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High-net-worth individuals from mainland China have once again topped the global rankings in spending on fine art, decorative arts, and antiques, marking their second consecutive year at the forefront, according to a report by UBS Group, a leading Swiss banking firm.
On average, collectors from mainland China invested approximately $2.2 million on art purchases this year, as reported yesterday during the kickoff of the Seventh Shanghai International Artwork Trade Week.
The median amount spent by Chinese art collectors reached $650,000, which is ten times higher than the figures for Hong Kong and Brazil, the second and third highest spenders, respectively.
According to Marina Lui, head of UBS Wealth Management China, wealthy individuals from the mainland have significantly influenced the global art market. She highlighted that female collectors, in particular, spent more than twice as much as their male counterparts on average.
Lui also emphasized that the sharp insight and open-minded approach of female Chinese collectors towards emerging artists have infused fresh creative energy into the global industry. Their openness is helping steer the art world toward greater diversity and inclusion.
This year, wealthy global individuals allocated roughly 20 percent of their wealth to art investments, up from 15 percent last year, the report states. Those with assets exceeding $50 million dedicated an average of 28 percent of their wealth to art, while Generation Z collectors committed about 26 percent.
Among younger high-net-worth individuals, Millennials are leading the way in purchasing decorative arts, design pieces, and jewelry. Conversely, Gen Z collectors tend to focus on emerging categories like luxury handbags, sneakers, and other high-end goods. They are also the most active participants in the digital art market.
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