The Financial Times, with Clare McAndrew, Founder of Arts Economics, Noah Horowitz, Director of the Americas for Art Basel, and Paul Donovan, Global Wealth Management Chief Economist for UBS. In 2008, the art market saw a significant loss in value – but ‘bounced back’ strongly, achieving ‘less volatile growth’, supported by global diversification. Tim Schneider, March 5, 2020 Crowds at Art Basel 2019. And it happened’. We’ll hear from its author, renowned cultural economist Dr Clare McAndrew and our regular panelist from UBS Wealth Management. The Art Market 2020 An Art Basel & UBS Report Prepared by Dr. Clare McAndrew Founder of Arts Economics. Female buyers were also more prominent, accounting for 36% of all dealer transactions – an increase of 9% on 2018. The country accounted for 44% of the global market share in 2019 – a percentage unchanged since 2018. The growth of millennial and female spending power today is part of that. Key findings of The Art Basel and UBS Global Art Market Report include: Global Sales: Showing a second consecutive year of positive growth, the global art market in 2018 reached $67.4 billion, up 6% year-on-year. UBS provides its clients with insight into the art market, collecting and legacy planning through its Art Collectors Circle and UBS Art Advisory. He cited the ‘enormous drop off’ in the New York market in the early 90s – a moment which nevertheless led to ‘a flourishing of gallery openings’, including big names like Gavin Brown, Greene Naftali and Casey Kaplan. Women accounted for 44% of all artists represented by galleries working in the primary sector – an increase of 8% year-on-year, according to dedicated research into gender issues. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions. And which demographic spent the most in 2019? Art Basel’s 2020 Market Report Offsets Slumping Sales Figures With a Hopeful Fact: Millennials Are Buying More Art Than Ever The 2020 edition of the annual report estimates that $64.1 billion was spent on art last year, a decline of five percent from the year prior. © Art Basel. This was the question at the heart of a live discussion led by Melanie Gerlis, art market writer for The Financial Times, with Clare McAndrew, Founder of Arts Economics, Noah Horowitz, Director of the Americas for Art Basel, and Paul Donovan, Global Wealth Management Chief Economist for UBS. Art Basel and UBS art market survey shows online sales and millennial collectors increasingly important to an art market hit hard by COVID-19 Zurich 09 Sep 2020, 09:00 CEST Media Releases Americas Media Releases EMEA Media Switzerland Research Media Releases APAC Media Global. Discover key findings from the definitive guide to the global art market.
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