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Global sales reached an estimated USD 67.8 billion in 2022, with the US remaining the largest market accounting for 45%. The US is also still by far the largest importer and exporter of art in 2022, with 34% of total values of cross-border trade in each category.

Since 2019, the share of local galleries US collectors purchased from has increased from under half to a majority of 60% in 2023. As the average number of galleries remained constant, this could indicate some geographical narrowing of collector focus.

Aside from the highest-ranking self-focused motivations such as self-identity and self-esteem, social motivations, building connections, and making friendships with like-minded individuals were also important motivations for 17% of collectors in the US to buy art.

In terms of content of collections, the highest concentration on established or top-tier artists was in collections from the US and Mainland China, where they made up shares of 36% and 42% respectively. In US collections, this grew by 11% year-on-year from just 25% in 2022.

In South America, dealers reported growth of 4% year-on-year for 2022, and dealers surveyed in Brazil reported that their sales held steady with a 1% increase.1 Though one of the smaller markets globally, the Brazilian art market is the largest by size in Latin America with a vibrant art scene and active collector base.

Over the last year, Brazil saw one of the largest increases in the share of works by local artists in collections, up from 42% in 2022 to 51% in 2023. The region also had among the highest share of female artists' works at 42%.

When asked about their plans over the next 12 months, some of the most active buying plans were reported by collectors from Brazil, with 60% planning to purchase works in the coming year compared to 54% as a global whole.

Although paintings, sculptures and works on paper made up a majority share of 57% of collections in Brazil, the share of prints, multiples and photography was the second highest of all markets surveyed, at 20%, against an average of 16%.

Insights from The Art Basel and ¶·Å£ÆåÅÆÔÚÏß Survey of Global Collecting 2023 – our most recent report which explores the art market interactions, spending habits and motivations of over 2,800 collectors from global markets.

¹ Dr Clare McAndrew, The Art Basel and ¶·Å£ÆåÅÆÔÚÏß Global Art Market Report 2023.