The Italian art market in 2025 experienced an interesting year, with fewer works at auction but average values on the rise, driven by the return of great historicized masters.
How the art market moved in 2025
2025 ended as a year that was complex and uneven for the global art market. After a slow first half, the second half of the year marked a clear turning point, with a return of confidence in high-end segments.
The main international auction houses recorded an increase in volumes compared to 2024. Sotheby’s closed with global revenues of 7 billion dollars (+17%), while Christie’s reached 6.2 billion (+6%). Meanwhile, Phillips consolidated its position in the modern and contemporary segments.
Moreover, in the high-end market, a clear strengthening was observed. In the last five months of 2025, over 40 works above 10 million dollars were sold, compared to 17 in the first five months. Prestigious collections like Karpidas and Lauder achieved tens of millions each, with sell-through rates close to 100%.
The centrality of major international hubs was confirmed. New York reaffirmed itself as the heart of record sales, alongside London and Paris, with a strong focus on 20th-century blue-chip artists.
The performance of the Italian market in 2025
In this context of selective and quality-oriented recovery, Italy also showed a good ability to hold its ground. The analysis presented here is based on data from 15 Italian auction houses among the most relevant, highlighting how the sector benefited from the positive momentum that emerged in the second part of the year.
In 2025, the total turnover of Italian modern and contemporary art auctions exceeded 108 million euros, compared to about 98 million the previous year. However, this increase occurred against a backdrop of a contraction in supply: the lots offered decreased by 9% and those sold by 8%, while the sell-through rate rose to 71%.
The most significant signal, however, comes from the increase in the average hammer price, which grew by over +20% year-on-year. This outlines a less dispersive and more selective market, where demand converges on works of greater quality, rarity, and historical-critical solidity. A trend confirmed by the words of Claudia Dwek, Chairman of Sotheby’s Europe:
“Italian art continues to interest collectors worldwide for its intrinsic quality and excellence. In our international sales this year, works by great Italian artists of the 20th and 21st centuries have met the favor of collectors – even a new generation – attracted by their quality, conceptual clarity, and timelessness.”
Why was 2025 a year of two speeds?
As happened globally, in Italy, 2025 was clearly divided into two phases. The first half was characterized by caution, with demand concentrated mainly on mid-low price ranges and a lower risk appetite from buyers.
The second half of the year, however, marked a change of pace. With a more limited number of lots in the catalog, the market managed to express higher average values and greater competitiveness for quality works. According to Kimiko Bossi, Senior Director of Finarte, this is the effect of a progressive consolidation:
“2025 for Finarte was a year of consolidation, in which the auction house managed to maintain a growth trajectory despite an overall cautious market, especially in the early months. The public’s attention focused on works characterized by quality, rarity, and collecting history.”
That said, the overall picture suggests a more mature system, less driven by volume and more focused on building targeted sales capable of capturing demanding demand.
What were the top lots of 2025 in Italy?
The ranking of the highest results of 2025 clearly confirms the centrality of historicized modern art. At the top is Amedeo Modigliani with Portrait de Beatrice Hastings (1915), sold by Il Ponte for 2,816,000 euros, a new record for the artist in Italy.
Following are Lucio Fontana, Giorgio de Chirico (present with multiple works in the ranking), Alberto Burri, Piero Manzoni, and Max Ernst. They are all fully canonized artists, with structured markets and consolidated international demand. In particular, Giorgio de Chirico emerges as one of the absolute protagonists of the year.
This centrality is highlighted by Natalia Bukowska, Director of Bertolami Fine Art:
“Giorgio de Chirico confirms himself as an evergreen star of the market: in our ranking of the ten best results of the year, the second, third, and fifth positions are occupied by his works. In general, the masters of the historic 20th century perceived as a safe investment have performed very well.”
Top lot 2025 in Italian auctions
| 1. | Amedeo Modigliani | Portrait de Beatrice Hastings (1915) | 2,816,000 € | Il Ponte |
| 2. | Lucio Fontana | Concetto spaziale, Attese (1968) | 1,567,500 € | Sotheby’s |
| 3. | Giorgio de Chirico | Gladiatori (1928) | 722,250 € | Farsetti |
| 4. | Salvo | Primavera (1998) | 662,500 € | Boetto |
| 5. | Giorgio de Chirico | I bagni misteriosi (1935) | 467,750 € | Finarte |
| 6. | Alberto Burri | Cellotex (1982) | 450,000 € | Meeting Art |
| 7. | Giorgio de Chirico | Gli Archeologi (Manichini seduti) (1962) | 428,400 € | Capitolium |
| 8. | Giorgio de Chirico | Nudo (1930) | 305,500 € | Blindarte |
| 9. | Piero Manzoni | Tenderly (circa 1950) | 274,100 € | Cambi |
| 10. | Fernando Botero | Ritratto (1966) | 176,400 € | Pandolfini |
Overall, the ranking highlights the driving role of Italian 20th-century masters, alongside some internationally recognizable names, capable of appealing to both domestic and foreign collectors.
What strategies are Italian auction houses adopting?
The statements of the operators outline a broadly convergent picture. Freddy Battino, director of the Modern and Contemporary Art Department of Il Ponte, emphasizes the importance of an approach based on historical-artistic research, dialogue with archives, and rigorous catalog curation.
In a more selective market, building context and knowledge becomes an essential tool for guiding the collector. Moreover, the quality of documentation and the clarity of provenances are increasingly important in purchasing decisions, especially in the mid-high ranges.
In this open scenario, Wannenes has chosen to focus on recovering unpublished historical nuclei. The department has directed its efforts towards collections of 20th-century Italian artists from private contexts, which have so far remained outside the market. This attention to “hidden” heritage is accompanied by a push towards international novelties, a segment still little explored in the country but increasingly interesting for foreign buyers.
Wannenes’ vision aims for a balance between global openness and the solidity of Italian art, starting from the idea that international works can act as a “bridge” to bring foreign collectors closer to the great masters of the Italian 20th century.
Other houses, like Capitolium Art, insist on the role of rediscovery and the emergence of works considered lost, capable of generating strong emotional as well as economic involvement. In contrast to models more focused on a few event auctions, realities like Cambi and Meeting Art instead highlight the solidity of a broad and diversified offer.
Significant, in this perspective, are the words of Gherardo Rusconi, administrator of Capitolium Art, on the sector’s resilience: “The impression is that the media narratives of permanent emergency do not scare collectors too much. It is evident that safe-haven assets are rewarded: the niche of collectors with ample spending capacity prefers to buy rather than sell.”
What are the prospects for the Italian market in 2026?
2025 was not a year of indiscriminate expansion, but of adjustment and selection. Overall, the Italian market for modern and contemporary art auctions showed good resilience, rewarding the quality of the offer, curatorial expertise, and the credibility of the operators.
Looking to 2026, expectations remain cautiously optimistic. It is likely that a smaller quantity of lots will be maintained, accompanied by increasing curatorial attention and demand increasingly oriented towards works capable of combining cultural value and market solidity.
Moreover, the international openness of Italian auction houses, combined with the enhancement of 20th-century masters and the rediscovery of private heritage, could further strengthen the national system’s positioning in an evolving competitive context.
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.
