Art Basel UBS 2025 艺术市场报告 全文中文版
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■■■■ 19 ■■■■■■■ 1.1 Overview of Global Sales Sales in the global art market fell by 12% year-on-year in 2024 to an estimated [金额已省略] billion, with declining aggregate values in both the dealer and auction sectors and in all of the largest art markets. After two strong years of growth following the COVID-19 pandemic in 2020, sales in the global art market began to slow in 2023 and continued to decline in 2024, with aggregate values falling despite a stable volume of transactions. The main drag on growth has continued to be the high end of the market which thinned out significantly over the last two years, creating lower aggregate values, despite stronger performance in sales in some lower-priced segments. 2024 presented a year of continuing geopolitical tensions, economic volatility and trade fragmentation. Some markets had stubbornly high inflation, higher-for-longer interest rates, and other region-specific issues that continued to weigh on the sentiment and plans of buyers and sellers. Across all industries, macroeconomic pressures and inflation promoted greater price consciousness among consumers, shifting preferences and spending patterns, even for those whose discretionary spending budgets were less directly affected. In luxury, fashion, and related industries, many consumers focused on value-for-money categories and experiences over high-priced or extravagant nonessential goods, which filtered down into more cautious and lower spending. 1 The art market was not exempt from this, with robust activity at lower levels but more reserved spending at higher price points. Contentious elections in some of the major art markets in 2024, and the uncertainty that prevailed concerning their social and political implications, also led to a wait-and-see approach by some vendors in the secondary market, reducing the number of major works onto the market, with consequential challenges related to supply even where demand was strong. Looking back over the last few years, sales of art and antiques fell by 22% to [金额已省略] billion in 2020 in the difficult context of the COVID-19 pandemic, their lowest point since the global financial crisis in 2009, and faring worse than some other consumer industries due to the market’s reliance on events and in-person services. However, underlining the market’s resilience in these challenging circumstances, sales bounced back quickly in 2021, with a healthy supply of high-end works coming onto the market to feed pent-up demand, and the return of live events and exhibitions. Sales reached [金额已省略] billion, an increase of 31% year-on-year from 2020, restoring values to beyond their level before the pandemic. Growth continued in 2022, reaching a peak of [金额已省略] billion, but the trajectory was slower 1 McKinsey (2025) noted a drop of between 5% and 7% in personal luxury spending in China, while Europe and the US were stagnant, ranging between 0% and 3%. See McKinsey (2025) The State of Luxury: How to Navigate a Slowdown, available at mckinsey.com. Bank of America (2024) also reported strong durable goods spending in the US, but a reduction in big-ticket purchases over value-based goods and experiences. See Bank of America (2024) Will Home Equity Make Consumer Spending More Durable? available at institute.bankofamerica.com. 19INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK ■■■■ 20 ■■■■■■■ and more uneven as the market adjusted, and performance began to diverge between different geographical and value segments. While sales continued to expand in the major hubs of the US and the UK, COVID-19-related lockdowns in China throughout the year stalled the market’s progress, limiting the uplift in worldwide values. Globally, sales of the highest-priced works were the driver for growth, while other parts of the market were flat
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■■■■ 43 ■■■■■■■ Crypto In the regulatory landscape for crypto assets, the year ahead will likely see the implementation of regulatory changes around sustainability, environmental harm, and digital asset risk management. This space is of growing importance for the art trade as more and more high-value transactions have involved cryptocurrencies (for example, having successfully bid for Maurizio Cattelan's Comedian in November 2024, Justin Sun famously paid for the duct-taped fruit in cryptocurrency before proceeding to devour it). In the US, Wall Street’s securities watchdog has made it easier for banks to expand their cryptocurrency businesses. In one of the first pro-crypto moves of Donald Trump’s second presidency, the Securities and Exchange Commission (SEC) reversed guidance known as SAB 121, which had called for institutions to treat digital tokens held for customers as liabilities on balance sheets. 24 The shift underscores expectations that Trump will take a far more ‘bullish’ approach towards the digital asset sector, undoing the more cautious stance the SEC took during Biden’s administration. By contrast, China has taken a more restrictive approach by implementing a blanket ban on cryptocurrency transactions and mining activities. This has contributed to a global shift as crypto businesses have moved to more crypto-friendly jurisdictions, such as the US and Europe. Meanwhile, the EU is understood to have focused on migrating crypto-asset offerings and services into its financial regulatory system. Regulation (EU) 2023/1114 (‘MiCAR’) came into force at the end of 2024, which allows providers to offer crypto assets and crypto-asset services across all EU Member States by virtue of the so-called EU passport. 25 Further, pursuant to the EU's Third-Country Sales Guidelines, a firm in a third country cannot sell crypto assets into the EU unless the entity has a registered office in an EU Member State and is an EU-authorized financial entity. However, an EU entity or person can request crypto-asset services from a firm based in a third country provided that that firm only offers the same types of assets or services as were solicited to the same client and does not offer different services or assets. 24 US Securities and Exchange Commission’s original SAB 121, available at sec.gov/rules- regulations/staff-guidance/staff-accounting-bulletins/staff-accounting-bulletin-121. 25 Regulation (EU) 2023/1114, available at eur-lex.europa.eu/eli/reg/2023/1114/oj/eng. 43INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK ■■■■ 44 ■■■■■■■ 26 HM Treasury (2023) Future Financial Services Regulatory Regime for Cryptoassets. Response to the Consultation and Call for Evidence, available at gov.uk. 27 Suciu, P. (2025) ‘High-Profile Break-Ins Serve As Reminder To Watch What You Post’, available at forbes.com.In the UK, there have been updates on the proposed UK crypto-asset regulatory regime that is now intended to take effect in 2026. Under the previous government, the stated intention had been to make the UK a global crypto-asset technology hub. To this end, HM Treasury had set out legislative proposals to be implemented in two phases. 26 The UK’s current Labour government has stated it does intend to implement the Treasury's earlier proposals in full, but without taking the proposed phased approach. The Treasury plans to engage stakeholders on draft provisions for the crypto-asset regulatory regime as soon as possible. A UK Financial Conduct Authority's road map contemplates that the new crypto-asset
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■■■■ 65 ■■■■■■■ IMAGE Detail of a work by Jesse Darling, presented by Arcadia Missa, Chapter NY, Galerie Molitor, and Sultana as part of Art Basel Paris' 2024 Public Program 65INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK ■■■■ 66 ■■■■■■■ 2.2 Dealer Sales Aggregate sales in the dealer sector slowed for the second year in 2024, as the higher end of the market continued to drag on growth. While the high end had been the driving force of the recovery of sales in 2021 and 2022, there was a noticeable change from 2023, as aggregate sales for the largest dealers showed a more significant annual decline than lower turnover segments. Performance was mixed during 2024 and included strong sales in some areas, but the slower trajectory of growth for the largest dealers negatively affected overall values. Growth also varied by region in 2024, although on aggregate, dealers in most of the mid-sized and larger art markets reported slowing sales. US dealers reported sales decreasing by 5% while those in the UK fell by 6%, a second year of declining values for both, and with a wide range of performance within each of these major art markets. Over the longer term, the majority of dealers in both markets reported that values had stabilized or grown since 2019, but the recovery has been stronger in the US, where the share with lower sales in 2024 than in 2019 was considerably less (29%) than in the UK (45%). Sales in Asia were mixed, with the major markets of China (including Mainland China and Hong Kong) and South Korea reporting declines of 19% and 12%, respectively, while dealers in Japan bucked the declining trend with an increase of 7%. Across EU markets, growth was flat overall, with dealers in the largest market of France down by 4% year-on-year. Despite two years of slowing sales, only 24% of French dealers reported that their sales had not yet recovered to a higher level than in 2019, with the majority stable or improved. Some of the other larger and mid-sized markets also declined, including lower sales in both Germany and Italy, while dealers in Spain and Switzerland continued to counter the trend with positive growth. In other regions, sales varied widely, with falling sales reported in the larger markets of South America, including Brazil and Mexico. Dealers from markets within Africa had mixed reports, while those in Australia performed relatively well for the second year running, with growth of 11%. 66INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK
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■■■■ 91 ■■■■■■■ Figure 2.18 Female Artist Representation and Sales by Dealer Turnover 2024 ©Arts Economics (2025) 91INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK ■■■■ 92 ■■■■■■■ 2.4 Dealer Costs and Margins While sales have been volatile for many businesses over the last five years, escalating inflation in external and internal operating costs has been a consistent issue flagged by dealers in 2023 and 2024. Finding ways to maintain their bottom line in the face of these rising costs has been a key focus for many businesses, with an increasing share struggling to maintain or boost profitability. During the pandemic in 2020, although sales declined significantly, many galleries remained viable because costs also fell without travel and art fair attendance, as well as many actively working towards cutting costs where possible, including employee layoffs. Most businesses increased their level of profitability coming out of the pandemic in 2021, continuing to attend fewer events and fairs compared to 2019, and maintaining some leaner cost strategies. Inflation escalated rapidly in 2022 alongside a fuller restoration of events, which started to put pressure on businesses, although resilient sales ensured that there was still a larger share becoming more profitable than seeing declines. As the market cooled and inflation advanced in 2023, the share of businesses struggling to maintain their profitability rose, with more being less profitable (40%) than more profitable (29%). In 2024, this trend continued with less stability and a widening gap between profitable and unprofitable businesses: 43% were less profitable than in 2023 (up by 3% year-on-year, and by 11% since 2022); 25% were around the same (versus 31% in both 2022 and 2023); and 32% were more profitable than in 2023 (up by 3%). In the years immediately after the pandemic, more larger dealers regained profitability than smaller businesses. In 2021, 69% of dealers with turnover of greater than [金额已省略] had higher profitability than the previous year, and they remained the largest segment of increasing profitability in 2022, although dropping to a share of 49%. This fell substantially in 2023, however, with only 15% of dealers seeing a rise in profitability and just over half (56%) being less profitable year-on-year. Although still a minority of the segment, this share more than doubled in 2024, with 35% of dealers reporting greater profitability, but remained significantly less than those with lower profits year-on-year (45% of the dealers in this segment). At the other end of the spectrum, smaller dealers with turnover of less than [金额已省略] were the slowest to regain profitability immediately after the pandemic (48% increased 92INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK
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■■■■ 119 ■■■■■■■ from a low of just 8% in 2019. Smaller dealers in segments with turnover below [金额已省略] showed an increasing share of in-person gallery sales in 2024, while their website sales shares contracted. However, for larger dealers, these shares were more stable, with a slight contraction in both for the largest dealers turning over more than [金额已省略] in favor of more overseas art fair sales. The share of art fair sales over all dealers edged up slightly year-on-year, with sales at live events comprising 31% of total sales, up by 2% on 2023, although remaining lower than 2022 (at 35%). The share of fair sales still have not reverted to the level they were at prior to the COVID-19 pandemic in 2019, when live events accounted for a reported 42% of sales, exceeding those taking place at galleries. With most fairs and other events cancelled during 2020, this plummeted to only 13%, but increased again in 2021 and 2022 as a normal schedule resumed, but with evidence of more permanent shifts online remaining in the market. The boost in 2024 was driven by an advance in sales reported at overseas fairs dealers exhibited at (with the share up by 2%, to 20%), while local fair sales were stable at 11%. The share of art fair sales edged up slightly year-on-year, with sales at live events comprising 31% of total sales Online sales have also seen some volatility, with a massive and unprecedented rise from just 12% of dealer sales in 2019 to 30% in 2020 (or 39% including art fair OVRs). As events returned in 2021 and 2022, this share moderated, falling to just 16% by 2022. However, as dealers powered ahead with dual offline and online strategies and the high end cooled, online sales rallied again, settling at a 23% share in 2023, and fell only marginally in 2024 to 22%, with most of these sales by value still made through a gallery’s own platforms. (Online sales are discussed in more detail in Section 2.8.) Combining these online gallery sales with in-person sales, one of the biggest advances since 2019 has been in dealers’ own direct sales, which have risen from 48% in 2019 to 61% in 2024. 119INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK ■■■■ 120 ■■■■■■■ b) 2019–2024Figure 2.34 Value of Dealer Sales by Sales Channel a) 2024 ©Arts Economics (2025) 120INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK
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■■■■ 143 ■■■■■■■ The second-highest-ranked challenge, on par again with 2023, was how to successfully maintain relationships with their existing collectors, which the surveys showed made up the majority of their buyers by number (55% of the total) and sales (62% by value). However, as demand from existing buyer segments has varied and in some cases has become saturated after a strong return to sales post-pandemic, finding new buyers and expanding their geographical reach was in the top five concerns (as it has been in most previous years). It also shifted up in importance as dealers looked further into the future, with a larger share ranking it as a key concern for the next five years than the present. Other challenges that increased over the longer term included finding new artists and artworks to satisfy the demands of collectors, as well as expanding their physical premises by opening new galleries or exhibition spaces, and cybersecurity and safety in online transacting. Increasing regulations and other barriers to the cross-border trade in art and antiques also moved up over time, and dealers noted specific problems in certain regions concerning VAT, tax exemptions, and import and export regulations and procedures that directly impacted their ability to operate. Competition with auction houses edged up slightly and ranked considerably ahead of competition with peer galleries as a challenge for dealers currently and in future. ‘My collectors have migrated to buying at auction. During the pandemic, where auctions were permitted to trade (while fairs stopped), my clients enjoyed the endorphins provided by participation at auctions. However, they are not generally aware of the pitfalls and the lack of legal protection from buying in this manner. Many have not returned to buying from dealers. My largest client prior to the pandemic would spend several hundred thousand with me, now his PA buys exclusively from auctions without the concomitant skills required to assess authenticity or detect concealed restoration.’ 143INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK ■■■■ 144 ■■■■■■■ Figure 2.47 Top 10 Challenges for Dealers 2023, 2024, and Next 5 Years ©Arts Economics (2025) *2023 data from previous years’ surveys The sector as a whole remained optimistic overall about 2025, and some dealers in the US and other regions noted anecdotally that sales at the end of 2024 had started to pick up. Most dealers predicted stable or improving sales, and those predicting lower sales were still a minority at 19%, although up by 3% year-on-year. (The outlook for sales by dealers is discussed in Chapter 4.) 144INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK
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with 81% of all bids placed in 2024 done online. The US remained a key center for both sales and buyers for Christie’s in 2024, although the share of sales declined to 48% by value from 51% in 2023 (and 62% in 2022). Buyers from the Americas also made up the largest portion of expenditure at 42% (versus 40% in 2022). One-third of sales took place in Europe (from 23% in 2023), with just over half that share in the UK, and with a relatively stable 32% of European buying. Christie’s opened a new Asian headquarters in Hong Kong in 2024, and sales in Asia also rose to 18% (up by 2% year-on-year). APAC region buyers accounted for a higher share of sales at 26%, purchasing both locally and internationally, with Christie’s noting that their sales in Asia were driven by an increasing number of new and younger buyers, with 44% of buyers or bidders being millennials or younger. Christie’s private sales went against the trend of falling sales, with the company reporting a 41% increase year-on-year to [金额已省略] billion, just below their peak in 2021 at [金额已省略] billion and higher than in 2019 (at [金额已省略]). This boost in private sales meant that this channel represented 26% of sales by value, up by 6% year-on-year and from just 14% in 2022, but just below the level in 2020, when they reached a peak of 30% during the pandemic. Phillips reported sales of [金额已省略] for 2024, down by 16% from [金额已省略] billion through all channels in 2023 (and from a peak in 2022 of [金额已省略] billion). Public auction sales reached just over [金额已省略], down by 14% year-on-year on 2023. Private sales were reported as [金额已省略], declining from a high of [金额已省略] in 2022, and comprising 14% of their total consolidated sales. Private sales were also lower than their 2019 total of [金额已省略], while public auction sales were roughly on par. 168INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK
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■■■■ 193 ■■■■■■■ 3.6 Post-War and Contemporary Art Post-War and Contemporary art remained the largest sector of the fine art auction market in 2024, with a share of 52% of the value of global sales and 54% by volume, both down by 1% on 2023. Aggregated sales in the sector reached [金额已省略] billion, down by 28% year-on-year and representing the third consecutive year of declining values from the peak of [金额已省略] billion in 2021. The volume of transactions in the sector fared considerably better, with a rise of 5% in the number of lots sold in 2024, reaching their highest level of transactions in 10 years. After falling substantially during the global financial crisis to a low of [金额已省略] billion, the sector recovered rapidly over five years, reaching a high of [金额已省略] billion in 2014. The next few years showed mixed results, and sales had already begun to decrease in 2019 prior to the pandemic due to reduced supply in the [金额已省略]-plus segment. During 2020, sales fell by 18%, but recovered strongly again, achieving a record high of [金额已省略] billion in 2021, up by over 60% year-on-year and surpassing the previous peak in 2014. From this peak, after three years of declining sales, values in 2024 were at their lowest point since 2010, although still more than double the size of the market in 2009. Figure 3.19 The Post-War and Contemporary Art Sector 2014–2024 ©Arts Economics (2025) with data from Artory 193INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK ■■■■ 194 ■■■■■■■ As the Post-War and Contemporary sector has expanded over time, it has naturally evolved into covering a broader range of art from older Post-War artists to their newer Contemporary peers, both living and deceased. While artists that sell on the secondary market tend to be reasonably well-established, there is still a wide variety of levels and stages, including younger artists early in their careers or ‘ultra-Contemporary’ artists. In 2024, 70% of sales by value were in the older Post-War subsector (up by 4% in share year-on-year), with Contemporary accounting for 30%. The growth in these two segments has varied over the last few years, with considerably more volatility in the Contemporary market. Both sectors reduced in value during the pandemic in 2020, however, in 2021, values in the Contemporary sector boomed, doubling in size year-on-year, while Post-War art rose by 43%. Following this spike, Contemporary art sales fell for three consecutive years, including a more substantial decline of 36% in 2024 to [金额已省略] billion, leaving them at their lowest level in the last six years. Post-War art was stable in 2022, but also decreased for two years running, with a 24% fall in value in 2024 to [金额已省略] billion. Both sectors were down significantly from their peak in 2021, although Contemporary art by a much greater 60% versus 38% for the Post-War sector. IMAGE Detail of a work by Viyé Diba, presented by OH Gallery in the Survey sector at Art Basel in Basel 2024 194INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK
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■■■■ 219 ■■■■■■■ Figure 3.35 Global Market Share of European Versus Other Old Masters by Value 2014–2024 ©Arts Economics (2025) with data from Artory Sales in the wider Old Masters sector have seen significant variation over the last 10 years. Values fell by 16% during the pandemic in 2020 to [金额已省略], but recovered again to [金额已省略] billion in 2021, driven by the sale of a small number of very highly priced lots. The difficult context in the Chinese market in 2022 with continued lockdowns and auction cancellations meant sales fell to just over [金额已省略] billion but picked up again in 2023 as the market reopened, increasing by 18% to [金额已省略] billion. However, sales dropped to a 15-year low in 2024, falling by 25% year-on-year to [金额已省略], despite a rise of 7% in the number of lots sold, emphasizing the significance of the high end in influencing values irrespective of the amount of activity happening elsewhere. With a second consecutive year of declining values, sales in the European Old Masters sector struggled in 2024, too, falling by 30% in value to [金额已省略], their lowest point since 2020, again despite more lots being sold (with transactions up by 8%). The main reason for the slowdown in both parts of the market was fewer very highly priced works being sold at auction, with only four lots selling for over [金额已省略] (three of those being European Old Masters), versus 13 in 2023, and the volume of lots sold for over [金额已省略] down by more than 40%. 219INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK ■■■■ 220 ■■■■■■■ The top-selling Old Masters work at auction in 2024 was Jean Sime■ on Chardin’s Le Melon Entamé (1760) at Christie’s in Paris for [金额已省略], a record for the artist. Titian’s The Rest on the Flight into Egypt (c.1508) also sold for [金额已省略] at Christie’s in London, one of only around 30 paintings that have been offered at auction in 20 years for the artist, and the highest price achieved, with the previous record set in 2011 at [金额已省略] for A Sacra Conversazione: the Madonna and Child with Saints Luke and Catherine of Alexandria at Sotheby’s New York (c.1560). Yuan Dynasty painter and calligrapher Zhao Mengfu’s Three Scrolls sold for [金额已省略] at China Guardian in Beijing, one of the five lots by Chinese Masters in the top 10. The Virgin and Child Enthroned (c.1470) by Sandro Botticelli was also sold for [金额已省略] at Sotheby’s London, the fourth-highest price paid for the artist’s work at auction, but significantly less than previous records: Portrait of a Young Man Holding a Roundel (c.1480) that sold in 2021 for [金额已省略] at Sotheby’s New York, the second-most-expensive Old Masters work ever sold, and two further Botticelli works sold in New York in 2022 for a combined [金额已省略]. IMAGE Detail of a work by Bonnie Lucas, presented by ILY2 in the Survey sector at Art Basel Miami Beach 2024 220INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK
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■■■■ 243 ■■■■■■■ b) By RegionFigure 4.2 HNWI Average Allocation to Art from Overall Wealth 2024 a) By Wealth Level ©Arts Economics (2025) 243INDEX ↑ INTRODUCTION 1. THE ART MARKET 2. DEALERS 3. AUCTIONS 4. OUTLOOK ■■■■ 244 ■■■■■■■ It is notable, however, that the share of wealth invested in art has declined in the last two years. From a peak of 24% in 2022, the allocations of HNWIs fell to 19% in 2023 and down further to a 15% level in 2024, likely reflecting the growing value of other assets and possibly also less spending at higher levels on art. Adding art to a portfolio of wealth has been viewed by many collectors as an effective way to diversify risk and a safe store of value in times of economic volatility. Over 85% of the HNWIs surveyed in 2024 felt that art was a relatively safe investment compared to other traditional assets such as stocks, with a similar number agreeing that it could be a useful portfolio diversifier. Further, less than 10% thought that wider factors such as financial market volatility, high interest rates, or inflation had a distinctly negative effect on art prices, with most deeming the effects either neutral or positive. Given its perceived benefits as a diversifier and views about its resilience to wider economic factors, it might be expected that allocations of wealth to art would have increased over the last few years. However, the evident fall in its allocation could indicate the more cautious approach to collecting that has been apparent in 2023 and 2024, with a shift in focus by HNWIs to more-liquid financial or income-producing assets. Higher interest rates in 2022 also may have promoted a reduction in spending on discretionary purchases in the years that followed, as the opportunity costs to do so increased, as did the costs of credit and lending. The continued reduction of interest rates in 2025 in Europe and the US may similarly help boost spending, with many HNW collectors having reported using leverage for their art purchases. 60 There are signs that the changes in the interest rate context ahead is already stimulating alterations in how wealthy individuals may divide their wealth. Some findings at the end of 2024 suggest that billionaires’ views on asset classes are shifting as interest rates are forecast to be starting an easing cycle in the US and Europe. A study of billionaires by UBS at the end of 2024 showed that as well as increasing their exposure to real estate, 40% intended to expand their investment in safe-haven assets such as gold and precious metals this year, with 32% planning on investing in more art and antiques (a rise from 11% the year before). 61 The Arts Economics and UBS study of HNWIs also signaled that among these active buyers, 43% planned to be active as purchasers in the art market in 2025, and this was as high as 70% in Mainland China, and significantly higher for financially motivated collectors (67%). A substantial 55% reported that they planned to sell works from their collections. While this is likely to reflect an effort by HNWIs to edit their collections for a variety of reasons, the high share of sellers may also be indicative of more optimistic forecasts on pricing, or the perception that there could be better opportunities for sales in 2025 than there were in 2024 (particularly as it was coupled with 88% of respondents holding an optimistic view 60 The HNWI surveys conducted in 2023 showed 43% of collectors had used credit and lending to finance art purchases for their collections, including 30% that had done so in 2022 and 2023. See Arts Economics (2023) Survey of Global Collecting, available at theartmarket. artbasel.com. 61 UBS (2024) UBS Billionaire Ambitions Report 2024, available at [网址已省略] wealthmanagement/family-office-uhnw/reports/billionaire-ambitions-report.html. 244INDEX ↑
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■■■■ 265 ■■■■■■■ 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, such as electronic, mechanical, or otherwise without the prior written consent of Art Basel and UBS. UBS accepts no liability for the actions of third parties in this respect. Disclaimer This report is provided solely for information purposes and has not been tailored to the specific needs, investment objectives, or personal and or financial circumstances of any recipient. Neither UBS AG nor any of its affiliates have verified the accuracy of the information or make any representations, endorsements of the author(s), or warranties as to the accuracy or completeness of the information. The report is not intended to be regarded as investment research, a sales prospectus, an offer, or solicitation of an offer to enter into any investment activity. It is not to be construed as legal, tax, accounting, regulatory, or other specialist or technical advice, or investment advice and neither UBS nor any of its affiliates accept any liability for any loss or damage arising out of the use of or reliance on all or any part of the information provided in the report. © UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. P24 ID: 4361274