West Bund Art Center
While the recent Art Basel and UBS collector report confirmed a general slowdown, the outlook for Asia—particularly China—was considerably more optimistic: high-net-worth individuals from Mainland China had the highest expenditure on art and antiques in the first half of 2024, with a median of $97,000, more than double that of any other region. As Arts Economics founder Clare McAndrew explained at the report launch conference last month, in China, art and antiques are regarded differently from personal luxury goods; they are seen as cultural assets, which helps explain why that market has remained resilient even as other luxury sectors have slowed. Additionally, according to the survey, 70 percent of respondents plan to buy art next year.
