The fine art market is cooling, as the wealthy adjust their approach to collectibles.
Art sales at auction have declined for three consecutive years. This downturn is reflected in the Forbes Research 2025 High Net Worth Survey, which found that the percentage of high-net-worth individuals (HNWIs) who are spending on collectibles, including art, has fallen from 63% in 2024 to 56% this year. The survey polled 250 global HNWIs with more than $2 million in investable assets between April and May.
Yet, amid the art world’s shifts, the wealthy are still finding value in the broader collectibles category, and auction houses are expanding their offerings.
Where The Wealthy Are Spending On Collectibles
Sales of higher-priced postwar and contemporary art fell by 19% in the first half of 2025, according to ArtTactic. Changing tastes could be at play: younger and digitally-savvy wealthy buyers may not have the same appreciation for 20th-century art as older generations phasing out of the market.
Younger buyers are showing interest in more accessible collectibles, with an Art Basel and UBS report revealing the majority of transactions at auction in 2024 were under $50,000. Major auction houses are adapting with lower-priced offerings, luxury items and online sales. Notably, auction sales for luxury jewelry, handbags and watches grew 1% in the first half of 2025.
According to Forbes data, HNWIs who are buying collectibles such as art this year plan to spend an average of $108,270.
Here’s how that compares with other categories collectors are interested in:
These purchasing trends are unfolding within a broader global collectibles market, which includes everything from art, antiques and memorabilia to coins and NFTs. The diverse sector, where nostalgia-fueled demand is driving growth, was valued at $294.23 billion in 2023 and is projected to reach $422.56 billion by 2030.
HNWIs Prioritize Collectibles To Celebrate Success
Even as the art market evolves, dedicated collectors still see enduring value. Forbes data shows that the number of HNWIs who say they prefer to spend their money on collectibles when celebrating success has more than doubled (up from 10% in 2024 to 24% in 2025). Regionally, it is more often preferred in North America (35%) than in Europe, the Middle East And Africa (14%) or in the Asia-Pacific (13%).
A more striking difference emerges by asset level. Only 8% of HNWIs with $2 to $4.9 million in investable assets prefer to celebrate success by spending on collectibles, compared to 38% of their ultra-wealthy peers with over $30 million in assets.
CREDITS:
Writer: Jessica Militare
Editor: Jessica Militare, Romy Oltuski
Designer: Kristine Francisco
