The First Art Newspaper on the Net   Established in 1996 United States Sunday, September 22, 2019

New UBS report reveals what drives US art collectors
Image of the UBS Lounge with artwork by Shahzia Sikander on display.

MIAMI, FLA.- UBS Wealth Management Americas released today a new report that shows a majority of collectors of fine art view their art collections as a pursuit of passion rather than as an investment. In a special Investor Watch Pulse Report, released during Art Basel in Miami Beach, UBS studied the attitudes and behaviors of fine art collectors. The report, titled "For the love of art,” found that despite recent high profile sales of fine art at auction houses this year, such as Leonardo da Vinci's, "Salvator Mundi, c. 1500" and Basquiat's "Untitled, 1982," 65% of investors noted they have never sold a piece from their collection, and 41% confessed they have never had their collection appraised.

Art collectors opt for passion over investment
When it comes to collecting behaviors, art collectors find themselves driven by an appreciation for beauty (71%), a desire to follow their passions (54%) and a wish to support and nurture artists (32%). Moreover, one quarter of investors consider their collections to be priceless, further emphasizing the fact that passion, rather than profit, is a motivating factor.

“Collecting is a passion that we share with many of our clients who are developing alternative legacies through their cultural pursuits. Collectors don’t apply the same principles to buying art that they would to a typical investment portfolio of stocks and bonds,” said John Mathews, Head of Private Wealth Management and Ultra High Net Worth, UBS Americas. “It is important, however, to institute management structures to ensure their legacy remains protected, correctly valued and insured.”

Collectors overwhelmingly seek purchase advice from alternative sources
Eighty-eight percent of collectors do not use an art advisor to guide their purchases. The report found that the collector’s first step in the purchase journey is to seek advice from other sources. Sixty-two percent of collectors cite using galleries to educate themselves on fine art purchases. This is followed by online resources (60%), museums (50%) and magazines (44%). Most surprisingly, one in four collectors admit to purchasing art online, sight unseen. This gravitation toward alternative sources, in particular digital, underscores the evolution of the art buyer's journey and how the industry will need to adapt to keep pace.

Heirs’ attitudes vary on maintaining a collection’s legacy
The data also presents evidence that passion for art transcends generations, whereas other collections (coins, stamps, jewelry) do not. Collectors of fine art, overwhelmingly, plan to leave their art to heirs rather than sell it (87%). According to the report, 90% of heirs felt "honored" to inherit an art collection, and 81% intend to keep it. In contrast only 35% of heirs who received other collectibles, including coins, stamps and jewelry, were interested in it, according to a recent Investor Watch Report called "For love not money," published November 9, 2017.

Yet, despite the interest in maintaining a legacy, 57% of art collectors have not taken steps to educate their heirs on how to manage, appraise and/or sell their collection.

“We’re seeing sentimental value tends to supersede financial value,” said Sameer Aurora, Head of Client Strategy, UBS Wealth Management Americas. “Collectors do not appear driven by the monetary worth of their art collection, and therefore are often unaware of its true value.”

Today's News

December 9, 2017

Banksy ❤ NYC – The first exclusively Banksy auction will be held in New York

No single 'out of Africa' migration for humans: study

New 'land and sea' velociraptor-like dinosaur discovered

500th anniversary of Jacopo Tintoretto's birth celebrated with exhibitions in Venice, New York, and DC

Martin Gropius Bau opens "Jews, Christians and Muslims Scientific Discourse in the Middle Ages 500-1500"

New UBS report reveals what drives US art collectors

Abu Dhabi authorities 'acquired' $450 mn Da Vinci: museum

Jon Seydl named as new Director of Krannert Art Museum at the University of Illinois

Cisneros Fontanals Art Foundation opens exhibition of works by three pioneers of Cuban geometric art

Major exhibition presents 175 works by 100 artists reponding to Mississippi over two centuries

First museum retrospective of photographer Eugene Richards opens at Nelson-Atkins

President John F. Kennedy painting auctions for $162,500 at Heritage

Exhibition explores definition of American family through photographs ranging from Victorian era to today

Shaker Museum / Mount Lebanon chooses Studio Analogous to design online collections website

Vintage petroliana signs with dazzling graphics bring strong dollars at Route 32 Auctions

Pérez Art Museum Miami launches its first-ever augmented reality exhibition

Sotheby's New York exhibits 240+ exemplary works of 20th century design

Delayed Bolshoi 'Nureyev' to premiere with director under arrest

Studio Drift and BMW illuminate the night sky with a performance of 300 drones flying in Miami Beach

Contemporary Art Qatar opens in Berlin

New exhibition: Kimchi and Chips Line Segments Space in QUAD Gallery

"Off the Beaten Track: A Road Trip through the Archives of American Art" opens in Washington

From classical to contemporary: Saffronart's Online Auction sees excellent results across categories

William Kaufman Organization launches immersive art gallery at 2 Gansevoort

Most Popular Last Seven Days

1.- Holocaust 'masterpiece' causes uproar at Venice film festival

2.- To be unveiled at Sotheby's: One of the greatest collections of Orientalist paintings ever assembled

3.- Bender Gallery features paintings by up and coming Chicago artist Michael Hedges

4.- Lévy Gorvy exhibits new and historic works by French master in his centenary year

5.- Artificial Intelligence as good as Mahler? Austrian orchestra performs symphony with twist

6.- Fascinating new exhibition explores enduring artistic bond between Scotland and Italy

7.- Exhibition explores the process of Japanese-style woodblock production

8.- Robert Frank, photographer of America's underbelly, dead at 94

9.- The truth behind the legend of patriot Paul Revere revealed in a new exhibition at New-York Historical Society

10.- Hitler bust found in cellar of French Senate

Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .


Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
Art Director: Juan José Sepúlveda Ramírez

Royalville Communications, Inc
Founder's Site. The most varied versions
of this beautiful prayer.
to a Mexican poet.

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful