Source: Artsy.
Art Collector Insights 2024, Artsy’s annual research-driven report, surveys the views, trends, and buying habits of art collectors worldwide. It is based on the responses of over 2,100 individuals from six continents who actively purchase art. This year’s edition highlights the key factors shaping the art collecting landscape today.
In the midst of a comparable market environment to our 2023 report, we found this year that the appetite for art collecting remains healthy. An overwhelming majority of respondents reported that they purchased art at the same level or increased levels in 2023 compared to 2022. These levels remained consistent across online sales channels, too.
Our report also looks into discounting practices, art fair attendance, the behaviors of younger collectors, and transparency in the art market. The picture overall shows that art collecting is alive and well—even while the motivations and practices among collectors continue to vary and diversify.
Below, we share a summary of the report. To see all of our findings, click here to download the report as a PDF.
1. 82% of young collectors have purchased art online
Based on Artsy survey data.
This new generation of collectors is also more likely to use online marketplaces as channels for discovery: 47% of younger collectors said that they discover artists and purchase their works via online marketplaces, compared to 43% of older collectors.
Plus, more of their art budget is going towards buying art online: 42% said that they allocated more than 75% of the total amount they spent on art last year to buying online (versus 29% of older collectors).
2. 95% of collectors say price transparency on artworks is important
Based on Artsy survey data.
Some 95% said that seeing a listed price is important when purchasing a work online. Just 1% said that it is not important, while the remaining 4% felt neutral.
When asked to select the greatest hindrances to purchasing art online, most respondents (56%) selected a lack of visible price, followed by a tie between shipping logistics (46%) and “insufficient information about the work (excluding price)” (46%). (Respondents were able to select up to nine options.)
3. 80% of collectors said their budgets for art in 2023 stayed the same or increased from the year prior
Based on Artsy survey data.
Our report also found strong year-over-year spending via online marketplaces. Some 76% of respondents said that they purchased the same amount of art or more via online marketplaces in 2023, compared to 2022. Meanwhile, 9% reported spending less compared to previous years.
4. 67% of collectors are planning on attending 2–5 art fairs in 2024, roughly the same number as they did in 2023
Based on Artsy survey data.
Why do collectors attend art fairs? For the majority of respondents (71%), it’s to discover new artists. The next most popular motivation was gaining access to artworks (51%), followed by meeting new galleries (25%), connecting with galleries they already have relationships with (21%), and traveling to an interesting destination (6%).
5. Most collectors are asking for a discount of 11–20% on artworks
Based on Artsy survey data.
In terms of the size of discounts, the highest proportion (55%) said that they asked for discounts between 11% and 20% last year, followed by discounts of 10% or less (28% of respondents).
Among the respondents with higher budgets ($100,000 and above), 88% negotiated discounts on all artworks they purchased last year. A slightly higher proportion of this cohort is also likely to ask for bigger discounts, too.
Methodology
Art Collector Insights 2024 was developed through an online survey that ran from July 2024 to August 2024, with responses from 2,154 art collectors from over 70 countries. The majority of participants (54%) are based in the U.S., followed by the U.K. (6%).