According to a new report by the Swiss bank UBS, collectors are still flocking to Art Basel Miami Beach: the fair (with which UBS acts as lead partner, it should be noted) is the event of its kind most attended by collectors, followed by the Armory Show, TEFAF, Frieze, and the Venice Biennale, in that order.
But, the report also notes, only 26 percent of collectors seek guidance about what to buy at such events. Of the collectors surveyed about their sources of consultation, 62 percent said they look to galleries for advice, 60 percent said they look online, and 50 percent said they go to museums. Those who said they consult art magazines amounted to 44 percent. Art advisers fared less well, as 88 percent of the collectors surveyed said they don’t retain an adviser.
When it comes to the future, collectors are prepared: 87 percent said they have plans to leave their collections to heirs. And they are holding on to their art, too—with 65 percent saying they have never sold a work from their collection.