A Survey of Global Collecting in 2022
正文与记录 · 第 1 页
An Art Basel & UBS Report Prepared by Dr. Clare McAndrew Founder of Arts Economics A Survey of Global Collecting in 2022
正文与记录 · 第 18 页
Despite difficult external conditions in many regions, projections in luxury industries remain buoyant, and the initial findings from 2022 continue to show strong demand in the art market. The results from the major international auction houses sales, which are often used as a barometer of the higher, global end of the market, showed positive results for the first half of the year, with aggregate sales at Christie’s, Sotheby’s, and Phillips worldwide up by 21% on the same period in 2021, and by almost one quarter from 2019. The calendar of sales has also expanded. The number of sales grew 20% in the first half of 2022 versus the same period in 2021, and is also higher than the first half of 2019 (by 7%). There has also been substantial change in the breakdown between live and online sales. While online auctions dominated during the COVID-19 pandemic in 2020, accounting for more than 70% of the sales that took place in the first half of that year, by 2022 this had decreased to a more balanced 48%. However, this is still double the share of pre-pandemic digital sales in that same period in 2019. While the results for the dealer sector are only discernible through annual surveys at year end, anecdotally some dealers have reported strong sales at art fairs, and the calendar for exhibitions and fairs has returned to a fuller program. The changes during the pandemic, notably the shift Figure 1.2 | Sales Figures for Christie’s, Sotheby’s, and Phillips H1 2019–2022 © Arts Economics (2022) with data from Sotheby’s, Christie’s and Phillips [电话已省略] [金额已省略] [金额已省略] [金额已省略] [金额已省略] [金额已省略] [金额已省略] $[电话已省略]% 58% [电话已省略] [金额已省略] [金额已省略] 450 a. Aggregate Sales January-June ($ Billion) b. Number of Sales January-June 2021-H12019-H1 2020-H1 2022-H1 0 204211 Online Live 2019-H1 2020-H1 2021-H1 2022-H1 [金额已省略] [金额已省略] [金额已省略] [金额已省略] 1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 18
正文与记录 · 第 32 页
1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 32
正文与记录 · 第 45 页
But all is not well in the global art system. Most obviously, globalization has vastly increased the carbon footprint of the arts – although so far, no reliable estimates are available. Just think of the shipping of works of art around the globe for temporary exhibitions, the packed travel schedules of curators, artists, collectors, and dealers to openings of biennials, museum shows, or other global art world events – in the case of the super-rich in their own private jets – or think of the large-scale temporary structures that are erected to host dozens of art fairs globally, and dismantled no more than a week later. The global art system may be insignificant in comparison to the world economy, but given its small size, its carbon footprint is too big. The sustainability of the global art system is being increasingly thematized by critical environmental and globalization scholars, as well as by art world groups such as the Gallery Climate Coalition. In doing so, they point out that the footprint is highly unevenly distributed across the art system, reflecting the uneven development of globalization within the arts more generally. The few existing academic studies on cross-border flows of contemporary works of art, their makers, and their intermediaries suggest that the system is composed of a relatively global top segment concentrated in London, New York, and a few other centers where the majority of the world’s sales and exports of art and antiques continue to originate. That’s the unsustainable segment. But next to it, there is a host of local art markets whose linkages with the global system are limited, instable, and temporary. These local markets are characterized by a strong home bias: their galleries, auctions, collectors, or museums are all more likely to exhibit, sell, or buy the work of artists in their own country.11 Likewise, art fairs almost invariably have a much larger share of local galleries. Even in a globalized and digitalized world, physical proximity apparently poses strategic advantages in art markets, just as it does in other cultural industries. But let’s return to the top segment. Its key players continue to be European and American: Sotheby’s, Christies, and Philips in the auction market; Art Basel and Frieze in the art fair sector; and David Zwirner, Gagosian, and Hauser & Wirth among others in the gallery market. If anything, globalization has strengthened their position and they face minimal competition from their counterparts in emerging regions. Likewise, most of the rankings of artists and collectors published 11 See Velthuis,O. (2013) ‘Globalization of Markets for Contemporary Art: Why Local Ties Remain Dominant in Amsterdam and Berlin.’ European Societies , Volume 15, The Globalization of Markets for Contemporary Art . Oxford University Press: Oxford; Alain Quemin, A. (2006) ‘Globalization and Mixing in the Visual Arts: An Empirical Survey of High Culture and Globalization.’ International Sociology , Volume 21, Number 4; Steiner, L., Frey, B., and Resch, M. (2013) ‘Home Is Where Your Art Is: The Home Bias of Art Collectors.’ Department of Economics-University of Zurich Working Paper Series , Number 135. Likewise, the Art Basel reports consistently indicate that collectors predominantly buy from local galleries. Note, however, that the stronger the reputation of the artist, the weaker the home bias in their exhibitions. See Arts Economics (2020) The Art Market 2020: An Art Basel & UBS Report , available at [网址已省略] . 1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 45
正文与记录 · 第 59 页
3.2 | Description of the HNW Collector Sample The HNW collector survey was distributed in August 2022. As in previous years, potential respondents were screened according to their wealth and activity in the art market from 2020 through to the end of the first half of 2022. Respondents were required to be HNW individuals, defined here as having a current net worth, excluding real estate and private business assets, in excess of [金额已省略]. To ensure they were active enough in the market to be able to offer insights on potential changes in spending, sales channels, and other behaviors, they were required to have purchased fine or decorative art in 2020, 2021, and 2022, spending a minimum of [金额已省略] on art and collectibles in each of the years 2020 and 2021, and a minimum of [金额已省略] in the market in the first half of 2022. This screening ensured that the survey captured only actively collecting respondents. This screening process continued until there was a minimum of 400 suitably qualified responses for the US, 300 from Mainland China, and 200 from each of the other markets surveyed, with a total of 2,709 full qualified respondents used for the analysis that follows. The questionnaire was distributed to collectors across a broad range of age groups, with the breakdown of qualified respondents dominated by millennials (54%) and Gen X collectors (32%), reflecting the most currently active collecting segments in the market.16 Boomer and Silent Generation collectors accounted for 7% of the sample. Although these collectors make up a very important segment of the market and have some of the largest collections of art and antiques, many were screened out during sampling due to a lack of activity in the periods detailed above. Gen Z collectors also accounted for just 7% of the total respondents. The results of the survey therefore reflect findings from a dominant segment of young to middle-aged collectors, although comparisons are given across generations where possible.17 The average age across all markets was 40 years, ranging from 34 in Taiwan to 46 in Mainland China. The overall gender breakdown of the aggregate sample was 38% female and 62% male, with just 0.1% of the sample identifying as non-binary. 16 For the purposes of this survey, Gen Z is defined as those collectors who are under 25 in 2022, millennials are 25 to 41 years old, Gen X are 42 to 57 years old, Boomers are 58 to 75 years old, and Silent are 76 years old and over. 17 The survey was distributed to a wider population that was diversified by age and included 23% Boomers. Therefore, while the population contained a majority of millennial and Gen X collectors, the screening process did reduce the share of Boomers in the final sample. See the Appendix for a full breakdown of the population and sample. 1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 59
正文与记录 · 第 72 页
The selection of artists included in collections was not as balanced when it came to gender. Overall and without exception by region, age, wealth level, gender of the collector, or other criteria, works held in collections by male artists dominated female artists, averaging 58% versus 42%.24 While collectors may not be biased in their choice of artists (and anecdotally relay that gender plays a minor role in purchasing decisions) the availability of female artists’ works in galleries and auctions influences the composition of collections. While still unbalanced, the results showed promising signs of progress toward greater equity, with the share of female artists held in collections having increased over time. Although each survey has covered a slightly different mix of regions, the progression over the last five years from a share of just 33% in 2018 indicates that there are more works by female artists available to collectors and / or more being purchased. Female artists’ works were a minority in collections in all regions, with the highest representation in some of the longer established, larger markets such as the UK (47%), France (47%), and the US (44%). Consistent with previous research, the lowest representation was in Italy (33%) as well as Mainland China (39%, although this was up 3% in share from 2021). The greatest increases in representation included the UK (up 6% year-on-year and by 15% since 2018) and Hong Kong (up 5% year-on-year and 20% since 2018). Taiwan and France also showed year-on-year increases. 24 The share of works of male versus female artists cited here compares only those works where gender could be assigned to either. On aggregate in the sample, 25% of the works held could not have a gender assigned. These included 11% where it was unknown and 14% where it was identified as non-binary or could not be classified into male or female, including works created by artist duos, groups, or collectives. Overall and without exception by region, age, wealth level, or gender of the collector, works held in collections by male artists dominated female artists, averaging 58% versus 42% 1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 72
正文与记录 · 第 86 页
30% 20% 10% 40% Figure 3.17 | HNW Collectors’ Most Common Price Range for Purchasing Art ©Arts Economics (2022) 30% 20% 10% a. Price Levels in All Regions 2021 versus 2022–H1 0% 40% Under [金额已省略] [金额已省略]–[金额已省略] [金额已省略]–[金额已省略] Over [金额已省略] [电话已省略]–H1 30% 22% 22% 20% 20% 20% 16% 16% 12% 23% [金额已省略]–[金额已省略] c. Share Spending at Prices Over [金额已省略] 2021 versus 2022–H1 50% 40% 30% 20% 10% 0% [电话已省略]–H1 US UK France Italy Germany Mainland China Hong Kong Singapore Japan BrazilTaiwan 7% 8% 34% 10% 9% 13% 11% 17% 2% 6% 12% 18% 17% 48% 12% 17% 27% 27% 24% 14% 19% 18% b. Price Levels by Generation in 2022–H1 Gen Z Millennials Gen X Boomers [金额已省略]–[金额已省略]Under [金额已省略] [金额已省略]–[金额已省略] Over [金额已省略][金额已省略]–[金额已省略] 26% 18% 21% 22% 13% 22% 14% 24% 19% 21% 23% 19% 19% 21% 17% 19% 11% 14% 17% 38% 1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 0% 86
正文与记录 · 第 99 页
Figure 3.23 also shows the popularity of auctions, being the second most widely used channel for HNW collectors in 2022. External online platforms were also used by a majority of collectors, including NFT platforms (59%), with just over half (53%) of the sample having purchased art via other online third-party platforms and via Instagram – purchasing art directly through a link on Instagram to an artist, gallery, or other seller. While Figure 3.23 indicates if channels were used at all during 2022, Figure 3.24 shows how much was spent through different channels. HNW collectors spent the most through dealers, accounting for 30% of their total spending in 2022, including 13% at galleries, 10% via online dealer platforms and 7% by phone or email. A further 15% was through dealers at art fairs (or a total of 45% through all dealer-related channels). The second largest channel for expenditure was auctions (17%, down from 20% in the surveys of 2021), with a higher than average share in Mainland China (21%). Gen Z collectors showed a slightly 1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 99 Figure 3.23 | Sales Channels HNW Collectors Used for Purchasing in 2022–H1 © Arts Economics (2022) 50% 60% 70% 80% 100%90%30%20%10%0% 40% 88%Dealers 77% 74% 59% 56% 53% 53% 47% 36% 45% Auctions NFT platform Online 3P platforms Private/collectors Art fairs Artist studios Commissions Instagram Advisor
正文与记录 · 第 113 页
Figure 4.6 | Number of Galleries HNW Collectors Purchased From 2019–2022 ©Arts Economics (2022) a. Total Number of Galleries No. of galleries b. Total Number of Galleries by Region No. of galleries [电话已省略]–H1 [电话已省略] Local Overseas [电话已省略]% c. Share of Local Galleries by Region 70% 50% 60% 40% 10% 30% [电话已省略] US UK France Italy Germany Mainland China Hong Kong Singapore Japan BrazilTaiwan [电话已省略] US UK France Italy Germany Mainland China Taiwan 47% 55% 53% 56% 46% 58% 60% 51% 53% 52% 47% 56% 58% Singapore 59% 54% 53% Brazil 43% 44%Hong Kong 55% 51% Japan 52% 52% 0% 1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 113
正文与记录 · 第 127 页
5.1 | Events and Attendance The COVID-19 pandemic significantly disrupted the calendar of events in the art market in 2020, with major exhibitions postponed and cancelled. These effects continued in 2021, with some events still not proceeding, others going ahead in altered formats, and a reduced willingness by some collectors to travel and attend the events that did take place. However, in 2022, despite continuing lockdowns in China and other regions, the eagerness of collectors, dealers, artists, and others to reconnect in person was highly evident, with strong attendance at fairs and other major events. The survey revealed the hectic level of activity of collectors before the pandemic, with HNW collectors attending an average of 41 art-related events in 2019, including six gallery exhibitions and five art fairs. This fell to 36 in this sample in 2020, and after a slight and temporary increase to 38 in 2021, reverted to 37 again in 2022 (including those attended already in the first half of the year and events collectors planned to attend in the second half). These figures indicate that the pandemic and other considerations has had a small but sustained impact on the activity of collectors. HNW collectors are attending four fewer events in 2022 than they did in pre-pandemic times, with a small reduction on average in attendance at public museum exhibitions, gallery exhibitions, biennales, and live auctions. The number of art fairs, private museum shows, and other art-based events and experiences were stable on the averages reported in 2019. The majority of events that HNW collectors attended in each year from 2019 through 2022 were local events; Figure 5.1b. shows that there has been a slight shift over the last three years to attending a greater share of local events. The one exception was art fairs, where the share of local events actually declined from 58% to 55% over the period. The eagerness of collectors, dealers, artists, and others to reconnect in person was highly evident in 2022, with strong attendance at fairs and other major events 1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 127
正文与记录 · 第 140 页
Although the surveys showed that it may not be the ultimate deciding factor in whether or not to view works of art in person (see Section 4.2), the environmental impact of collecting is a growing concern, and there is evidence of increasing awareness of the importance of sustainable options when it comes to purchasing works and managing collections. In 2019, when HNW collectors were surveyed, 62% of collectors had thought about sustainable options when it came to their collections and purchasing, while 14% were unaware of any. By 2022, 77% of collectors were considering these (with a consistently high majority across all ages and regions), and a much smaller share (5%) were unaware. A majority of HNW collectors considered it essential or a high priority over the next two years to engage in a range of sustainable practices including: – Only using digital catalogues, market reports and other presale information rather than printed versions (76%); – Purchasing sustainably produced works of art (76% versus 60% in 2019); – Using reusable or recyclable shipping and handling products (74% versus 60% in 2019); – Reducing or consolidating the transit and shipping of works of art (74%, versus 60% in 2019); – Offsetting their carbon footprint from art-related travel (73%, versus 58% in 2019); – Focusing on collecting and commissioning activities in a more localized community (73% versus 60% in 2019); and – Using alternative delivery methods, such as sea or land versus air (71% versus 58% in 2019). Figure 5.8 | Share of HNW Collectors Who Considered Sustainable Options for Purchasing Art ©Arts Economics (2022) Yes Not aware of anyNo 80% 40% 20% 60% [电话已省略]% 18% 5% 62% 25% 14% 0% 100% 1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 140
正文与记录 · 第 154 页
Publisher This report is jointly published by Art Basel and UBS. Art Basel MCH Swiss Exhibition (Basel) Ltd. Messeplatz 10, 4005 Basel, Switzerland T [电话已省略] artbasel.com, [邮箱已省略] UBS UBS AG or an affiliate Bahnhofstrasse 45, 8098 Zurich, Switzerland T [电话已省略] ubs.com Author Dr. Clare McAndrew Arts Economics Design atelier MUY List of artists featured in A Survey of Global Collecting in 2022 in order of appearance Matthew Palladino, 7 Eliza Douglas, 10 Catalina Swinburn, 14 Felix Gonzalez-Torres, 15 Sable Elyse Smith, 21 Ron Gorchov, 26 General Idea, 32 Theaster Gates, 38 Barbara Hepworth, 48 Gulay Semercioglu, 55 Basim Magdy, 58 Cui Jie, 63 Etan Pavavalung, 76 Diedrick Brackens, 78 Stano Filko, 87 Darren Bader, 92 Tishan Hsu, 96 Norio Imai, 102 Theaster Gates, 104 Sterling Ruby, 110 Dusadee Huntrakul, 122 Saroot Supasuthivech, 126 Rachel Harrison, 133 Joan Miró, 142 Michelangelo Pistoletto, 146 Rights All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form, or by any means, electronic, mechanical, or otherwise without prior permission in writing from Art Basel and UBS. UBS accepts no liability for the actions of third parties in this respect. Disclaimer This document and the information contained herein are provided solely for information and marketing purposes and have not been tailored to the specific needs, investment objectives, or personal and financial circumstances of any recipient. It is not to be regarded as investment research, a sales prospectus, an offer or solicitation of an offer to enter in any investment activity. It is not to be construed as legal, tax, accounting, regulatory or other specialist or technical advice or investment advice or a personal recommendation. Information provided herein with respect to this report, including valuations and financial results, has been provided by Arts Economics and Dr. Clare McAndrew. Neither UBS AG nor its affiliates have verified the accuracy of said information or make any representations or warranties as to the accuracy or completeness of such information. Prior performance is not indicative of future results. UBS is under no obligation to update or keep current the information contained herein. Neither UBS nor any of its directors, officers, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this document or reliance upon any information contained herein. For this Arts Economics and UBS collaboration, 2,709 HNW collectors were surveyed (with at least [金额已省略] in investable assets). They were required to have purchased fine or decorative art in 2020, 2021, and 2022, spending more than [金额已省略] on art and collectibles in each of the years 2020 and 2021, and at least [金额已省略] in the first six months of 2022.The sample was split across 11 markets in this report: the US, the UK, France, Germany, Italy, Mainland China, Hong Kong, Taiwan, Singapore, Japan and Brazil. © 2022 Art Basel | UBS 1 | Introduction 4 | Collectors & Dealers 3 | Global Collecting2 | International Trade 5 | Events & OutlookIndex 154