6. Art Basel VIP Survey

A separate survey of over 1,400 private collectors sourced from Art Basel VIPs guests also showed a large share of spending through dealers (73%) in 2023 and 2024, with a significantly higher 26% through art fairs, more than double that of the wider HNWI survey. Auctions, on the other hand, accounted for substantially less, at 12% of spending.

These collectors strongly favored in-person transacting, with 55% of their spending through dealers done at a gallery or dealer’s premises (more than double the share in the wider survey); 34% was at art fairs; 10% was through dealer websites, online platforms, Instagram, or email (without an in-person viewing of the work); and just less than 2% was at art fair OVRs. The majority of respondents (75%) also preferred to buy through dealers, and over 90% of those would choose to buy in person at a gallery versus 10% through online channels.

While, like the wider sample of HNWIs, there was evidence of significant activity across a range of events in 2023 and 2024, these collectors showed a substantial reduction in the total number of events they attended compared to 2019, prior to the pandemic. The average number of events attended by collectors was 51 in 2024, higher than the wider survey, but showing a significant reduction over the last five years. The total number of events fell by over 40% from a high of 89 on average in 2019, with a decline in both local and overseas attendance.

Gallery exhibitions were the most frequently attended events, averaging 21 in 2024, down by 15 on 2019, with a slightly larger drop in overseas events. Collectors planned to attend five art fairs in 2024, down from eight in 2019, although only 5% planned to reduce their attendance any further in 2025.

Art fairs remained a key channel for new discoveries. The most important objective for collectors in attending an art fair was discovering new artists whose works they could purchase at the event. Just under half (45%) reported that fairs were the most likely place for them to discover new artists or artworks they would be interested in purchasing.

Almost all collectors (97%) planned to purchase a work of art over the next 12 months. Of those, 91% hoped to buy a painting, with sculptures (61%) and works on paper (55%) also popular. A minority planned to be active in collectibles segments, with design works (20%) and jewelry, gems, and watches (11%) the most favored.