Prepared by Dr. Clare McAndrew, Arts Economics
The Survey of Global Collecting 2023
The report presents the results of research on the activities and attitudes of high-net-worth (HNW) art collectors in mid-2023, when continued economic uncertainty in many major art markets a significant factor weighing on buyer optimism. Factors such as higher interest rates potentially affect the demand for art, however, there has been little comprehensive research on how these and other economic and social trends impact the decisions and spending plans of collectors. To address this, the report presents the results of a global survey of HNW collectors, examining their attitudes, behaviors, and outlook for the art market in 2023, as well as trends in spending, and how they interact with artists, galleries, institutions, and their environment. The survey is the tenth of a series conducted in collaboration with UBS and covers 11 markets with responses from 2,828 collectors, the largest of its kind to date.
About the Author
Dr. Clare McAndrew is a cultural economist who specializes in the arts, antiques, and collectibles markets. She completed her PhD in economics at Trinity College Dublin in 2001, where she also lectured and taught economics for four years. In 2002, Clare joined US firm Kusin & Company, a boutique investment banking firm specializing in art investment, as chief economist. After three years in the US, Clare returned to Europe in 2005 to set up Arts Economics and continue her work in the art market in a private research and consulting capacity. Arts Economics works with a network of private consultants and academic scholars carrying out art market research and analysis for a global client base.
