Art Basel survey finds Gen Z collectors outspend older generations

Art Basel and UBS said the survey covered 3,100 high-net-worth collectors across 10 markets, including the US, UK, mainland China, Hong Kong, France, Australia, Germany, Japan, Brazil and Singapore. Gen Z, defined as people aged 20 to 29, made up 9% of respondents, or 279 people. Average fine art spending across the full sample was $124,265 in 2025, up 13% from 2024.

The spending gap

Gen Z collectors spent an average of $347,460 on fine art in 2025, up 19% from the previous year. Reuters reported that Baby Boomers were the second-biggest spenders, followed by Millennials, with Gen X the most frugal at $79,000. The number of works bought was broadly similar across generations, so the higher spend came from higher prices rather than more purchases. Average Gen Z spending in the first half of 2026 alone exceeded their full-year 2025 average.

Concentrated at the top

Only 1% of collectors bought a work priced above $1m in 2025 and the first half of 2026, and Gen Z accounted for nearly half of those buyers. Among Gen Z respondents, 13% reported spending more than $1m on fine art in the first half of 2026, against 3% of respondents overall. Most activity sat far below that line: 77% of high-net-worth collectors kept first-half 2026 spending below $50,000 and 84% below $100,000. Fine art accounted for 33% of collectors' total spending across art and collectibles in 2026. The survey was published as global art sales returned to growth, rising 4% to an estimated $59.6bn in 2025 and ending two years of decline, the South China Morning Post reported.

Family wealth behind the numbers

Family was the most common route to starting a collection, the survey found: 28% of all collectors named it as their primary route, rising to 40% among Gen Z. Some 37% of Gen Z collectors said their wealth came primarily from family sources, against 15% of the sample overall. Almost 90% of Gen Z collectors who inherited works kept them. The report cites UBS estimates that more than $83 trillion will pass between generations over the next 20 to 25 years. Paul Donovan, chief economist at UBS Global Wealth Management, said the survey confirms the wealth transfer is well underway.

Research and discovery

Collectors are researching more: 72% conducted moderate or significant independent research before buying art, up from 62% in 2025, and the share rose to 80% among Gen Z. Some 58% used online resources for advice and recommendations, while use of apps and AI tools rose to 22% from 4% in 2024. Younger collectors were also more open to discovery: 56% of Gen Z bought work by an unfamiliar artist, against 36% of Baby Boomers. Uniqueness and rarity ranked as the most important aspect of ownership for 43% of respondents, rising to 48% among Gen Z and 38% among Boomers. Paintings remained the most popular medium, bought by 76% of buyers and accounting for 31% of total fine art spending, with sculpture second at 15%.

What the sample shows

The Art Newspaper cautioned that the 279 Gen Z respondents are exceptionally wealthy, many with family money, and their behaviour may not represent all Gen Z consumers. It said it is hard to say whether Gen Z collectors from humbler beginnings display the same behaviours now, or will as their spending power grows.