by Richard Mudariki
The recently published Art Basel & UBS Survey of Global Collecting 2024 provides crucial insights for African and/or Zimbabwean collectors, highlighting the shifts in global art buying trends, wealth transfers, and gender parity in the market. While the global art market faced challenges, including a 26% decline in major auction sales, spending remains strong, particularly in Mainland China, which leads in art acquisitions.
One of the standout trends is the growing support for younger, emerging artists. This shift is particularly relevant for Zimbabwean art collectors, many of whom are increasingly investing in local talents. Notably, 52% of high-net-worth individuals (HNWIs) surveyed in 2023 and 2024 indicated that they prioritized new artists in their acquisitions. As African and in particular Zimbabwean artists continue to rise in prominence, this could present significant opportunities for collectors to grow their collections with fresh, innovative works from the continent.
Moreover, the survey reveals that multichannel purchasing—through galleries, online platforms, and social media - dominates the market, with 95% of HNWIs engaging across different platforms. This trend suggests that African collectors must remain digitally connected to access the global art scene and explore new avenues for art acquisitions beyond traditional methods. Art fairs and galleries still play a central role in discovering new artists, underscoring the importance of events like the Investec Cape Town Art Fair, 1-54 Contemporary African Art Fair, FNB Joburg Art Fair for local/ African collectors to stay attuned to market movements.
Another notable shift is the increasing representation of female artists in HNWI collections, with their works now making up 44% of acquisitions—its highest level in seven years. This is particularly significant for African collectors, as the region boasts many notable female artists whose works are gaining international recognition. From Zimbabwe, artists like Portia Zvavahera have become internationally established.
Finally, with a significant transfer of wealth expected in the coming decades, African collectors need to consider their role in this generational shift. The survey shows that 91% of HNWIs already hold inherited works, and many are focused on preserving their collections for future generations. As Zimbabwean collectors think about the legacy of their art collections, there is an opportunity to pass on cultural and artistic heritage through the next wave of collectors.
The 2024 Art Basel & UBS report highlights trends that Zimbabwean and African collectors should pay close attention to - supporting emerging and local artists, leveraging digital platforms, investing in female artists, and planning for wealth and collection transfers. These insights are crucial for positioning Zimbabwean art collectors within the evolving global art market.
Download the report from Art Basel website
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