The latest Art Basel and UBS Survey of Global Collecting says that collectors spent roughly a third less on art in 2023 than in 2022, with the largest decrease in spending at the highest levels. The big drop in average spend is mostly due to the buying behavior of millennials, an age group that is also set to become “the richest generation in history” within the next 20 years thanks to what’s become known as the great wealth transfer. What does this mean for the art market?

Also in this episode, the Hollywood entertainment firm Endeavor eyes selling Frieze art fairs. Plus, Maurizio Cattelan’s famous duct-taped banana is back with a $1-million price tag  and more essential industry news brought to you by podcast host, Margaret Carrigan, executive producer, Sonia Manalili, and the editors of Artnet PRO.

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