Art | Basel Miami, a year-end review of the 2023 art market.

On the occasion of the contemporary art fair, Art | Basel Miami, 8 to 10 December, a glance at the art market at the end of the year.

The median expenditure on art and antiques by high-net-worth collectors surveyed across 11 markets worldwide reached $65,000 in 2022, up by 19% on 2021.

The majority of spending so far in 2023 was on paintings (58%), with works on paper the second-largest component (13%).

Gen X collectors outspent their younger peers in some of the largest-value mediums in 2023, averaging the highest overall spending for paintings ($145,000 against $108,000 for millennials). They were also the highest spenders on works on paper, although millennials still spent more on sculptures, installations, photography, and film or video art.

Gen Z collectors had the highest average expenditure on prints and digital art, indicating that these could be important and accessible mediums for younger collectors entering the art market.

The Survey of Global Collecting in 2023, prepared by Dr. Clare McAndrew, Arts Economics and published by Art | Basel & UBS.

Image by courtesy of  Miami New Times