The size of collections among High Net Worth Individuals (HNWIs) continues to grow with age, wealth, and market experience. In 2024, the average collection size was 44 works, ranging from 33 for Gen Z collectors to 83 for the Silent Generation. HNWIs new to the market (less than two years) averaged 14 works, while those with over 20 years of collecting experience owned an average of 110 works. Regional differences also emerged, with the smallest collections reported in Singapore (34 works) and the largest in the US (55 works). Across all markets, fewer than one-third of HNWIs owned over 50 artworks, with just 5% holding more than 100.

The content of collections reflects traditional fine art preferences, with paintings, sculptures, and works on paper comprising 59% of works (a slight drop from 62% in 2023). Paintings were the most popular medium (26%), although this marked a decline from 36% in 2023. Notably, Gen Z and Gen X collectors exhibited the highest share of paintings (28%), while Boomers showed the lowest (22%). Regional preferences varied, with paintings dominating most markets except Japan and Hong Kong, where works on paper rivaled their popularity.

Other mediums saw shifts as well. Prints, multiples, and photography grew to 24% of collections, up from 16% in 2023. In contrast, the share of digital art dropped sharply to 3%, reflecting the broader decline in the NFT market. While digital art peaked at 15% in 2022, its shrinking presence aligns with a cooling of speculative NFT sales, which fell from $2.9 billion in 2021 to $1.2 billion in 2023.

Collection Composition by Artist Career Stage

HNWIs increasingly included works by new and emerging artists in their collections:

New artists: 27% (up from 22% in 2023)
Emerging artists: 26% (up from 22% in 2023)
Mid-career artists: 22% (down from 26% in 2023)
Established artists: 25% (down from 30% in 2023)

Mainland China led in top-tier artist collections (41%), followed by Taiwan (33%) and the UK (27%). New and emerging artists were most prevalent in Brazil (63%), with Mainland China showing the lowest share (37%). Notably, 64% of top-tier works globally were by living artists, with Mainland China featuring the highest share of deceased artists (45%).

Gender Representation in Collections

While male artists still dominated HNWI collections (56%), female artists’ works reached 44% in 2024, a significant increase from 33% in 2018. Female representation was highest in the UK (49%) and Taiwan/Indonesia (48%), with Japan reporting the lowest (40%). Spending patterns also favored female artists at higher levels, with collectors spending over $10 million dedicating 52% to works by female artists.