In an otherwise run-of-the-mill story about Art Basel, the Asian Age has this sit-up-and-notice quote about the art market from a very savvy art financer:
“I reckon that in the next 10 years we’ll see the market going from about five per cent of the world’s rich having art to around 40 per cent,” said Philip Hoffman, the head of the Fine Art Fund Group.
Remember that CapGemini pegs the world’s ultra-high net worth population at 111,000 households with $30 million or more in liquid assets. Hoffman would seem to be suggesting that the collecting population will swell from 5500 buyers to 44,000+ buyers. If we include all 10 million worldwide high net worth individuals, the universe of art buyers would be a staggering 4 million customers.
Fair takes art world by storm (Asian Age)