7 | Global Wealth and the Art Buyers
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Figure 7.17 | Share of Respondents Purchasing Fine Art by Generation and Country Millennials 100% 80% 60%
Gen X
Boomers
90% 67%
70%
69%
55%
54% 47%
40%
64% 63%
59%
60% 53%
44% 36%
35%
27%
27%
Singapore
Hong Kong
25%
20% 0%
All
UK
Germany
Japan
Š Arts Economics (2019)
The average number of works purchased in the past two years was nine across all countries, with the highest number being in the UK (16) and the lowest in Germany, Singapore, and Hong Kong (at six each).97 This is more than twice the average in the previous survey of the US in 2017. In terms of their expenditure, 46% of the aggregate sample had spent up to $50,000 on works of art or objects in the past two years, while 16% had spent more than $1 million, with 4% spending more than $10 million. While there was a majority in the lower
spending bracket of $50,000 or less in the UK and Japan, these collectors only accounted for one-third of the total in the two Asian markets, where a considerably higher share of collectors spent larger amounts. Singapore and Hong Kong had more than twice the share of those spending more than $1 million (at 19% and 23% respectively) than the UK and Japan. At the very highest end, Hong Kong had the largest share of spenders exceeding $10 million (7%), next to Germany (5%).
97 One outlier variable was removed when estimating the overall average (a report of more than 4,000 items purchased).