Art Market Report 2025
The 2025 edition of The Art Basel and UBS Global Art Market Report by Arts Economics, offers a current portrait of a global art market navigating shifting tides with resilience and ingenuity.
While the report notes a contraction in overall sales value, it underscores an industry that continues to adapt, innovate, and assert its relevance. In a climate marked by economic uncertainty and geopolitical tension, the art world has demonstrated a capacity for reinvention.
Global Market Overview
Total Sales: The global art market experienced a 12% decline in sales, totaling approximately $57.5 billion in 2024.
Transaction Volume: Despite the drop in sales value, the number of transactions increased by 3%, reaching 40.5 million. This growth was primarily driven by increased activity in lower-priced segments.
The contraction was most evident in the high-end market, whereas sales were stronger at the lower end, with smaller dealers with turnover less than USD 250,000 reporting annual sales growth of 17%, and fine art auction sales at prices less than USD 5,000 increasing, underscoring a diversification of buying activity.
Market Segments
Dealer Sales: Saw a modest decline of 6%, indicating relative resilience in this sector.
Public Auction Sales: Experienced a significant decrease of 25%, reflecting a downturn in high-end market activities.
Private Sales by Auction Houses: Contrary to public auctions, private sales increased by 14%, suggesting a shift in buyer preferences towards more discreet transactions.
Price SegmentsHigh-End Market: The number of artworks sold at auction for over $10 million fell by 39%, with the top-tier segment's share of the total market value dropping from 33% in 2022 to 18% in 2024.
Lower-Priced Artworks: Sales of artworks priced below $50,000 now constitute 85% of dealer transactions, up from 73% in 2022, highlighting a growing market for more affordable art.
Geographical Insights
United States: Maintained its position as the largest art market, accounting for 43% of global sales by value.
United Kingdom: Regained its status as the second-largest market with an 18% share, overtaking China. China: Including Mainland China and Hong Kong, saw its market share decrease to 15%, reflecting economic challenges and a slowdown in high-end sales.
In the EU, overall sales fell by 8% to $8.3 billion, and included a 10% sales decline in France.
Emerging TrendsOnline Sales: Remained steady at 18% of total sales, with 46% of these transactions involving first-time buyers, indicating the digital realm's role in attracting new collectors. Moreover, dealers reported that 44% of their buyers were new to their businesses in 2024, and the share of sales to first-time buyers increased to 38%, up 5 percentage points from 2023. Half of the total transactions for smaller dealers with turnover less than USD 250,000 involved collectors buying from them for the first time. These findings underscore the increased accessibility of the market and attractiveness for first time buyers.
Demographic Shifts: Younger collectors are increasingly active, influenced by a significant intergenerational wealth transfer, and are showing a preference for contemporary and affordable art.
The Importance of Art Fairs Prevails: In 2024, 31% of dealers identified art fairs as their most frequently chosen source for new buyers, up 1% from 2023, reaffirming the importance of in-person interactions to drive sales and engage collectors.
Women Artists are Seeing Progress, No Parity Yet: Gallery representation of female artists rose to 41%, up 6% from 2018 and a growing number of female artists are significantly contributing to gallery turnovers. The trend points to a more inclusive art market and a gradual shift toward gender equity.