Art Basel and UBS Survey: Gen Z Collectors Spend Over Twice as Much on Art as Older Generations
Art Basel and UBS commissioned Arts Economics to conduct the "2026 Global Collector Survey," which shows that in 2025 and the first half of 2026, Gen Z's spending on art exceeds that of any older generation, more than doubling it; nearly half of collectors purchasing works priced over $1 million are from Gen Z.
The sample consisted of 3,100 high-net-worth individuals active in the art market across 10 markets, each with a personal net worth of at least $1 million, excluding real estate and private business equity. Gen Z is defined in the survey as those aged 20 to 29, making up only 9% of respondents, approximately 279 individuals. In 2025, they spent an average of $347,460 on art, a 19% increase from the previous year; the overall average was $124,265, up 13% from 2024. In the first half of 2026, Gen Z's average spending was about $329,000, surpassing their full-year average for 2025, while the overall average was about $136,000.
Purchases over $1 million represent a narrow sample. From 2025 to the first half of 2026, only 1% of respondents bought works priced over $1 million, with Gen Z accounting for nearly half of these buyers. In the first half of 2026, 13% of Gen Z collectors spent over $1 million on art, compared to only 3% of all respondents. The number of pieces purchased across generations is roughly similar, with the spending gap primarily due to higher prices rather than increased frequency of purchases. Most transactions still occur at lower price points: in the first half of 2026, 77% of high-net-worth collectors spent less than $50,000, and 84% spent less than $100,000.
This younger group also leads in cross-category spending. In jewelry and gemstones, Gen Z's average spending in 2026 was $151,310, more than five times that of the next highest group, Gen X, at $29,500. They also lead in spending on sports memorabilia, wine, whiskey, and luxury sneakers. 42% of Gen Z purchased at least two categories of collectibles outside of art in 2026, compared to 39% of Baby Boomers, 22% of Millennials, and 23% of Gen X. Paintings remain the most purchased medium, with 82% of Gen Z buying in this category during the period, compared to 76% overall.
The path into collecting is family-oriented. Overall, 28% consider family the primary entry point, while this rises to 40% for Gen Z; nearly 90% of Gen Z inheritors choose to keep rather than sell the works. Author Clare McAndrew states this contradicts the industry assumption that "young people no longer collect." Gen Z allocates 18% of their wealth to art, higher than the 14% allocated by Millennials and Gen X; those with a net worth over $50 million average 23% allocation.
This survey targets the existing wealthy population, not data on all-age consumption. Buyers are young high-net-worth individuals entering the market with family collections and higher-priced purchases; sellers are galleries and older collectors pricing according to Baby Boomer standards, waiting for public auctions. Beneficiaries are the primary market that can attract private high-priced and high-research buyers; those under pressure are mid-tier works reliant on exhibition exposure and expert endorsement, as 43% of collectors cite scarcity as the primary reason for holding, while expert endorsement accounts for only 23%.
Source: Public Information
ABAB AI Insight
Clare McAndrew has conducted the Art Basel and UBS collector survey for many years, with previous concerns about young people exiting the market. In the 2025 sample, active collectors allocated an average of 20% of their wealth to art, which dropped to 15% in 2026, indicating a contraction in overall allocation, yet spending is concentrated among the 20 to 29 age group, which comprises only 9% of the sample. The number of pieces purchased has not increased, but prices have risen, suggesting that this is not an influx of new collectors, but rather a few young high-net-worth individuals making top-tier purchases.
The source of wealth appears to be more from inheritance than from salaries. 40% of Gen Z view family as their entry point, with nearly 90% of inherited works kept rather than sold; among American collectors, 86% report having inherited works. This aligns with the significant wealth transfer narrative being discussed by UBS Wealth Management: art is retained as an already owned asset rather than being purchased with new savings. The fivefold increase in jewelry spending compared to Gen X indicates that the same family liquidity is shifting towards portable hard assets.
Comparable cases include Japanese corporations in the 1980s using real estate and Impressionist art to support their assets, and post-2009 Chinese buyers elevating contemporary art in London and New York auctions. The difference this time is that the top-tier buyers are younger and less willing to publicly exhibit their collections. The industry is shifting rather than expanding: low-priced works still account for 77%, while only 1% of people are buying over $1 million.
The essence is a transfer of pricing power. Expert endorsement has receded from being central to the reasons for purchase, now at 23%, while scarcity accounts for 43%. Those who can access the high-priced buyers among this group of 279 young samples will set the top tier; exhibitions and public auctions will still determine the remaining mid-tier.
ABAB News · Law of Cognition
Average spending doubling often results from 9% of individuals raising prices.
Inherited assets are first retained, then increased.
In scarcity pricing, expert endorsement yields to those who can access the goods.