Gen Z collectors lead fine art spending, UBS report shows

A new report by Art Basel and UBS reveals that wealthy Gen Z collectors are outspending all other generations on fine art. Based on a survey of 3,100 high-net-worth individuals across 10 major markets, the study found that Gen Z respondents, aged 20 to 29, spent an average of $347,000 on fine art last year.

This figure is significantly higher than other age groups, including Baby Boomers, who were the second-largest spenders, and Millennials. In contrast, Gen X collectors were identified as the most frugal, with an average spend of $79,000.

Despite their youth, Gen Z collectors show a preference for traditional categories such as painting and sculpture. The report also noted a shift in technology usage, with the number of collectors using AI tools for research increasing from 4% in 2024 to 22% currently. Additionally, nearly half of the respondents prioritized an artwork's uniqueness and rarity over expert endorsements.