54% of HNW collectors were planning to buy art over the next year, stable on 2022. Some of the most active buying plans were reported by collectors from Mainland China, with 68% intending to purchase works, along with large majorities in Japan, Brazil, and Italy. Paintings remained the most popular choice for planned purchases (84%), followed by sculptures and works on paper. 26% of collectors planned to sell works from their collections over the next 12 months, down from 39% in 2022, with most reporting that they would hold off on selling because they believed the prices of their artists’ work would improve in future.
Despite ongoing turmoil in the financial sector, high inflation, the continuing impact of three years of COVID-19, and the ongoing effects of the war in Ukraine, 77% of HNW collectors remained optimistic about the art market’s performance over the next six months, a slightly larger share than were optimistic about the stock market (74%).