The global art market has regained a growth trajectory, supported by the high-end segment and a recovery in auction sales.
How did the global art market move in 2025?
According to the The Art Basel and UBS Global Art Market Report 2026, in 2025 the system reversed course after two years of contraction, returning to moderate growth.
In numerical terms, the overall value reached 59.6 billion dollars, with an increase of 4% compared to the previous year. Aggregate sales of galleries and auction houses improved, in a still uneven context among the various channels.
The dealer sector grew by 2% year on year, up to 34.8 billion dollars, while public auction sales rose by 9%, reaching 20.7 billion dollars. Conversely, declared private transactions decreased by 5%, stopping just below 4.2 billion dollars.
As art economist Clare McAndrew, author of the report and founder of Arts Economics, observes, 2025 marked a “change of direction” for the market, moving from a phase of contraction to one of slight expansion. However, trading levels remain below the peak of 2022.
How does geopolitics affect trade?
The recovery is hampered by an uncertain geopolitical framework. Some categories of works have remained relatively isolated from the direct effects of tariffs, but general political uncertainty and trade fragmentation have created challenges for operators.
These tensions affect both prices and supply, with repercussions on the international circulation of works. According to McAndrew, a broader shift towards protectionism and increasingly concentrated sales in domestic markets introduces long-term structural risks.
Art trade crucially depends on international circulation and access to a global audience. In 2025, early indicators suggest that cross-border exchanges of works remained overall stable, but the future evolution of these flows will be decisive for the sector’s growth.
To deepen the macro picture, several analysts also cite the assessments of the International Monetary Fund on the trend of world trade, often used as a reference by art operators.
What are the dominant geographical poles today?
From a geographical point of view, three markets continue to concentrate the heart of trade: United States, United Kingdom, and China. Together they represent 76% of global sales in value, a stable share compared to the previous year.
The United States remains the world’s largest market, with 44% of sales in value, up 1 percentage point year on year. The United Kingdom confirms its second place, stable at 18%, while China drops to 14%, down 1 point.
Particularly significant is the case of France, which strengthens its role as the fourth largest market in the world and the first in the European Union. Its share grows by 1 percentage point, reaching 8%, signaling a progressive centrality of Paris in the global landscape.
Other European markets offer contrasting signals. Switzerland grows by 13%, the same pace as Austria, while Spain records an increase of 6%. In contrast, Germany and Italy are down by 10% and 2% respectively.
Overall, Europe shows an increasingly polarized geography between rapidly developing hubs and markets struggling to catch the recovery. For comparison, studies by the European Cultural Institute indicate similar dynamics in other cultural sectors as well.
What role do fairs and auctions play in the new phase?
Fair sales recorded a positive performance, with a growth of 4% year on year and the highest share since 2022. This confirms the central role of major international platforms in generating contacts and transactions.
Even more marked is the rebound of public auctions, up 9% to 20.7 billion dollars. The high-end segment drove the result, thanks to some exceptional awards that rewrote the market’s history.
Among these stands out the record for design: the Hippopotame Bar by François-Xavier Lalanne, sold for 31.4 million dollars. Added to this is the remarkable portrait by Gustav Klimt, awarded at 236.4 million dollars. Both works were sold by Sotheby’s New York in the second half of 2025.
These results, achieved within a few days, have redefined the parameters of high-end auctions. In parallel, private sales fell by 5%, stopping just below 4.2 billion dollars, indicating a shift in focus towards public sales in this cycle.
How are galleries reacting to the new situation?
Almost half of the dealers closed 2025 with growth. 42% reported an increase in sales, with an average progression of 7% year on year. 33% instead recorded a decline, while the remaining 25% maintained stable levels.
In the same period, the overall operating costs of galleries increased on average by about 5%. This is a rate higher than inflation in most major art markets and greater than the aggregate sales growth, indicating persistent financial pressures.
Despite rising costs, the return to positive growth has helped stabilize margins for some entities. The share of dealers reporting lower profitability fell to 38%, 5 points less than the previous year. Conversely, 33% report improved profitability, while 29% indicate levels similar to 2024.
Analyzing the segments by revenue reveals clear differences. The lower end of the market, with galleries under 500,000 dollars in revenue, remains particularly dynamic, with double-digit increases in average sales. Entities between 1 million and 10 million dollars show a slight decline of 1%, while galleries over 10 million dollars return to growth by 3% after two years of decline.
What strategies are dealers adopting?
During 2025, galleries have refined their exhibition programs and customer relationship strategies in a targeted manner. This is highlighted by Noah Horowitz, CEO of Art Basel, emphasizing how fair-related sales have also strengthened.
Despite high costs, geopolitical uncertainty, and concerns about tariffs continuing to weigh, buyer confidence improved as the months passed. The year ended with a series of particularly dynamic sales moments, especially in major international hubs.
For many operators, the combination of more selective programming, more intense work on customer loyalty, and a more structured use of digital channels has proven crucial in capturing demand. Compared to recent years, there is greater attention to the quality and rarity of the proposed works.
According to analyses by platforms like Artprice, these strategies help contain volatility, especially in the mid-high segment, where competition among international galleries remains particularly fierce.
How is the representation of female artists evolving?
A significant change concerns the presence of female artists in gallery portfolios. In 2025, their representation reached parity, with 50% of artists represented in primary market galleries, and 45% of the total gallerists.
This is an increase from 41% in 2024 and 35% in 2018. In terms of sales value, works by female artists reached 37% of the total, compared to 28% in 2018. In primary market galleries, the share rises to 44%.
Despite these advances, career inequalities remain evident. Women represent 55% of artists and 43% of sales among gallerists with revenues below 250,000 dollars, but only 35% of artists and 27% of sales in galleries with revenues over 10 million dollars.
These data indicate a stronger presence of female artists in the lower end of the market, against an underrepresentation at higher levels. The issue of gender parity, already central in the museum debate, thus becomes a crucial indicator for evaluating the evolution of the commercial system.
What will sustainable market growth depend on?
Looking to the coming years, the possibility of sustainable growth in the art market will depend on a combination of factors. For Horowitz, the entry of exceptional works into the market, capable of attracting global collectors and consolidating the results of the high-end segment, will be decisive.
Another central element is the deepening of relationships with clients, through more continuous dialogue and personalized services, as well as the expansion of participation in the ecosystem on an international scale. In this sense, the ability to keep cross-border flows open and reduce regulatory obstacles will be fundamental.
Overall, the market seems to have overcome the most acute phase of contraction, but the future trajectory remains tied to the balance between geopolitical risks, trade policies, and the availability of key works. For operators, the challenge will be to transform the current recovery into lasting growth that is less polarized between different segments and geographies.
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
