The Dynamic Tapestry of Art Collecting: Insights and Trends in 2023
In the ever-evolving world of art collecting, understanding the motivations behind acquiring art and the factors influencing purchases has never been more crucial. The recently released “Art Collector Insights 2023” by art market platform Artsy offers a comprehensive look into the current landscape of art collecting, shedding light on the behaviors, preferences, and concerns of over 1,200 respondents from 60 countries around the globe.
by Eric Jurado
January 3, 2023
This article is written for Art+ Magazine Issue 88. Get the latest issue available on collectibles by artplus, Shopee, and on select stores of National Bookstore and Fully Booked.
1. Shifting motivations: Building collections and the rise of investment
The majority of art buyers (64%) express a desire to build collections, closely followed by those aiming to decorate spaces (62%), support artists (52%), and seek inspiration (50%). Notably, the report highlights a rising trend, with 38% of respondents viewing art as an investment—a significant six-point increase from the previous year. This shift suggests a growing recognition of art as a stable alternative asset class in times of economic uncertainty.
2. Abstract art takes center stage
Diverse mediums capture the attention of collectors, with paintings leading at 94%, followed by prints and multiples (56%), sculptures and ceramics (57%), and photography (43%). The survey reveals that abstract art reigns supreme as the most important genre for today’s collectors, selected by 50% of respondents. Other favored genres include expressive figurative works (34%), realist figurative works (22%), and contemporary surrealism (17%).
3. Resilience amid economic headwinds
Despite concerns about economic challenges, the art collecting sphere remains remarkably stable. While inflation fears dominated the 2022 survey, 75% of respondents in 2023 reported maintaining or increasing their art purchases over the past 12 months. This resilience highlights the enduring appeal of art as a form of investment and personal enjoyment.
4. Online art collecting: A permanent fixture
The return of the physical art world to pre-pandemic norms has not diminished the significance of online platforms. Digital tools remain integral to the art collecting journey, with 80% of respondents having purchased art online in the past year—a four-point increase from the previous survey. This underscores the lasting impact of the shift towards online engagement.
5. Prioritizing safety and transparency in online transactions
When it comes to online art transactions, respondents prioritize safety and transparency. A substantial 58% identify a lack of transparent pricing as the primary obstacle to online art purchases. The importance of publicly listed prices is underscored by an average score of 84 out of 100, emphasizing the need for clear and secure online art transactions.
6. Generational shifts in art acquisition
The report reveals distinct generational differences in art acquisition. Younger collectors (18-36 years old) exhibit higher digital engagement, with 70% purchasing art from an art gallery compared to 82% of collectors over the age of 37. Notably, younger collectors display a preference for direct artist purchases (70%) over in-person auctions (10%) and art fairs (38%), showcasing a distinct shift in acquisition strategies.
In conclusion, Artsy’s “Art Collector Insights 2023” paints a nuanced yet positive picture of the current state of art collecting. It delves into the multifaceted motivations driving collectors, the dominance of online platforms, and the evolving landscape of preferences across generations. As the art world continues to adapt to changing dynamics, these insights offer valuable perspectives for artists, galleries, and collectors alike.
“Investing in art is an emotionally charged process; it’s about passion and aesthetics, not just numbers on a spreadsheet.” — Evan Beard, art market merchant banker
