Wealthy Women Art Collectors Continue To Outspend Men, Even As Male Artists Still Dominate Sales: Art Basel And UBS Survey

High-net-worth (HNW) women outpaced men’s spending connected creation successful nan first half of 2023, pursuing a inclination of nan past 2 years. Women collectors spent a median of $72,500 compared pinch $$59,400 by men, according to The Art Basel and UBS Survey of Global Collecting successful 2023 released today.

However, HNW men reported higher mean spending pinch values driven up by a fewer royal antheral spenders, including doubly arsenic galore men shelling retired $1 cardinal successful each period, nan study found.

Still, spending by women continues to turn successful value, already reaching a higher level than successful 2022.

The study of HNW collectors is chiefly based connected study information gathered and analyzed straight by Arts Economics (a investigation and consulting patient focused exclusively connected nan creation system founded successful 2005 by Dr. Clare McAndrew, a taste economist specializing successful nan arts, antiques and collectibles markets) successful collaboration pinch UBS.

This year’s study is nan largest to date, pinch information from 2,828 HNW collectors from 11 cardinal regions astir nan world.

Despite nan surge successful women collectors, HNW indivfudal’s collections proceed to beryllium dominated by useful by antheral artists, pinch a ratio of 61% men to 39% women, pinch nan stock of useful by women successful collections decreased by 3% year-on-year to 39% successful 2023.. However, collectors who walk much than $10 cardinal each twelvemonth tended to person some a higher stock of useful by women successful their collections (54%), and their proportionality of spending besides accrued from 46% successful 2021 to 55% successful 2023. This whitethorn bespeak that immoderate of nan spending astatine nan very highest levels was connected women artists, moreover if only by very fewer apical collectors.

“Wider studies person shown that female artists are still underrepresented successful exhibitions and sales, some successful nan trader and auction sectors. Despite being over-(represented) aliases arsenic represented astatine galore creation schools, location is still well-documented grounds of inequality successful position of profession longevity and commercialized success. However, immoderate investigation has recovered that owed to nan seemingly much rigorous value filters and different issues faced by women successful their careers arsenic artists, while nan number of their useful reaching nan marketplace is less, nan number that do truthful waste astatine a premium alternatively than a discount for artists astatine akin levels,” McAndrew wrote.

“This is an important rumor to research arsenic it implies that immoderate of nan biases women look subordinate to institutions and different aspects of their profession paths alternatively than simply nan marketplace itself, pinch nan rumor still being nan deficiency of advancement successful commercialized careers alternatively than only a gender discount for female versus antheral artists erstwhile they are connected nan market,” McAndrew added.

A sizeable plunge past twelvemonth successful nan stock of collectors astir commonly focused connected buying useful of creation priced astatine complete $1 cardinal whitethorn be. After tumbling from 12% successful 2021 to 4% successful 2022, spending astatine a higher value successful nan first half of 2023 was 9%.

Despite this year’s rebound, levels were beneath those of 2021 and erstwhile years, suggesting imaginable purchaser be aware and less high-end collectors pursuing nan beardown post-COVID-19 jump successful sales.

The mean allocation to creation successful nan wealthiness portfolios of HNW collectors dwindled to 19% successful 2023, from a highest of 24% successful 2022, different motion of be aware amid bolstered attraction connected much liquid financial assets aliases little willingness to make discretionary purchases. Nonetheless, nan size of nan HNW portfolio allocation to creation roseate positively pinch collector wealth, ranging from an mean of 15% for those pinch wealthiness of little than $5 cardinal to astir 30% for ultra-high-net-worth (UHNW) collectors pinch wealthiness of much than $50 million.