Collectors’ outlook: Despite lingering uncertainties over the pandemic, inflation, recession, and world peace, most of the HNW collectors surveyed (78%) were optimistic about the global art market’s performance over the next six months. The majority of collectors (55%) were planning to buy art, up 2% from those planning to do so in 2021, while 39% of collectors planned to sell works from their collections over the next 12 months. The pandemic also appears to have encouraged philanthropic giving among some collectors, with 45% intending to donate works to a museum over the next 12 months, up from 29% in 2020 and 43% in 2021. Collectors’ top potential concerns about the current state of the art market in 2022 were increased regulation and identification requirements, rising legal issues, and barriers to international trade. The environmental impact of collecting is a growing concern, and the surveys showed evidence of increasing awareness of the importance of sustainable options when it comes to purchasing works and the management of collections (from 62% of collectors considering these options in 2019 to 77% in 2022). Nearly all collectors (98%) are willing to pay a 5% premium for sustainability, while 57% of collectors responded they would pay up to 25% more.

Clare McAndrew, Founder, Arts Economics, said: ‘The trade in art across national boundaries is central to the health of the commercial market but also an important means of cross-cultural communication and understanding. The unwavering engagement of HNW collectors in the art market has buoyed the recovery of imports, exports, and domestic sales in 2021 and 2022. Collectors are also becoming more aware of the sustainability of these activities in the global, event-driven art market. Balancing the negative externalities associated with international travel and the desire to share experiences in person – which remain integral to their plans in 2022 – is one of the biggest issues that the art world will have to continue to grapple with in the future.’

Marc Spiegler, Global Director, Art Basel said: ‘While the global art market is not immune to ongoing sociopolitical and economic uncertainties, Clare’s survey demonstrates that collectors maintain a positive outlook on the market and intend to spend more on art. While collectors are more selective about attending art events, viewing art in person continues to be important for most collectors. Nonetheless, buying online has grown in certain market segments and circumstances, stabilizing rather than retrenching the digital surge catalyzed by the pandemic.’