The world’s wealthiest people are not always spending the most on art.
But they do spend more on design, according to research by the consulting firm KPMG.
In a report released Monday, the firm estimated that the top 1 percent of the world population spent on art, design and design-related services $1.3 trillion in 2016.
That was up from $873 billion in 2016 and $2.4 trillion in 2015.
But KPMg said the growth in spending on design was largely driven by the rising value of art.
Art is a “hot commodity,” said Jonathan P. Clements, a partner at KPMbigney, in an interview.
“It’s one of those things that we think is going to go up in value.”
He noted that many of the art projects of the past decade or so have become collector-focused.
“If you look at the top 100, top 200 art projects in the world in terms of art-related revenues, there’s been an increase in the number of people who have been making art,” Clements said.
That said, the study did not include any new projects or new companies.
“I think it’s a great indicator that the art world is a very rich world, and that is one of the reasons for the rise,” said Adam Gubler, senior portfolio manager at the global art agency DDB Partners.
He said he expects the art industry to grow in the next five years, but “the demand is not as high as it used to be.”
“There’s a lot of room for growth in the industry,” he said.
The KPMs report also showed that in the United States, the wealthiest 1 percent accounted for a bigger share of global art spending in 2016 than they did in the previous decade.
The report said the top 20 wealthiest Americans spent an average of $1,400 per person on art-and-design projects in 2016, up from an average annual gain of $800 per person in 2015 and $600 per person a decade ago.
But overall, the report found that the average American family spent an annual average of about $300 more on art than they do on food and apparel.
That includes spending on food, furniture, apparel, home furnishings, electronics, personal care products and transportation.
The top 20 richest Americans spent about $400 per capita on the arts in 2016; the bottom 20 spent about an average $400 less.
The richest 1 percent spent about twice as much on art as they did on the rest of the population.
But in the US, they spent about 20 percent less than they had the previous five years.
The research shows that the wealthy, by and large, are still not spending as much as they once did on art in their lives.
The average US household spent about a third of its income on art last year, the same as in the 1990s, and only about 10 percent of income went to the arts, according the KPMi report.
“There are a lot more people in the wealthiest half of the U.S. today, but the art market is still not where it used be,” Cils said.
“The people who are buying art are people who can afford it, and they’re buying art in the same way that they used to buy other things, like clothing, cars, jewelry, furniture.”