Dr Clare McAndrew

Dr Clare McAndrew, founder of Arts Economics.

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A Survey of Global Collecting by Dr Clare McAndrew, founder of Arts Economics, with Art Basel and UBS, surveyed 2700 High Net Worth collectors in 11 countries.

The report examines the willingness of collectors to travel and attend events post-COVID, as well as their changing sentiment towards buying locally versus internationally.

According to the report art fairs bounced back, with 74% of collectors surveyed purchasing at an art fair in 2022 (versus 54% in 2021).

Global imports of art and antiques increased 41% in 2021 and exports were up 38%, with double digit increases continuing in the first half of 2022.

Regionally the growth of imports reveals China continues its advance. Prior to 2017 China, Hong Kong and Macau accounted for less than 10% of global imports. However, in 2019 China overtook the UK and remains second only to the US in 2021.

The UK now has a 7% share of the value of global imports of art and antiques while the US is top at 33% with China and Hong Kong at 26%.

However the report adds: “Despite changing trends in the numbers of countries importing, typically two thirds of global imports by value are into the three main art hubs of the US, the UK and China.”