Over Half Of Fine Art Collectors Have Purchased A Piece Online Sight Unseen, Reveals New Report By UBS Global Wealth Management
December 06 2018 - 8:00AM
Business Wire
New UBS Investor Watch Pulse Report, “Art in Motion,” reveals
insights on the behaviors and buying trends of U.S.-based high net
worth collectors
Key Findings:
- 58% of fine art collectors have bought a piece of art without
ever having seen it in person—a percentage that has more than
doubled from last year (26%)
- 84% of collectors are either always looking or
opportunistically looking to add on to their collection with 58%
planning to add to their collection in 2019
- 57% see the artist’s gender as a determining factor when
purchasing art, with 70% expecting to purchase works by women in
the next year
UBS Global Wealth Management released today a new report that
unveils the majority of art collectors are going online and using
social platforms to stay at the forefront of the art market year
round. Released during Art Basel in Miami Beach, this special
Investor Watch Pulse Report, titled “Art in Motion,” studies the
attitudes and behaviors of fine art collectors in the U.S. with at
least $5m+ in investable assets.
Art collectors increasingly comfortable buying art
online
The percentage of art collectors who have purchased art online
before they’ve seen it in person has more than doubled in the past
year (26 percent in 2017 vs. 58 percent in 2018), while 63 percent
of collectors polled have gone on the internet to participate in an
online auction.
What’s more, art collectors are beginning to feel the pull of
social media, using it as a resource to help them follow the art
market closely. Among the collectors, 67 percent follow an artist
on social media, while 65 percent have seriously considered buying
art after first seeing it through their social media platforms.
“The technological trends changing the economy are increasingly
changing the art market," said Karl Ruppert, Market Head of Florida
Private Wealth Management at UBS Global Wealth Management. "There
are potential opportunities presented through future growth of the
online art market to attract new buyers at different price levels,
which is beneficial to the health of the overall market. For
gallerists, fairs, auction houses, artists and collectors, digital
tools will be a key area of growth over the next five years.”
Women artists on the rise, and so are the investments in
them
Women artists are increasingly being recognized for their
standout contributions along with breaking their sales records —
which hasn’t gone unnoticed among collectors. Almost three-in-five
collectors see the artist’s gender as a determining factor when
purchasing a piece, and 70% plan on purchasing works by women in
the next year.
“While male artists continue to lead overall sales within the
market, we found clients are increasingly recognizing that women
artists are undervalued,” said Ruppert.
Collectors ready to buy, but cautious to sell
Collectors are eager to grow their art collection with half
stating they’re always looking to add new pieces, and 34 percent
are opportunisitically searching. Moreover, 58 percent are ready to
make an addition in the upcoming calendar year, while 64 percent of
fine art collectors are gearing up to spend more than $100k on
their new additions in 2019.
More than half (58 percent) of these wealthy art enthusiasts
view their collections as their most prized possessions. Not
surprisingly, collectors are only willing to sell up to a third of
their collection.
Passing along the passion: Concerns for art
inheritance
When it comes to passing along their passion pursuit to the next
generation, 58 percent of art collectors are worried their heirs
won’t know how to care for the collection and 57 percent are
concerned about taxes when passing on to the next generation.
Notes to Editors
About UBS Investor Watch Pulse Report
The UBS Investor Watch Pulse Report is designed as a shorter,
"rapid response" reaction to pressing issues of the day. For this
special edition 'Art in Motion', UBS surveyed 175 High Net Worth
fine art collectors with at least $5M+ in investable assets from
November 14 - 26, 2018. The report offers insights on U.S.-based
collectors’ behaviors and buying trends. UBS also published the
2017 UBS Investor Watch Pulse Report, 'For the love of art'.
About UBS
UBS provides financial advice and solutions to wealthy,
institutional and corporate clients worldwide, as well as private
clients in Switzerland. UBS' strategy is centered on our leading
global wealth management business and our premier universal bank in
Switzerland, enhanced by Asset Management and the Investment Bank.
The bank focuses on businesses that have a strong competitive
position in their targeted markets, are capital efficient, and have
an attractive long-term structural growth or profitability
outlook.
Headquartered in Zurich, Switzerland, UBS has offices in 52
countries, including all major financial centers, and employs
approximately 60,000 people. UBS Group AG is the holding company of
the UBS Group. Under Swiss company law, UBS Group AG is organized
as an Aktiengesellschaft, a corporation that has issued shares of
common stock to investors.
For more insights and to download the report, visit
ubs.com/investorwatch.
© UBS 2018. The key symbol and UBS are among the registered and
unregistered trademarks of UBS. All rights reserved.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181206005232/en/
UBS Group AGLaura Hastings+1 212 882
5705Laura.hastings@ubs.comSutton PRGrace Johnstone+1 212 202
3402grace.johnstone@suttonpr.comClaire Owen+44 (0) 20 7183
3577claire@suttonpr.com
UBS (NYSE:UBS)
Historical Stock Chart
From Mar 2024 to Apr 2024
UBS (NYSE:UBS)
Historical Stock Chart
From Apr 2023 to Apr 2024