Collecting in

the Digital Age

International Collectors Survey
by AXA ART

www.axa-art.de

Results of a worldwide empirical study

AXA ART Insurance / 2014

INTRODUCTION

For more than fifty years, AXA ART has been insuring works of art and other objects
of value. Over the decades, we have accompanied collectors from around the world.
We have learnt about their attitudes towards collecting, and we strive to be aware of
their interests and concerns. All in all, we felt at home within the collectors community
until the Internet started to change their habits.
We became curious and conducted several dozen long, face-to-face interviews with
collectors. The issues which emerged from these dialogues whilst still hypothetical
were used as the basis for a worldwide online survey. In terms of participation and
results, the responses are remarkable; they have been compiled in this publication.
Due to the chosen online approach, there is a certain bias in the results, as all
communication took place via the Internet. It became evident that the worldwide
community of collectors is changing, and that such change is partly driven by the
Internet.
We hope you find the results as interesting as we did and that you can also benefit
from understanding these changing behaviours.

Dr. Ulrich Guntram

CEO AXA ART Group

Silke Kastien
Head of Group Marketing
Cologne, March 2014

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CONTENTS

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Art collectors: who collects what, how, why and where?

12

A typology of collectors

14

Type I: art aficionados collecting out of passion

17

Type II: traditionalists collecting over generations

20

Type III: investors collecting for the portfolio

23

Methodology of the Collectors Survey by AXA ART

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ART COLLECTORS: WHO COLLECTS

WHAT, HOW, WHY AND WHERE?
Age groups

40 49

30 39
up to 29

13%
3%

70 and
older

25%

9%

23%

25%

60 69

Employment status and gender

84%
% of respondents

76%

46%

25%

men

graduates

self-employed &
entrepreneurs

1. Who: The sample profile

Further results indicated that:

Visitors to galleries and art fairs are fairly

mixed women and men, older and younger people stroll through the halls and
exhibition spaces. Female museum directors, artists and critics play a major role
in the art world. In that context, the first
result of the Collectors Survey by AXA
ART is somewhat surprising: the typical
collector and Internet user is still a man.

R
 espondents are middle-aged: a disproportionately large group is 40 to 69 years
old close to three quarters of participants fall into this age group. Young
people under 30, in contrast, have a
below-average tendency to collect art.

More than three quarters of the international collectors in our sample are male.
The shares of graduates and persons who
are self-employed or entrepreneurs are
also remarkably high four out of five collectors have a college or university degree,
and close to half are self-employed or
entrepreneurs, whereas only 25
% are
employees.

Household types
Art collectors often live in childless
relationships: among the respondents
in our sample, two-person-households
without children are the most common
way of life. Singles and families, in contrast, account for smaller percentages
of collectors.

42%
34%

18%

singles

employees

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50 59

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childless
relationships

families /
others

Categories of collectables (multiple answers were permitted)

94%

Paintings are at the top of

the popularity list of collectables

Young collectors
prefer new works of art

82%

68%

% of
collectors
under 40

47%

% total

% of
collectors
over 60

39%
31%

30%
23%

18%
13%

13%

11% 12%

8%

Types of art or collectable items

(multiple answers were permitted)

contemporary art

89%

paintings

63%

works on paper

60%

sculptures

49%

photography

29%

furniture & design

ceramics &
porcelain

21%

jewellery, watches
& clocks

15%

installation &
video art

14%

wine
musical
instruments
others types of art
and collectables

2. W
 hat: The nature of
collections
Most collectables hang on walls: paintings
and works on paper are at the top of the
popularity list of collectable items; nine
out of ten respondents in the Collectors
Survey by AXA ART collect paintings.
Sculptures rank third with 60%, and nearly
half the respondents collect photography.
Classic types of collectable objects such
as furniture and design, ceramics and
porcelain or watches, clocks and jewellery
prove less popular. The same is true for
contemporary installation and video art
only 14% of respondents say they collect
these forms of art.

7%

3%

modern &
impressionist art

19th century art

Old Masters

14%

art antiquities

With regard to the categories

of objects collected, the
Collectors Survey by AXA ART
shows two clear tendencies:
The newer, the more popular. The vast
majority of collectors in our sample
82% collect contemporary art, at least
amongst other things. Modern and impressionist art ranks second by a large
margin, with 39% of collectors. Only a
small minority collects older art objects
such as 19th century art, Old Masters
or art antiquities.

Contemporary is more
popular than antique

Tastes strongly depend on age. Collectors under 40 have a marked preference

for contemporary artworks, whereas
older collectors over 60 more often buy
works from earlier periods. It should be
noted, however, that older collectors
favourite category of collectables is
also contemporary art.

15%

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Collecting strategies
(multiple answers were permitted)

1 in 10 collections is worth
more than $1m

65%

gut instinct

30%

items of high quality

25%

systematically / content criteria

14%

value / prospective value increases

9%

unusual or rare objects

curators plan

5%

Main criterion:
gut instinct

3. How: Approaches to
collecting
How do the interviewees collect low-key
or on a grand scale? By instinct or systematically? Continuously or at intervals?
The Collectors Survey by AXA ART yielded
interesting answers to these questions:
1. Those who collect do so on a rather
grand scale: only a minority of respondents own small collections with less
than 25 objects (15%) or a value of less
than 100,000 US $ (22%). 11% of collectors estimate the value of their collection
at more than one million US $. And one
third of respondents prefer to keep silent
as to the size and value of their collections.
2. Many collectors rely on their instincts
when it comes to purchasing art objects:
two thirds of respondents agree with the
statement I am not a systematic collector but rather collect what I like based

completely on gut instinct. Other aspects such as the quality of objects, content criteria, value and prospective value
increases or unusual and rare objects
play a secondary role. For example, just
one quarter of respondents build their
collection systematically in accordance
with certain content criteria. And only a
5% minority of respondents base their
collections on a curators plan.

Mature collectors: 16
% are already
beyond the peak of their collecting activities they have been collecting for a
while, but not as intensively as before.
Non-collectors: A noteworthy minority,
11% of respondents, say they would
not regard themselves as collectors.

4. W
 hy: Motivation for
collecting
Most collectors core motive is an emotional one: the joy of collecting and a passion
for art. When asked about their motivation, a vast majority of collectors agree
with the following statements:
 I love to own beautiful things and to
surround myself with them (80%)

3. The way people collect also depends on

their stage within a collectors life cycle:

 I enjoy occupying myself with art and

developing a comprehensive knowledge
of art (79%)

Young collectors: 8% of the collectors

in our sample have just started collecting recently.

 Collecting is a passion of mine (72%)

Active collectors: only 45% of respondents state that they have been collecting continuously and for a while.

Core motive:
the joy of collecting

Sporadic collectors: 18% buy collectables every now and again in phases,
with long intervals in between.

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Most important source of

information: art fairs

The Internet: rather research

medium than art market

Places of purchase
(multiple answers were permitted)

5. Where: Purchasing patterns

First get informed, then acquire this is
even more true with regard to art than for
other purchases. Three out of four collectors in our sample find it important or
very important to exchange information
on art with others, but only 4% not important at all.

10

p
 rinted media, trade journals,
newspapers, books (58%)
discussions with artists (56%)
personal contacts (52%)
online media, websites, internet
forums, social networks (51%)

art. When asked Where and how do you

buy your works of art or collectable items?,
73% of collectors named galleries. More
than half also purchased artworks directly from artists or via auctions.

73%

galleries

63%

directly from artists

59%

auctions

Art consultants (21%) or radio and television (8%) were only secondary sources of
information on the topic of art.

Where does this exchange take place?

Quite simply at the fair. 95% of collectors visit art fairs. Two thirds of respondents regard fairs and exhibitions as
important or very important sources
of information, although they rank only
fourth as a place of purchase for art objects. More than half the collectors rely
on the Internet, and most draw on several
information sources:

But what kind of information are we talking about? Trends on the art market? Upcoming events? The value of specific art
objects? Questions concerning the handling of art? Less than half the respondents consider these topics relevant
77% of the collectors in our sample are
primarily interested in one thing: information on individual artists.

t rade fairs, exhibitions, events,

presentations (64%)
g
 alleries (62%)

In spite of online auctions, art fairs and

Open Studios, the traditional art gallery is
still the preferred location for purchasing

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The Internet, in contrast, still seems to

play a secondary role as an art marketplace. Almost all collectors 95% of respondents utilize the web as a means of
information and communication. Primarily, they employ it for researching specific
art objects and for the initial approach
before a purchase. 34% of respondents
have already bought artworks via online
platforms as well. But 42% of the collectors in our sample refuse such online
purchases as a matter of principle; they
could not see themselves doing this.

private contacts

39%

art fairs

39%

art dealers

34%

Internet platforms,
online auctions

34%

art/antique or
other markets
via art
consultants

art associations

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27%

8%

4%

11

A TYPOLOGY OF COLLECTORS
The three types
overlap in various ways

Our survey shows:

Art collectors are a very special, relatively
homogeneous subgroup within the general
population usually male, middle-aged
and rather well-educated.
Within the collectors subgroup, however,
there are distinct types. By means of a
multivariate data analysis, three different
kinds of collectors could be identified
from our sample. They diverge in many
aspects, collecting with different emphases, for different reasons and in different
ways.

Newcomer among
collectors: the investor

Type I: the art aficionados. Immersing

themselves in art and collecting is their
passion, as a balance to everyday life.
Type II: the traditionalists. By collecting, they continue a family tradition.
These two types might be called classic
collectors for centuries, collectors with

12

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an aristocratic, clerical or bourgeois

background have been cultivating these
two attitudes. The results of our survey,
however, reveal a new and different type
of collector who has only recently emerged:
Type III: the investors. They regard their
collection as one part of their asset
portfolio and place their primary emphasis
on value maintenance and value increases.

The shares of the three groups amongst

the respondents 37% art aficionados,
16
% traditionalists, 24
% investors
therefore encompass mixed types as
well. 23% of interviewees wont fit into
any of the above categories:
Type IV: the hybrid collectors. Their
motives are so diverse that they cannot
be defined as belonging to one of the
three groups.

When considering these profiles, it should

be remembered that all three share one
central characteristic they are art lovers
who find pleasure in collecting. And of
course, they overlap in many ways: art aficionados also consider financial matters,
and a family tradition could develop into
an intensely personal passion. Some investors might happily watch while their
children and grandchildren, having lived
among art assets, become collectors as
well.

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13

TYPE I: ART AFICIONADOS

collecting out of passion

As early as in the Renaissance,

art lovers were collectors

For many centuries, passionate art lovers

have been collectors. Pope Julius II. commissioned works by Raphael and Michelangelo and his collection of antique statues
became the foundation of the Vatican
Museums. King Augustus the Strong, like
many fellow rulers, collected masses of
art treasures and kept them in his vault
Grnes Gewlbe in Dresden.
These days, important collectors dont
necessarily belong to the clergy or the
aristocracy any longer. Most of them have
a bourgeois background, such as Eli and
Edythe Broad from Los Angeles, fashion
designer Miuccia Prada or Peter and Irene
Ludwig from Aachen, who have all won
international recognition as collectors and
founders of art museums.

Who are the art aficionados?

Art aficionados typify the character of a
collector: collecting is their passion, they
are enthusiastic about art and spend a
great deal of time on art-related activities,
even if they work in a completely different
field.
This type of collectors main motivation is
summarized by the following statement
from our survey:

Additionally, these collectors

often name the following
motives for collecting:
c
 ollecting out of passion
opportunity to express part of ones
own personality
new contacts or friendships through art
Briefly, the art aficionado loves everything
connected with art and art-related activities and regards collecting as an enrichment of human life.

What do they collect?

Collectors of this type are primarily interested in contemporary art. 86% of art aficionados collect contemporary works
mainly paintings, but also, more frequently
than the average collector, sculptures,
photography, works on paper and, even
more unusual, collectables such as installation and video art. Two thirds of art aficionados rate themselves as knowledgeable or very knowledgeable.
One third builds their collection systematically in accordance with certain content
criteria. And 30% of the collectors in this
group have already loaned works from
their collection to exhibitions or museums.

For me, collecting is an

emotional or creative
counterbalance
A particularly high share of art aficionados
agreed with this statement.

Art aficionados are competent collectors

of contemporary art

14

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15

TYPE II: TRADITIONALISTS

COLLECTING OVER GENERATIONS
Main interest: individual artists
rather than value or performance

Where and how do art

aficionados collect?
Art aficionados are the most important
customers of art galleries: 79% buy artworks there. In our survey, these collectors also declare the greatest interest in
visiting art fairs and their supporting programmes; they are regular visitors and
customers of the important international fairs for contemporary art.

very important. Primarily, they are interested in information on individual artists;

80% find this topic relevant. Only one in
four art aficionados is interested in
questions regarding the value and estimated performance of art objects. This
groups preferred source of information
is the classic art gallery; art fairs and
printed media only follow second and
third.

Many families have a tradition of collecting. Aristocratic or bourgeois dynasties

have often collected for a very long time
successive generations refine the family
collection or start their own. The American
industrialist family Guggenheim has produced even two world famous collectors:
Solomon Guggenheim, founder of the
Guggenheim Museum in New York, and
his niece Peggy Guggenheim, whose collection is on display in Venice.
In Germany, Franz Duke of Bavaria has
continued the centuries-old family tradition of the Wittelsbach Collection as a
dedicated collector of artists including
Joseph Beuys, Gerhard Richter and
Georg Baselitz.

However, they also visit artists in their

studios and rate discussions with artists
as a very important source of information. Two thirds of art aficionados have
purchased objects in their collection
directly from artists studios, and as
many as 60% have already bought collectables online.
This group also declares a particularly
vivid interest in exchanging information
about art with others four out of five art
aficionados rate this as important or

16

Who are the traditionalists?

Traditionalists do not necessarily have
an affluent or aristocratic family background. Neither do they perceptibly differ
from the other two collectors groups with
regard to their age, sex, profession or
education level. Their motivation for collecting, however, is very different.
More often than the average of respondents in our survey, they rated the following motive as important:

Collecting was, or is,

a family tradition

Noble and bourgeois collectors

families have a long tradition

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Traditionalists collect furniture,

porcelain and antiquities, too

Further important motives

for collecting named by this
group include:
preserving and promoting
cultural values
owning beautiful things and
surrounding oneself with them
Briefly: the traditionalist, who has inherited
or purchased beautiful artefacts, rejoices
in them and preserves them for posterity,
conforms to the image of the classic collector. In contrast, financial considerations only play a secondary role this
group rates collecting as an investment
as having less importance.

18

Art is purchased via galleries and

art dealers, not on the Internet

What do they collect?

Where and how do

traditionalists collect?

Like the vast majority of interviewees, the

traditionalists favour paintings and contemporary art for their collections. Additionally, however, they show a higher than
average interest in traditional types of
collectables such as furniture, jewellery,
clocks and watches, ceramics and porcelain and wine. As for the artistic eras
they choose to collect, their preferences
are somewhat less contemporary than
amongst art aficionados: they collect
19th century art, Old Masters or art antiquities more often than others.

This group of collectors primarily purchases

in galleries too, but they also often use
private contacts, trade fairs, art dealers
and art or antique markets for their purchases. As for the Internet, the traditionalists are not as conservative as one
might assume: about half of them have
already bought art objects online. Nevertheless, two out of three traditionalists
find it important to physically view an item
before purchasing it.

ments and trends or the value and estimated performance of art objects only
interest one-in-three or one-in-four of this
group, respectively.

Even as a source of information, this

group relatively rarely uses the Internet.
They rather rely on art fairs, galleries and
print media for information on art and collectables. Traditionalists are particularly
interested in information on individual
artists and in questions concerning the
handling of artworks and collectables.
Topics such as general market develop-

Traditionalists are frequently experienced,

and often discreet, collectors: 41% of
this group have been collecting for more
than 20 years, and almost as many refuse
to disclose any information with regard to
the value of their collection. Two thirds
say they do not collect systematically, but
based on gut instinct.

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TYPE III: INVESTORS

COLLECTING FOR THE PORTFOLIO

Art prices are being followed

like stock quotations

In recent years, a third type has joined

the classic types of art aficionados and
traditionalists: a rising number of collectors does not only buy art for idealistic
reasons, but also as an investment asset.
A wide range of information services is
targeted specifically at this group: every
year, rankings like the Kunstkompass
(which fittingly appears in a management,
not an art magazine) list newcomers
and classics among contemporary artists like a stock exchange report. Specialized websites publish price curves and
exhibition points of individual artists
like stock quotations. Such information
services are targeted at a new type of collector the investor.

Who are the investors?

Investors wouldnt collect art if they didnt
appreciate it like the other two types of
collectors, they love to own beautiful
things and give this as one of their most
important motives for collecting.
Another core motive, however, clearly differentiates them:

I would like to protect

my assets by diversifying
and doing something else
with my money rather
than investing in property
and financial markets.

Three further motives for

collecting art are particularly
important for the investor
type:
collecting as an investment
opportunity
joy of speculating with artworks and
collectable objects
opportunity to express ones own
position in society
Thus, investors regard art, at least to
some extent, as a part of their assets
and as a status symbol; they judge it according to criteria such as value performance and conservation of value.

What do they collect?

The investors have a slightly less marked preference for contemporary art than
the other groups. Three quarters collect
contemporary art, but a large minority of
43% also purchases modern and impressionist art. As for the type of object,
investors have clear preferences: 91%
collect paintings, while sculptures and
works on paper trail well behind, each
attracting 57% of collectors. Only a minority of investors purchase other types of
collectables such as photography,
watches and jewellery or furniture.

Investors primarily buy paintings

contemporary, modern and impressionist

20

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Methodology of the
Collectors Survey by AXA ART
Hunting for bargains on auctions
and the Internet
Belgium: 63
Netherlands: 54

United
Kingdom:
67
Germany: 129

United States: 124

Italy: 40

Asia: 23

other
American states: 55

A relatively large proportion of this group

has been collecting for five years or less,
and they are cautious when it comes to
judging their own expertise on the subject
of art one in five admits to having little
or hardly any expertise in this area.
Therefore, they rely less on contentbased strategies when building their collection. They rather collect unusual or
rare objects that are valuable and very
likely to increase in value and they follow their gut instinct.

For investors, in contrast to other collectors, auctions as a source for purchases

are nearly as important as galleries. As
this group regards personal contacts and
the exchange with others as rather less
important, they relatively rarely visit art
fairs or artists studios. Instead, investors buy art on the Internet more often
than the average collector two thirds of
this group buy artworks in isolated instances, many times or (almost) always
online.
Also, they relatively often seek the advice
of specialized art consultants, and they
extensively use online media as sources
of information. Their primary interest, of
course, is information on individual artists, general market developments and
new trends, as well as the value and estimated performance of specific art objects and collectables.

22

France:
198

Where and how do investors

collect?

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Australia /
New Zealand: 9

Spain:
37

Switzerland:
47

Africa:
11
other European
states: 57

Market research institute:

infas Institut fr angewandte Sozialwissenschaft GmbH
Type of survey:
International, multilingual online survey. Please note that the survey was conducted
online and therefore represents a specific subset of art collectors. The geographical
focus was on the principal markets of AXA ART (United States, Germany, France,
United Kingdom and Switzerland).
Field period:
January 28 to February 25, 2013
Sample size:
n=972

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IMPRINT

Published by:
AXA ART Versicherung AG
Colonia-Allee 10-20
51067 Cologne
Germany
www.axa-art.com

Production (v.i.S.d.P.): Silke Kastien

Editor: Sofia Blind
Layout: www.twoculture.eu

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