The Art Basel and UBS Survey of Global Collecting 2026, by Arts Economics’ Dr Clare McAndrew, finds a market in transition. Gen Z emerged as the biggest-spending generation, while AI is increasingly influencing how collectors research and buy art. Yet some things remain remarkably consistent: paintings are still the most common starting point, family remains the biggest influence on collecting, and dealers continue to dominate sales. The 5^th standalone report in the series, the survey offers a snapshot of a market balancing new generations and technologies with established ways of collecting.

Below are seven key findings. You can download the full report here.

1. Gen Z were the biggest spenders

Gen Z collectors reported by far the highest average expenditure on fine art in 2025 and the first half of 2026 – more than twice that of any older generation surveyed. Average fine art expenditure across the high-net-worth individuals (HNWIs) surveyed rose to USD 124,265 in 2025 (up 13% on 2024), with Gen Z averaging USD 347,460 (up 19%). Only 1% of collectors bought a work priced over USD 1 million in 2025 and the first half of 2026, with Gen Z accounting for nearly half of those buyers. However, most activity, across all age groups, was concentrated at lower price points: 77% of HNWIs spent under USD 50,000 and 84% under USD 100,000 in the first half of 2026. The survey also points to Gen Z’s higher levels of research before purchase, broader cross-category engagement, and a more private approach to sharing collections.

2. Collectors are increasingly asking AI for advice – and are optimistic about its long-term impact

While art press and online platforms remain the single largest source of research on what to buy, at 27%, apps or AI tools were used by 22% of art collectors, an increase of 2% year-on-year and up from just 4% in 2024. Social media was also influential: 32% of collectors cited either Instagram or X as sources of advice, with higher use among Gen Z and women. Collectors were broadly positive about the growing role of AI in finding and buying art: 67% saw a positive impact on artist and artwork discoverability, while the leading concerns were fraud, forgery, and market manipulation, which 20% cited as a potentially negative impact of AI.

3. Women are the more adventurous collectors – and they get out more

Women collected more broadly than men, with higher participation across every medium, while men concentrated spending in fewer mediums at higher price points (13% of men bought at price points above USD 100,000, versus 7% of women). Women were also less focused on established artists than men (43% of works, versus 47% for men), and held a higher share of new and emerging artists (36%, versus 33% for men). Overall, established artists accounted for 46% of works in collections, a slight increase on 2025 but a sharp rise from the 25% recorded in 2024. Paintings remained the most-collected medium for both genders (26% of works in all collections), with 84% of women owning paintings, against 73% of men. Women also held a higher share of digital art in their collections (59%, versus 51% for men). HNWI women also attended around 20% more events than men in 2025 and 2026, equivalent to eight more events on average. 

4. The youngest collectors are the most private

This is the first time McAndrew’s survey has explored collectors’ views on privacy and sharing of the works they own. When asked about the in-person access they allowed to their collections over the past 12 months, 22% of collectors said they limited access to their immediate household or to close friends and family. Online, 26% kept access to digital content about their collections limited to private circles only. Perhaps surprisingly, Gen Z were by far the most private generation: 39% restricted in-person viewings of their collection to close family, friends, and households, almost twice the share of any other generation. They were also the most private online, with 36% keeping online content within private circles, but led on restricted or invitation-only group sharing (42%, the highest of any generation).

There were also regional differences: collectors in Hong Kong were the most private online by a considerable margin, while those in the US were the least. The latter were also the most likely to want public credit when lending works to museums (38%, against 17% overall).

5. Most collections start with painting

Most collectors started out in traditional fine art mediums: 43% named painting among their first three purchases and 25% named sculpture. Younger collectors were more likely to start in these traditional mediums than older ones. Overall, fine and decorative art made up 55% of spending in 2026 (up from 49% in 2025). The remaining 45% went to collectibles including antiques (9%), jewelry and gems (8%), and design works (6%). Luxury items are often held up as a gateway into broader collecting, though McAndrew notes that ‘there was little evidence to suggest that luxury goods acted as a first step toward fine art.’ The influence of family was the most common route into collecting (28% of respondents, and 40% of Gen Z), whether through a family collection (14%) or a family member’s encouragement.

6. Dealers and fairs remain central as artist-direct sales continue to grow

Dealers remained the most-used sales channel: 87% of HNWIs bought from a dealer in 2025/2026, including 75% directly and 62% at an art fair. By value, dealers also captured the largest share of total spending: 27% through direct sales, rising to 42% when including art fairs. The share of collectors buying directly from artists continued to grow: up by 6% year-on-year to 69% – more than double the level of 2024. This included purchases from artists’ studios (48%), commissioned works (40%), and works bought via Instagram (38%). Artist-direct sales were the second-largest channel by expenditure, accounting for 19% of the total, ahead of art fairs (16%) and auctions (10%).