Women and younger collectors are reshaping the global art market, according to The Art Basel and UBS Survey of Global Collecting 2025. The report, prepared by economist Clare McAndrew, founder of Arts Economics, provides an updated picture of the trends, motivations and behaviors of high-net-worth individuals investing in art.
Conducted in collaboration with UBS, the survey is based on responses from 3,100 high-net-worth collectors during the first half of 2025 across ten key markets: the United States, the United Kingdom, mainland China, Hong Kong, France, Switzerland, Germany, Japan, Brazil and Singapore. It examines everything from purchasing preferences and event attendance to relationships with artists and galleries.
Women take center stage—and embrace more risk
Against a backdrop of global economic uncertainty, the report finds that women are not only maintaining their presence in the market but are also taking on higher levels of risk in their collecting decisions.
As Clare McAndrew, founder of Arts Economics and the report’s author, explains: “At a time of increasing global economic uncertainty, this survey offers a valuable opportunity to examine how collectors are adapting to risk, with a particular focus on gender differences. Contrary to the common stereotype that women are more risk-averse than men, the findings show that, in the context of collecting, women are equally aware of potential risks but are often more willing to take them in practice by acquiring works across a broader range of non-traditional media and actively supporting emerging or lesser-known artists. Women also collected and spent more on works by female artists, a trend that is equally evident among younger collectors. As wealth continues to shift both vertically and horizontally in the years ahead, these trends are likely to encourage greater balance and diversity in future collecting.”
In 2024, women’s average spending on art and antiques was 46% higher than that of men. In mainland China, female collectors led spending, with figures more than double those of their male counterparts. Their collections also contain a higher proportion of works by female artists and demonstrate a strong openness to emerging talent.
More art in portfolios and greater diversity in buying habits
The report shows that high-net-worth individuals increased the share of their wealth allocated to art in 2025, with the average rising to 20% of total wealth, up from 15% the previous year. Among ultra-high-net-worth individuals with more than $50 million in assets, the average allocation reached 28%.
The study also highlights a diversification of purchasing channels and formats. Although paintings remain the most commonly acquired medium, attendance at art fairs continues to grow, with 58% of collectors purchasing through them, while digital platforms are gaining momentum: 51% of collectors bought works via Instagram, and direct purchases from artists doubled compared with the previous year. Two out of every three collectors acquired works by artists they had discovered within the previous 18 months.
Younger generations redefine collecting
Millennials and Generation Z are driving a generational shift in collecting habits.
Millennials lead spending on decorative arts, design and jewelry, reflecting interests more closely tied to lifestyle. Generation Z, meanwhile, dominates categories such as collectible handbags, sneakers and luxury assets, with average spending on sneakers nearly five times higher than that of other generations.
Within the fine arts market, younger collectors distinguish themselves by exploring a wider range of media, from digital art—where Generation Z is the most active—to photography and works on paper, which are particularly favored by millennials.
Family tradition and philanthropy
Despite the market’s dynamism, family legacy remains a cornerstone of collecting: nearly 90% of younger collectors who inherited artworks chose to keep them. Overall, 80% of respondents plan to pass their collections on to their children or spouses.
At the same time, philanthropy is becoming increasingly important. One-quarter of collectors plan to donate part of their collections, reflecting a broader desire to connect wealth with social and cultural causes.
Brazil strengthens its position
The report also highlights Brazil’s growing importance in the global art market.
“The Art Basel and UBS Survey of Global Collecting 2025 reveals how collectors are becoming more engaged, connected and active. Brazil stands out in particular for its strong appetite for established artists and its leadership in art fair participation. With 72% of high-net-worth collectors planning to acquire works over the next 12 months and 69% intending to attend more art events in 2026, the country continues to demonstrate both maturity and momentum. These indicators reinforce its importance within the global collecting landscape,” said Valéria Milani, Head of Sales at UBS MFO Consenso.
Cautious optimism in the art market
Despite a slight decline in purchase intentions—from 43% in 2024 to 40% in 2025—84% of collectors remain optimistic about the short-term outlook for the art market. Meanwhile, selling intentions have fallen to 25%, suggesting a more stable, long-term approach to collecting.
“The great wealth transfer is influencing not only financial flows but also collector engagement. As younger generations and more women take responsibility for managing wealth, their collecting decisions increasingly reflect personal values and social awareness. Many are drawn to works that speak to identity, community and purpose. This shift points to a more thoughtful, values-driven approach to collecting that connects wealth with creativity and meaning in ways that resonate with today’s world,” said Paul Donovan, Chief Economist at UBS Global Wealth Management.
A market in transformation
For Noah Horowitz, CEO of Art Basel: “The Art Basel and UBS Survey of Global Collecting 2025 provides a fascinating snapshot of how our field is evolving in 2025. Millennials and Generation Z are approaching the market with new behaviors, tastes and modes of engagement, while the growing influence of women collectors and support for female artists are having a significant impact on the trade. We also see younger collectors expanding their interests beyond traditional categories into digital art, design and lifestyle objects, purchasing works through an increasing variety of channels. These valuable insights help guide our efforts to support galleries and their artists, cultivate new generations of collectors and expand the global art ecosystem.”
With greater diversity across generations, gender and values, global art collecting is entering a new phase in which creativity, sustainability and personal identity are becoming the new drivers of cultural value.
