Though still a minority (38%), the number of people buying art as a financial asset rose by 6% between 2022 and 2023. Market Behaviors and Preferences
62% buy art primarily to enhance their living or office spaces. who buys art
: Online sales are now an essential pillar, with 83% of collectors having purchased art online. Social media, particularly Instagram, is a major channel, used by 51% of collectors for purchases. Though still a minority (38%), the number of
: New York remains the global epicenter, accounting for up to 90% of U.S. sales value. However, regional hubs in the Western U.S. (California, Washington) now account for 35% of overall U.S. art spend. Social media, particularly Instagram, is a major channel,
: The primary leaders in spending on decorative art and prints. They are also more likely to view art as a financial investment compared to older peers.
: A lack of visible pricing is a major hurdle for 62% of online buyers. As a result, galleries are increasingly adopting "price visibility" to cater to this demand.