Women Collectors Lead in Art Spending

In 2024, high-net-worth women spent 46% more on art compared to men, according to a survey involving 3,100 affluent collectors from ten major markets. While traditional demographics saw male collectors from Generation X and baby boomer generations maintaining higher spending, younger generations, specifically Gen Z and millennials, show a different trend where women are taking the lead.

Focus on Female Artists

Women collectors are demonstrating a distinct preference towards works created by female artists. The report indicates that 49% of the artwork in their collections is by women, compared to just 40% for male collectors. This growing appreciation reflects an awareness and support for female representation in the art world.

Distinct Spending Behaviors

Additionally, women collectors are reported to take greater risks in their purchasing decisions. The survey showed that 55% of female collectors were willing to invest in artworks from unknown artists, contrasted with 44% of their male counterparts. This propensity for risk-taking might reshape the investment strategies in the art market.

“Most of the academic literature casts women as more risk-averse in fields like finance, sports, and healthcare,” stated Clare McAndrew, founder of Arts Economics and author of the report. “In our research, the picture is more nuanced. Female collectors are clear-eyed about risk and often more attuned to it—but, despite this, they are more likely to act and take chances when it comes to their collecting.”

Global Insights: A Look at Mainland China

In Mainland China, spending by female collectors is particularly pronounced, with women reportedly investing over twice as much as men in the art sector. This trend highlights a concentrated cohort of wealthy women who are not only purchasing art but also building substantial private collections and even establishing museums.

The Changing Landscape of Art Collecting

The average amount spent on art across both genders last year was approximately $438,990 with collectors acquiring around 14 pieces. UBS’s findings suggest that as women gain more control over wealth—with women managing over a third of global wealth by the end of 2024—the dynamics within the art collecting scene are evolving. The art market is thus leaning towards supporting emerging artists and female talent.

“The survey portrays a market in transition,” Art Basel concluded in a statement. “In 2025, there are more routes than ever from studio to wall, as traditional players adapt to a new generation of collectors and artists who want to do things differently.”