Researchers surveyed 2,475 US-based high net-worth individuals, with 1,017 survey respondents being self-defined collectors — including 363 collectors of fine art.
Seventy-one percent of respondents said that they “enjoy beautiful things”, with 54% of them defining collecting art as their “passion”. Sixty-five percent of collectors also said that they have never flipped an artwork. On the other hand, 13% of respondents stated that they “plan to profit by selling the pieces”.
As for sourcing, 62% of collectors go directly to art galleries, 60% look for information online, 50% at museums and 44% via magazines. A staggering 88% of surveyed collectors do not have an art advisor, and only a quarter of them have acquired artworks online.
When it comes to art fairs, the top five events for art collectors are: Art Basel, The Armory Show, TEFAF, Frieze and the Venice Biennale.
The study is available in its entirety via UBS' website.
