Anyone who associates serious art collecting primarily with older, established wealth may need to reconsider.

Generation Z is emerging as a surprisingly powerful force in the global art market, according to the new Art Basel and UBS Survey of Global Collecting 2026, conducted by Arts Economics in collaboration with UBS.

The survey covers 3,100 high-net-worth individuals across ten major art markets, including the United States, the United Kingdom, mainland China, Hong Kong, Germany and Singapore. 

Gen Z spends more than twice as much

The most striking finding is the scale of Gen Z's spending.

In 2025 and the first half of 2026, Gen Z collectors spent more on fine art than any other generation surveyed. Their spending was more than twice that of older generations.

Even more notably, Gen Z accounted for nearly half of all buyers of artworks worth more than $1 million in 2026.

For wealth managers, the findings are particularly relevant in the context of the ongoing global intergenerational wealth transfer.

Paul Donovan, Chief Economist at UBS Global Wealth Management, said the results confirm that the wealth transfer is now well underway. At the same time, younger collectors continue to favor traditional categories such as paintings and sculptures. 

Family remains the gateway

The survey also highlights how closely collecting behavior is linked to family wealth.

Overall, 28 percent of respondents identified family as their most important entry point into collecting. Among Gen Z, the figure rises to 40 percent.

Inherited art is also rarely sold immediately: almost 90 percent of inherited artworks remain in the collections of the next generation. 

For private banks and family offices, that makes art relevant beyond its financial value. Collections can become an integral part of intergenerational wealth and succession planning.

Rarity matters more than status

What motivates wealthy individuals to own art is also changing.

Across all generations, uniqueness and rarity were the most frequently cited motivations, mentioned by 43 percent of respondents. Recognition from experts or status among fellow collectors ranked lower.

These factors are even more important for Gen Z than for older collectors. 

Clare McAndrew, founder of Arts Economics, argues that many purchases are less about conspicuous consumption than about building relationships within close networks. Status, she says, is increasingly derived from rarity, provenance, originality and the discovery of artworks rather than price alone. 

The digital generation values privacy

One of the more counterintuitive findings concerns privacy.

Despite being the most digitally native generation, Gen Z collectors were the least likely to publicly share information about their collections online. Instead, they favor closed, invitation-only spaces.

For younger collectors, McAndrew says, privacy has become an important part of personal and cultural identity. 20261008-mr-surveyofglobalcolle…

That finding could also carry a message for private banks: discretion remains highly relevant to the next generation of wealthy clients, even if its expression is evolving.

AI enters the art market

At the same time, collectors are becoming more self-directed.

Some 72 percent of respondents said they conducted intensive or substantial research themselves before purchasing art. Among Gen Z, that figure rises to 80 percent.

More than half of respondents use online sources for information, recommendations and advice. Apps and AI-powered research tools are also gaining ground, with their use increasing significantly over the past two years. 

The trend mirrors a development already familiar to wealth managers in investment advisory: wealthy clients increasingly arrive at conversations armed with their own research and supported by digital and AI-based tools.

Art as part of the legacy

Despite these changes, the long-term dimension of collecting remains important.

Almost one-quarter of respondents plan to donate artworks to museums over the next twelve months. Others intend to support artist prizes, foundations, residency programs or private museums.

Passing collections on to future generations also remains a central motivation. 

For private banks and family offices, the intersection of art, wealth transfer, succession planning and next-generation advisory is therefore likely to become increasingly relevant.