The smaller survey of Art Basel's VIP list indicates a trend where long-term art buyers are attending fewer fairs, marking a significant drop since pre-pandemic levels.
Fair attendance among private buyers halved from eight per year in 2019 to four in 2023, highlighting a shift towards fewer in-person events as preferences evolve.
Generational differences in art buying preferences are evident, with older collectors favoring fairs more than millennials and Gen Z, reflecting changing dynamics in the art market.
Despite fewer fairs attended, there’s a notable optimism in art purchases, with 43% of respondents wanting to buy art in the coming year.
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