Art Basel and UBS Global Art Market Report: Active Buying by Millennial Collectors

Art Basel and UBS Global Art Market Report: Active Buying by Millennial Collectors

PR Newswire

ZURICH, March 5, 2020

ZURICH, March 5, 2020 /PRNewswire/ -- UBS and Art Basel today published the fourth edition of the Art Basel and UBS Global Art Market Report, authored by renowned cultural economist Dr Clare McAndrew, and integrating strands of research from UBS. A comprehensive and macro-level analysis of the global art market in 2019, the report covers key trends in the market in the context of wider economic shifts.

UBS shares its passion for art and collecting with a global community of clients and has one of the world's largest and most important corporate art collections. The firm seeks to advance the international conversation about the art market through its global lead partnership with Art Basel and as co-publisher of this report. UBS provides its clients with insight into the art market, collecting and legacy planning through its Art Collectors Circle and UBS Art Advisory. For more information about UBS's commitment to contemporary art and to download the report, visit ubs.com/art.

The key findings include:

Paul Donovan, Chief Economist, UBS Global Wealth Management, said: "The art market often mirrors the trends and economic developments we see in wealth creation. The growth of millennial and female spending power today is part of that. But even economists must admit that there is more to life than economics. True collectors are driven by passion and an appreciation for quality. Art pays emotional dividends, enriching lives in a way that GDP can never capture." 

The report draws on several additional strands of UBS research:

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