2024-11-11
25 分钟The largest survey of its kind to date, the report reveals insights into buyer behaviours and the transfer of wealth between generations of high-net-worth individuals against a backdrop of challenging economic conditions. This year’s edition gathered responses from more than 3,500 such collectors across 14 global markets, including new additions Switzerland, Mexico and Indonesia. The report’s author, cultural economist Dr Clare McAndrew, is joined by Paul Donovan, chief economist in UBS Global Wealth Management, and Art Basel CEO Noah Horowitz. See omnystudio.com/listener for privacy information.
Hello and welcome to the Bulletin with UBS on Monocle Radio.
Each week, the sharpest minds and freshest thinkers in finance take you beyond the numbers and hype right to the heart of the big issues of the day.
This week we're putting the Art Basel and UBS Survey of global collecting 2024 in the frame.
This year's edition reveals continued spending on art and antiques by high net worth individuals.
The largest survey of its kind to date, the report reveals insights into buyer behaviors in 14 global markets and the transfer of wealth between generations of high net worth individuals against a backdrop of challenging market conditions.
Authored by cultural economist Dr.
Clare McAndrew, founder of Arts Economics, from whom we'll hear shortly, and conducted in collaboration with ubs, the survey examines high net worth individual spending, event attendance, motivations for collecting and their interactions with artists, galleries and institutions.
Echoing insights from the UBS Global Wealth Report earlier this year, which projects an $83.5 trillion wealth transfer over the next 20 to 25 years.
The survey also investigates that transfer of wealth between generations of high net worth individuals and how collectors are preparing to inherit and gift works of art.
This year's survey gathered responses from over three and a half thousand such collectors across 14 markets, with Switzerland, Mexico and Indonesia as new additions, as well as Clare McAndrew.
We'll be checking in again this year with the CEO of Art Basel, Noah Horowitz, but we're going to start with Bulletin regular Paul Donovan, chief Economist in UBS Global Wealth Management, for more on the macro picture.
Paul Donovan, always a delight.
I guess we should start maybe with a little bit of broader economic context to these most recent findings.
Give us a little bit of an update because something we've spoken about so many times on this program, of course, is this huge, probably unprecedented transfer of wealth that we're sort of in the midst of.
That's, I guess, one critical thing to bear in mind when we're setting the context.
Yes, absolutely.
We're actually at the start of what is often called the great wealth transfer.
So this is about $84 trillion at today's values, is going to transfer over the course of the next 20 years or so.
Now, that transfer, it's important to note, is a mix.
Some of that is going to be a transfer down a generation.