In the traditionally male-dominated realm of art collecting, a notable shift is underway. Recent data from Dr. Clare McAndrew’s Art Basel and UBS Survey of Global Collecting in 2023 reveals a significant uptick in the participation and influence of female collectors. While male collectors often grab headlines for extravagant purchases, McAndrew’s findings underscore a growing trend of sustained and increasingly serious engagement by women in the art world.
The demographics of art collecting are evolving, prompting speculation about the impact of women’s increasing buying power on the market dynamics. While acknowledging that demographics alone do not determine outcomes, it is worth exploring how this shift may be shaping the industry.
One key observation from McAndrew’s research is that high-net-worth (HNW) collectors spent less on works by female artists in both 2022 and 2023. Additionally, the proportion of works by women in their collections decreased by 3%, now accounting for 39% of their holdings. This trend raises questions about the representation and valuation of female artists in the market.
Despite these statistics, opinions within the industry are divided regarding whether women are entering art collecting at a higher rate than in previous years. Many professionals highlight the prevalence of couples who engage in collecting as a joint endeavor. However, some assert that women approach art acquisition differently, placing emphasis on the historical significance of artists rather than viewing art solely as an asset class.
I think women are less driven by art as an asset class. They do their homework, but it’s more on the historical importance of the artists.
– Sarah Hanson
This nuanced perspective suggests that female collectors may bring a different lens to their acquisitions, prioritising the cultural and historical context of artworks. This approach could influence the types of artists and genres that gain prominence within collections.
As the art market continues to evolve, understanding the motivations and behaviors of collectors, particularly women, becomes increasingly vital. Their growing presence not only diversifies the collector base but also has the potential to reshape the landscape of the art market, driving demand for underrepresented artists and fostering a deeper appreciation for art beyond its monetary value.
In this era of changing demographics and shifting preferences, the role of female collectors emerges as a significant force shaping the future trajectory of the art world. As they assert their influence and carve out their place in the market, the broader implications of their choices on artists, institutions, and the art market as a whole warrant close observation and consideration.
Feature Image: Maria Baibakova, The Russian oligarch princess is slowly making her mark in the art world as an art collector and art patron. She is the founder of Baibakova Art Projects in Moscow | courtesy: Blouin ArtInfo
