Collectors that know the art of the deal are expected to acquire new works by old masters in 2019.
A UBS survey reports that fine art collectors have cash to spare for a cyberspace shopping spree next year.
From November 14-26, 2018, UBS surveyed 175 high-net-worth fine art collectors with at least $5 million in investable assets to determine their collecting habits.
UBS found that wealthy, U.S.-based fine art collectors are actively looking to add to their collection in 2019. They are increasingly comfortable buying art online, even for works they have not seen in person. In addition, they are using social media to find art and fellow artists.
UBS made the following findings in its survey:
- Collectors are highly engaged in the market (65 percent) and actively looking to add to their collections in 2019 (58 percent).
- A majority of respondents surveyed said they wanted to pass their collection on to the next generation, either to educate beneficiaries in the care of the collection (58 percent) or for tax implications (57 percent).
- Fine art collectors embrace technology; 60 percent are buying online, 58 percent for works they have not seen in person.
- Two-thirds of respondents (65 percent) actively shop for art on social media.
- Artist gender plays a factor in collectors’ decisions to purchase works (57 percent).
- Nearly three-quarters of collectors surveyed expect to purchase works by women next year (70 percent).
The results of the survey are published in a special edition of the UBS “Investor Watch Pulse Report,” timed to coincide with 2018’s Art Basel in Miami Beach.
