Gen Z Art Spending Doubles, China, Hong Kong Drive US$60 Billion Market
New Art Basel and UBS data shows younger wealthy collectors spent over twice as much as older generations last year, pushing global art sales to nearly US$60 billion.
Gen Z Spending Drives Rebound
Art Basel and UBS revealed this week that Gen Z high-net-worth individuals are now the leading spenders in the global art market. Their average expenditure on fine art exceeded that of older collectors by more than double. This surge in spending contributed to a significant rebound in worldwide art sales, which approached US$60 billion last year. The findings come from the Art Basel and UBS Survey of Global Collecting 2026.
Market Returns to Growth
The global art market recorded a 4 per cent year-on-year growth in 2025, reaching an estimated US$59.6 billion. This marked a notable recovery, ending two consecutive years of declining sales. The report highlights a renewed vigour within the market, driven largely by the purchasing power of these younger, affluent buyers.
Asia's Central Role
Mainland China and Hong Kong played a central role in this global art market expansion, according to Art Basel and UBS. Both regions continued to serve as pivotal hubs, contributing significantly to the overall growth. Their sustained importance underscores Asia's increasing influence on the international art trade.
This shift in collector demographics could reshape investment strategies for wealth managers and art funds operating in Asia. The strong performance in mainland China and Hong Kong suggests continued demand for high-value assets within the region.
Art dealers and galleries in Singapore and other Asian centres should tailor their offerings to attract this younger, high-spending demographic, focusing on digital engagement and contemporary pieces that align with Gen Z preferences. The next Art Basel Hong Kong event in March 2027 will offer a clearer view of these trends.
This article is journalism, not investment advice; consult a licensed professional before making financial decisions. Market data is indicative, may be delayed, and should be verified with your broker or exchange before use.
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