The typical modern day art collector is mature, male and inclined to open his own museum. However, collectors from developing markets are growing in number and influence, and consequently more superstar artists can be expected to come from areas such as China and Brazil. These are key findings of the Art Collector Report 2014 released this month by art collector database Larry’s List.
The report shows that the average age of a contemporary art collector is 59. An overwhelming 90% are over 40, and 71% of the collectors are men.
The report also highlights the trend among collectors for opening private museums. Some 12% of global collectors already own an exhibition space accessible to the public. The fact that 72% of these spaces were founded after 2000 indicates that a large number of private museums will open during the coming years, states the report. In developing countries these museums will assume the responsibility of public museums, as examples in South Africa or China have already shown.
Magnus Resch, co-founder of Larry’s List, said: “The report gives insights into the world’s art collector scene for the first time. It helps to get an understanding of the market.”
“It underpins the belief in the importance of the private art collector cohort and sets a starting point for providing some transparency on one of the most powerful driving forces in the art market today.”
According to the report, New York and London still dominate the art collector scene, being home to 15% of all collectors. New York is the undisputed leader of the cities with more collectors than the whole of Germany or the United Kingdom.
The United States has the largest share of art collectors worldwide, with 25%, followed by Germany with 9% and the UK and China with 7% each.
Collectors from developing art markets are quickly catching up. Resch explained: “Collectors from China, India and Brazil already account for 15% of global collectors. Our report indicates that the number of collectors in developing countries like China or Brazil will increase rapidly in the near future. Subsequently, more superstar artists will come from these regions.”