Gen Z collectors outspend older generations on fine art

A report by Art Basel and UBS reveals that wealthy Gen Z collectors are spending significantly more on fine art than any other age group. According to a survey of 3,100 high-net-worth individuals across 10 major markets, Gen Z respondents (aged 20–29) spent an average of US$347,000 on fine art last year, more than double the spending of Gen X collectors.

Despite being a digitally native generation, Gen Z collectors continue to favor traditional categories such as painting and sculpture. The study noted that approximately 40 per cent of Gen Z respondents cited family influence as their primary entry point into art collecting. Additionally, nearly half of all respondents prioritized an artwork’s uniqueness and rarity over the opinions of experts.

The report also highlighted a growing trend in technology usage, with the number of collectors using AI tools for research purposes increasing from 4 per cent in 2024 to 22 per cent currently.