Introduction

"How do I even begin buying art?" "I hear about it a lot lately—what's the art market actually like right now?" "Even as a beginner, I'd love to learn more about the world of art!"

To answer those questions and that curiosity, we bring you a special commentary on the report (Japanese translation).

In this article, we'll thoroughly and accessibly break down the latest art market analysis report, "The Art Basel and UBS Survey of Global Collecting in 2024"—jointly published by the world's largest art fair, Art Basel, and the global financial institution UBS—in a way that's easy for art beginners to understand and useful as a hint for buying art!

[Glossary: Art Basel] One of the world's foremost art fairs. Founded in Basel, Switzerland, it is also held in Hong Kong, Paris, and Miami Beach. Leading galleries gather and collectors from around the world come to buy art—it is the most important event in the art market.

[Glossary: UBS] A Switzerland-based financial group, one of the largest in the world. Strong in wealth management for high-net-worth clients, it is also well regarded for its art market analysis. UBS has long served as Art Basel's Global Lead Partner.

This report actually digs deep into the art-buying behavior of the world's "HNWIs (High-Net-Worth Individuals)"—that is, wealthy collectors—and into the current state of the art market. Knowing how they move is full of insights even for beginners: how to enjoy art going forward, and references for future art purchases.

[Glossary: HNWI (High-Net-Worth Individual)] An individual holding investable financial assets of one million US dollars (about 150 million yen*) or more. In other words, the "wealthy" and "ultra-wealthy." This report surveys the realities of art buying and collecting among these (HNWI) collectors. (*Subject to exchange rate fluctuations.)

You might think, "What does the art buying of the wealthy have to do with me…"—but their choices shape the trends of the entire art market and offer clues to the artists and works beginners should watch from here on.

Read this article, and:

• You'll grasp the latest trends in the global art market!
• You'll gain hints for how to think when buying art!
• It will become a starting point for beginners to know the world of art more deeply!

It runs to about 10,000 characters—a little long—but let's set out together on a journey that touches the front lines of art market analysis and helps you cultivate your eye for buying and appreciating art!

1. Why Does This Report Matter? An Introduction to "Art Market Analysis" for Beginners

First, let's explain why this "Art Basel & UBS" report is an art market analysis worth noting even for beginners.

• Highly reliable data: A large-scale, highly credible art market analysis based on a survey of more than 2,800 HNWI collectors across 11 markets worldwide.
• A global perspective: It compares art market trends across the Americas, Europe, Asia, and beyond, letting you understand today's art market from a global viewpoint.
• The heart of buying behavior: It gets at the real picture of "what," "at what price," "where," and "why" HNWI collectors buy art. This is essential for understanding the movements of the art market as a whole.

For beginners, this report is like a "compass for the art world." Knowing the broad currents helps you grasp the significance of those high auction prices you see in the news, makes museum visits more enjoyable, and deepens your knowledge for future art purchases.

[The Report's Main Areas of Analysis (Key Points for Beginners)]

• HNWI collections: what kinds of works they own → know the types of works available to buy
• HNWI spending: how much they spend on art per year → grasp the scale and price ranges of the art market
• Events and the outlook ahead: the role of art fairs and future forecasts → understand the art market's trends and future

Now let's look at the specifics of the art market analysis.

2. What Are Collectors Around the World Buying? Knowing What's Bought (HNWI Collections)

When considering buying art, it's important first to know "what kinds of works are on the market." The contents of HNWI collections reflect the popular trends of the art market.

Popular genres of work (media):

• Painting: still at the heart of collections. You could call it the royal road of art buying.
• Sculpture, prints, photography: these too remain consistently popular. Prints in particular include pieces in price ranges relatively accessible even to beginners.
• Digital art: it made headlines with NFT art and the like. According to the report, while interest is high, the market may be settling somewhat. Even so, it is expected to take an important place in the future art market, especially among younger generations. It's a field beginners will want to keep an eye on.
  

[Glossary: Medium] The material or means of expression of a work of art (painting, sculpture, digital, and so on). When buying art, searching by your preferred medium is one approach.

The Aim of Collecting: The Perspectives of "Love" and "Investment"

HNWI collectors buy art for two reasons: the passion of "because I love it," and the investment side that expects "asset value."

• Passion and aesthetic value: pure beauty and an affinity for the artist. This is the motive beginners should treasure most when considering buying art.
• Investment and asset building: the aspect of expecting future appreciation in value. In art market analysis, this investment angle is also an important factor.

Many collectors judge their purchases by balancing both. Beginners, too, will enjoy art more deeply by treasuring "love" first while staying aware of art market trends.

3. The Reality of Buying Art: How Much Do the World's Collectors Spend? [Art Market Analysis]

When it comes to buying art, what you really want to know is, of course, the "price." In this section, we explore the real sense of money in the art market through the spending trends of HNWI collectors.

The "median" of annual art spending:

According to the report, the median annual art spending of HNWI collectors often runs to the tens of millions of yen (* varies by report year). This indicates one benchmark figure in the art market.

[Glossary: Median] The middle value when data are arranged in order. It can be closer to reality than the average. It is often used in art market analysis.

The relationship between the economy and buying art:

The art market, too, is affected by the economy. In good times the appetite for buying art rises; in downturns people tend to grow cautious. The 2024 report suggests that, amid uncertainty in the global economy, some caution toward buying art may be visible in places. Even so, long-term appetite for buying art remains high. This can be said to show the resilience of the art market.

Which Price Ranges Are Moving? With Hints for Beginners, Too

• Middle market (tens of millions to hundreds of millions of yen): the central price range actively traded in the art market.
• Affordable range (around one to several million yen or less): works by emerging artists, prints, and the like. This is also a price range beginners can readily consider for their first art purchase.
• Ultra-high-value works (billions of yen and up): so-called "blue-chip" works. They form the top end of the art market.
  

[Glossary: Blue-chip] Works by renowned artists whose reputations are established and whose asset value is considered stable. A term often used in art market analysis.

Artists in the Spotlight: Hints for Beginners on How to Search

• Established artists: their reputation in the art market is firmly set.
• Mid-career artists: expected to flourish from here. A tier where there's real interest in buying art.
• Emerging and up-and-coming artists: easy even for beginners to root for. You may well encounter them at galleries and art fairs.

In recent years, growing attention to women artists and artists from diverse regions has also been an important point in art market analysis. Beginners, too, may make interesting discoveries by turning their gaze to such new talent.

4. Where Do You Buy Art? Major Channels and How Beginners Can Choose

There are various ways to buy art. Knowing the major channels HNWI collectors use is a helpful reference for beginners considering an art purchase.

[Glossary: Primary market] The market where a work is sold for the first time.

[Glossary: Secondary market] The market where works that have once entered the market are resold.

1. Galleries:

1. • The primary market, where you can encounter an artist's new works.
   • You can buy art while consulting an expert (a gallerist).
   • For beginners, a good place to view works carefully and learn about the artists.
     
     
2. Auction houses:
   • The center of the secondary market, where works by renowned artists and the like are traded.
   • With online auctions, even beginners may find it easy to participate.
   • In art market analysis, hammer prices serve as an important indicator.
     
     
3. Art fairs:
   • Large-scale events where many galleries gather, like Art Basel.
   • You can compare a wide variety of works and feel the "now" of the art market firsthand.
   • For beginners, a perfect chance to encounter art in all kinds of styles. Effective as a place to gather information, too.
     
     
4. Online:

• • The ease of buying art regardless of location is its appeal.
  • Galleries and specialized platforms are on the rise. Works suited to beginners are easy to find.
  • A channel that symbolizes the digitalization of the art market.

Understanding these channels and using them according to your purpose and budget is the first step toward smart art buying.

5. [Art Market Analysis] The Outlook Ahead and What Beginners Should Know

Finally, let's look at the outlook this art market analysis report indicates, and at what beginners can learn from it and apply to buying and appreciating art.

Forecasts for Future Art Market Trends

• The possibility of an adjustment phase due to economic conditions: in the short term, art buying may grow somewhat cautious. Long-term growth expectations, however, remain high.
• Continued digitalization: buying art and gathering information online will become ever more important.
• Rising awareness of sustainability: art buying and activity that consider the environment and society may draw attention.
• Renewed appreciation for the value of real-world experience: experiences at art fairs and museums remain important even in the digital age.

What Beginners Should Learn from This Report

1. Know the "now" of the art market: knowing the trends cultivates your eye and gives you more to draw on when buying art.
2. Know your options for buying art: galleries, auctions, fairs, online… it offers hints for finding the buying method that suits you.
3. Treasure your "love": the most important thing for a beginner is to trust your own sensibility. Buying art is best when it starts from "love."
4. Encounter the diverse world of art: look beyond the world of HNWI collectors to more accessible chances to buy art (supporting emerging artists, local galleries, and so on).

Conclusion: Take Your First Step Toward Buying Art! A Market Analysis Guide for Beginners

This time, based on the art market analysis report "The Art Basel and UBS Survey of Global Collecting in 2024," we explained hints for buying art and the current state of the art market for those just starting out.

We hope this article proves useful when you search for information on buying art or the art market, and becomes a starting point for deepening your interest in the world of art.

Being a beginner is no reason to think of buying art or the art market as a distant world. Why not start by learning the information and finding your own "love"?

We hope this art market analysis becomes the first step toward a wonderful art-buying experience for you.

[Note]

• This article is based on publicly available information from the "The Art Basel and UBS Survey of Global Collecting in 2024" report, restructured with SEO in mind. For detailed data and analysis, please refer to the original report (in English).
• Information on the art market and buying art is constantly changing. Please check the latest information.