30% of millennial collectors have over 30% of their wealth held in art – UBS/Art Basel Report
Allocation of wealth into art.
The global value of art is expected to grow by 53% by 2026.
Art market growth: According to UBS, the art market recorded $50.1 billion in global sales in 2020. 86% of asset managers recommend offering art services to clients, according to Masterworks.
Global wealth increase: More than 1% of all adults worldwide are millionaires (USD) for the first time in history, according to a 2020 Credit Suisse report, with their combined wealth increasing nearly fourfold over a 20-year period.
Museum growth: By the end of 2020, there were 5,788 museums in China seeking high-end works of art for their collections. According to the Economist and ChinaDaily, between 2016 and 2020, an average of 1 new museum opened every 2 days in China, and this trend continues worldwide.
More investors are collecting: The latest UBS/Art Basel report shows that more collectors are using art as an alternative asset: 61% of HNW collectors surveyed had more than 10% of their portfolio invested in art.