The Art Basel and UBS Collecting Survey Shows Gen Z Setting the Pace, and the Megafair Is Remaking Itself to Keep Up

The Art Basel and UBS survey on global collecting, released Oct. 8, shows Gen Z collectors already rank among the art market's top spenders. While average fine art expenditure among high-net-worth individuals rose to $124,265 in 2025, up 13 percent from 2024, the Gen Z average was $347,460, up 19 percent. In the first half of 2026, Gen Z spending more than doubled that of older peers, and Gen Z stood out among those who had spent more than $1 million on fine art, versus 3 percent of collectors overall.

Younger collectors remain the most open to discovery, with 56 percent of Gen Z buying work by an unfamiliar artist versus 36 percent of Boomers. Yet the share of all collectors buying a newly discovered artist's work fell to 45 percent in 2026, the lowest level in five years. Tastes have shifted toward established names: top-tier artists accounted for 46 percent of works in collections, up from a low of 25 percent in 2024. Traditional mediums still dominate, with paintings making up 31 percent of total fine art expenditure and sculpture 15 percent.

The findings support a broader shift in behavior and priorities. Uniqueness and rarity were the aspects of ownership HNWIs valued most at 43 percent, and they mattered more to younger collectors: 48 percent of Gen Z versus 38 percent of Boomers. Gen Z also moved across categories, with 42 percent buying in at least two collectible categories in the first half of 2026, compared with under a quarter of Millennials and Gen X. For Art Basel CEO Noah Horowitz, the report confirms the necessity of a different kind of art fair—less a tradeshow and more a year-round experience platform.

What remains unknown is how durable these Gen Z spending patterns will be as the expected $83 trillion wealth transfer unfolds over the next 20 to 25 years. The survey also shows most transactions still occur through galleries and dealers, with 87 percent of HNWIs buying from a dealer, but it does not establish whether younger collectors' preference for in-person engagement will persist as digital channels mature.