And finally the art world...
We round off this edition by exploring the conclusions of Art Basel and UBS's Survey of Global Collecting.
According to the Survey of Global Collecting, it seems that economic fog and geopolitical tension have not cooled the ardour of high‑net‑worth (HNW) collectors. If anything, they are investing more capital into art. In 2025, HNW individuals allocated 20% (on average) of their wealth to art, rising to 28% for those worth over $50m. Collections are also increasingly dynastic among HNW individuals: 84% have inherited artworks accounting for around 30% of their holdings and almost 80% intend to pass collections to family. In 2024, HNW individuals' average art spend hit approximately $439k across 14 works, with 10% spending over $500k and 7% over $1m.
The tastes of collectors are diversifying across demographics. While paintings still command the largest share of fine art value (27%), sculptures, photography and especially digital art are gaining traction. Over half of the collectors bought digital works in 2024/25, with spending on digital works now roughly level with sculpture (each 14% of spend).
Despite being the primary gatekeepers (capturing 43% of collectors' spend), the dominance of art dealers is eroding. Direct‑to‑artist sales have surged to 20% of value, aided by social media and studio visits, while auction participation has slipped to 49% and just 12% of spend.
The art market is developing apace - watch this space for more updates.
