Sometimes money is not an object. And, according to the report – titled “The Art Market 2020” – this is especially true for female art collectors. For wealthy female collectors (HNW) – whose wealth exceeds US $ 1 million – median art spending was $ 188,700 last year, compared to $ 188,600 for male collectors.
While this trend has been seen in markets such as the United States, France, China, Taiwan and Singapore, it has been particularly strong in the United Kingdom. On average, female HNW collectors in the UK had a median art spend of $ 429,000 in 2020, almost double the amount spent by male HNW collectors.
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The rise of online art sales
These figures are all the more impressive given that the global art market fell 22% last year, according to this latest report from Art Basel and UBS – a figure that would have been even worse if there hadn’t been online art sales. Online sales reached $ 12.4 billion in 2020, a new industry record. Online sales also represent a quarter of world sales (art and antiques).
Young collectors were a particular driving force, seeming particularly inclined to spend large sums online. In fact, when shopping online, a quarter of Millennials shoppers regularly bought for prices over $ 1 million, compared to 13% of Gen X collectors and 15% of Baby Boomers.
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However, galleries and auction houses have been reluctant to sell high value works of art online. According to “The Art Market 2021”, no sale exceeded $ 100 million in 2020, unlike in previous years. Yet the art market’s recent enthusiasm for NFT digital artwork could put an end to it, if Beeple’s recent record-breaking “Everydays: the First 5,000 Days” sale for $ 69.3 million at Christie’s is something to do. Watch this place.