When asked for the most important motivation in purchasing a work of art, self-focused drivers such as self-identity and personal pleasure were ranked highest (37%), followed by financial motivations (28%). Relationships, including social and networking motivations for collecting and being part of the art market, ranked third (14%).
Despite a low 10% identifying themselves as ‘investors’, many HNW collectors actively traded in and out of their collections. Just under half (48%) had resold works, including 38% during 2022 and 2023, although this was significantly lower than in 2020 (60%) and 2021 (49%). Only 5% of collectors bought and resold works within a year, but 39% reported an average resale period of up to three years (up from 30% in 2021), and most collectors (83%) resold within five years.
43% of HNW collectors had used credit or loans to finance purchases of art, including 30% in 2022 and 2023. For those that used lending, the average share of the value of their collections financed through credit was 29%. The average share for UHNW collectors was higher at 39%, and one third had financed over 50% of their collections with loaned funds versus only 2% of those with wealth of less than $5 million. Over half (54%) of financially motivated collectors used credit or loans to purchase art (versus 39% with non-financial motivations).