In 2024, the global art market displayed strong optimism among High-Net-Worth Individuals (HNWIs), despite global uncertainties. Key findings from a survey of HNWIs showed 91% optimism for the art market over the next six months, an increase from 77% in late 2023. Regional optimism varied, with Singapore and Indonesia leading at 97%, while Mainland China was the lowest at 82%.

Generational and Long-Term Perspectives

While experienced collectors showed slightly less short-term optimism, they expressed higher confidence in the market's long-term potential. Younger generations leaned more toward digital mediums and online transactions, reflecting their evolving purchasing habits.

Key Concerns

HNWIs highlighted several pressing issues in the art market:

Barriers to Free Trade: 90% were concerned about regulations hindering the global exchange of art.
Legal and Ethical Issues: Restitution, forgeries, and artist compensation were top concerns.
Cybersecurity: Rising cyber threats in art transactions concerned 62% of respondents.
AI Impact: Over half of HNWIs were apprehensive about AI's influence on artistic creativity and market transparency.

Art Fairs and Purchasing Trends

Art fairs remained vital for discovering new artists, with 45% of respondents favoring them as the primary channel for new acquisitions. Attendance, however, declined compared to pre-pandemic levels, with many citing overcrowding and repetitive content as challenges.

Collectors increasingly favored artworks under $50,000, while purchases above $1 million dropped. Paintings dominated future purchasing intentions, with a growing interest in digital art among younger collectors.

Sustainability and Diversity

Sustainability concerns remained subdued, with few collectors citing environmental impacts as a priority. Similarly, diversity concerns, including gender and racial representation, ranked lower than other issues like market transparency and transactional safety.

Key Charts

HNWIs Optimism by Region (Next 6 Months)
This chart highlights optimism levels by region, with Singapore and Indonesia at 97% and Mainland China at 82%.
Collector Spending Preferences by Price Range (2023–2024)
Visualizes the dominance of purchases below $50,000 and declining interest in high-value artworks.
Art Fair Attendance Trends (2019–2024)
Tracks declining attendance post-pandemic, with fewer fairs attended locally and internationally.
Top 10 Collector Concerns (2024)
Displays issues ranked by concern level, from trade barriers to AI's impact on creativity.