Gen Z overtakes older collectors as art market spending rebounds globally: report
Gen Z high-net-worth collectors have overtaken older generations as the art market’s biggest spenders, with average fine art expenditure more than twice that of older collectors, helping drive a global sales rebound to nearly US$60 billion, according to the latest Art Basel and UBS market insights. The surge came as mainland China and Hong Kong continued to play pivotal roles in the global art…
Gen Z collectors have become the primary spenders in the global art market, surpassing older generations with average fine art expenditures more than double theirs. This shift contributed to a global sales rebound, reaching nearly US$60 billion in 2025, as reported by Art Basel and UBS market insights. China and Hong Kong continued to play crucial roles in the art market's growth, with mainland China and Hong Kong accounting for 76 percent of global art sales by value.
Adrien Zuercher, a UBS Global Wealth Management executive, highlighted Asia-Pacific's increasing significance on the global art market stage, citing moderating inflation and improving regional fundamentals. Despite trade uncertainty, US art sales hit US$26 billion, driven by auction activity, while UK sales rose to US$10.5 billion.
China's art sales increased to US$8.5 billion, helping stabilize the market amid property-sector challenges and economic concerns. However, the wealth landscape within mainland China evolved, with its billionaire population growing to 539 individuals worth US$2.18 trillion, up from 450 billionaires worth US$1.88 trillion previously.
Meanwhile, the millionaire population fell to 5.3 million from 6.3 million due to economic pressures. China's art trade saw tighter market conditions, with art imports totaling US$900 million and exports reaching US$700 million. The report also noted a transformation in collecting behavior, with high-net-worth collectors allocating an average of 20 percent of their portfolios to art.
Gen Z collectors emerged as the highest-spending demographic in 2025, spending more on fine art than any other generation surveyed, driven by digital engagement, artificial intelligence-powered research tools, and a focus on rarity and quality. Some Hong Kong industry participants believed that regional buying behavior in Asia differed from the global Gen Z trend, with seasoned collectors aged 45 and above continuing to dominate the market.
Written by urgent.news from South China Morning Post's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
