A survey by UBS and Art Basel has revealed a big rise in the number of young investors in the art sector

A survey by UBS and Art Basel has revealed a big rise in the number of young investors in the art sector.

UBS and Art Basel surveyed 360 HNWIs in the UK, US and Hong Kong. 92% of respondents had invested in a piece of art so far this year, 56% of whom spent more than $100,000. 16% invested more than $1m in a single artwork.

Millennials made up 17% of investors spending upwards of $1m. And fully 99% of millennial respondents said they continued to liaise with reliable galleries.

The report gave a mixed picture of the art market in 2020, with HNWIs expressing relative optimism for 2021 (59%), yet only 45% of galleries thought sales would increase next year.

Christl Novakovic, chief executive of UBS Europe SE and head of wealth management Europe, said: “The pandemic disrupted economies and societies, and galleries worldwide had to adapt quickly to new behaviours and realities. Our survey of HNW collectors illustrates a continued drive to support the market, as it migrates ever faster to online platforms.”

“Digital platforms can increase price transparency and broaden the base of new buyers at different price levels. Strengthening this digital community globally may be essential for the health of the market in the future.”

Credit: Internationalinvestment, Feng Zhengjie – Yang Gallery