Gen Z is emerging as the highest spenders among high-net-worth (HNW) art collectors, with nearly half paying over US$1 million (HK$7.8 million) for artworks in 2026, double that of other generations, the Art Basel and UBS Survey of Global Collecting 2026 by Arts Economics said.
After exploring the evolving behaviors and motivations of 3,100 HNW collectors across 10 key markets, it found that Gen Z paid twice as much on fine art as any other generation surveyed in 2025 and the first half of this year.
The global art market continued to gain momentum after a slowdown in growth over the previous year, with sales reaching US$59.6 billion in 2025. HNW collectors remain highly optimistic about the market outlook – 57 percent of respondents expect growth over the rest of 2026, and 60 percent are bullish on the next 10 years.
The survey highlighted that family has a fundamental impact on Gen Z’s interest in art collecting, with 40 percent citing it as their primary route into collecting, compared to 28 percent of other respondents. Meanwhile, nearly 90 percent of Gen Z who inherited works retained them, underscoring the enduring role of family legacy across generations.
Across generations, 43 percent of respondents believe uniqueness and rarity are the most important collecting aspect, followed by 23 percent who prefer works respected by experts and 22 percent who value pieces highly regarded within collecting circles. Uniqueness mattered more to Gen Z at 48 percent, versus 38 percent for Baby Boomers.
In addition, the use of digital resources and artificial intelligence research tools continues to rise – 58 percent of HNW collectors use online resources for advice and recommendations, while the use of apps and AI tools jumped from 4 percent in 2024 to 22 percent.
The surveyed markets included the US, the UK, France, Germany, mainland China, Hong Kong, Japan, Singapore, Australia, Brazil, and more.
