—to assess what art collectors are buying, how they are doing so, and, to a certain extent, why.
After a pandemic-induced slump, cross-border art trading has rebounded in the past two years. Global imports and exports grew from 2020 to 2021 , momentum that has continued this year and which, if maintained, will likely reach record levels. This correlates with HNW collector spending. Put simply, spending increased in all markets and across all generations.
“The art trade itself has been instrumental here in improving the experience collectors have online,” McAndrew said, “and the pandemic gave more people the chance to try it out.” The pandemic also seems to have reminded wealthy collectors of the financial plight of cultural institutions with 45 percent intending to donate work in the coming year. Less than 30 percent said the same in 2020.