Female high-net-worth collectors' spending on art reached new heights last year

According to a recent report from Art Basel and UBS, female collectors spent more on art than their male counterparts in 2020. Photo: AFP

In a major first for the art world, female collectors spent more on art than their male counterparts in 2020, according to a recent report from Art Basel and UBS.

In fact, their spending grew 13% on the previous year. Sometimes, money is no object. And, according to the report - titled "The Art Market 2020" - that's especially true for female art collectors. For female high-net-worth (HNW) collectors - with wealth topping US$1mil (RM4.1mil) - median spending on art was US$188,700 (RM780,000) last year, compared to US$188,600 (RM779,000) for male collectors.