3. Sales Channels

Galleries and dealers were still the most used channels for buying art among HNWIs. Eighty-three percent bought at a gallery in person, online, through social media, or at an art fair in 2024/2025 (down from 95% in 2023). Among those who purchased from a dealer, 51% had made at least one purchase via Instagram without viewing the work in person (up from 41% in 2023). Art fairs gained ground, with 58% of collectors making purchases linked to fairs (up from 39% in 2023).

As well as being the most frequently used sales channel, HNWIs also spent the most through dealers in 2024/2025. Forty-three percent of the value of transactions made by HNWIs was through dealers (either directly or at art fairs), down from 60% in 2023 and more in line with the 46% in 2022. Dealers were also the most-preferred sales channel in 2025 (30% preferred to buy directly and 15% at art fairs), followed by buying directly from an artist (20%). This was consistent across generations, apart from boomers, who preferred auctions.

Participation and spending at auction fell. Around half (49%) of the HNWIs surveyed made a purchase at auction (down from 74% in 2023). By value, auctions accounted for 12% of spending in 2024/2025 (down from 23% in 2023). Men spent more at auction than women (14% versus 10%).

The share of HNWIs engaging in direct sales with artists expanded: 43% bought from artists’ studios; 37% commissioned works; and 35% purchased via Instagram links. In line with this uptick, artist-direct sales were the second-largest area of spending by value in 2024/2025, accounting for 20% of the total – more than double the level reported in the previous year’s survey – with women allocating a higher share than men.