Artnet has published a new report that provides an overview of the art market expected for 2025, and in this article, we have tried to summarize the key points.
The document “The Intelligence Report: The Year Ahead, 2025” provides a detailed analysis of the art market, focusing on emerging trends, changes in collectors’ tastes, and sales data.
The report also examines the growing role of the Middle East in the global art landscape and the overall contraction of the market.
Market Decline and New Directions
The art market experienced a significant contraction in 2024, with a decrease of 27.3% in auction sales of artworks, totaling 10.2 billion dollars. Sales of works over 10 million dollars saw an even sharper decline (-44.2%), while ultra-contemporary art recorded a reduction of 37.9%.
This is not just a market adjustment, but a profound transformation, with a shift from financial speculation to collecting driven by personal taste. The price range between 100,000 and 1 million dollars has proven to be more resilient.
The role of millennial and Gen Z collectors is increasingly central. These buyers are attracted to luxury, pop culture, and new digital ways of interacting with the market. Online sales are growing in volume, indicating a structural change in purchasing habits.
From a geographical point of view, the United States still dominates with 4.3 billion dollars in sales, but China has recorded a drop of 46.1%, marking the worst result in a decade. The United Kingdom had its worst year in ten years, while the Middle East is experiencing strong growth thanks to initiatives like Saudi Arabia’s “Vision 2030.”
Key Data on Auctions
- Number of new artists at auction: 1,343 artists debuted at the auctions of Sotheby’s, Christie’s, and Phillips, with only 3.5% of their works unsold.
- Sales in China: 1.88 billion dollars (-46.1% compared to 2023).
- Online sales: 392.8 million dollars, down 10.8% compared to 2023.
- Average price of a work sold at auction: 26,293 dollars (-26% compared to 2023).
The Most Searched Artists
Comparing 2005 with 2024, some artists have gained popularity while others have declined. Picasso remains at the top, followed by Andy Warhol, Claude Monet, and Magritte. Yoshitomo Nara and Yayoi Kusama are among the most sought-after artists of 2024, while names like Edgar Degas and Pierre-Auguste Renoir have dropped in ranking.
Sales Analysis by Category
Old Masters
Sales of Old Masters (European artists born between 1250 and 1820) decreased in 2024, with only four works exceeding 10 million dollars.
However, some records have been broken, such as a work by Jean-Siméon Chardin sold for 28.9 million dollars, the highest for a French work of the 18th century.
Impressionism & Modernism
René Magritte dominated the sales with L’empire des lumières (1954), sold for 121.2 million dollars. Claude Monet maintained a prominent position, with one of his works sold for 65.5 million dollars.
Contemporary Art and Postwar
Jean-Michel Basquiat has monopolized the contemporary category with four of the ten most expensive works sold in 2024. His most expensive work of the year is Untitled (ELMAR), sold for 46.5 million dollars.
Ultra-Contemporary Art
The sector has experienced a sharp decline, with the highest sale reaching only 3.2 million dollars (Avery Singer, Happening). Half of the list of the ten best-selling artists is composed of women and artists of color.
Photography
Richard Prince has dominated the category with three works among the top ten, including Silhouette Cowboy (1998–99), sold for 1.74 million dollars.
The Role of the Middle East in the art market of 2025
The region is gaining a central role in the art market, with cities like Dubai and Riyadh becoming international hubs. According to Anthea Peers, President of Christie’s for Europe, the Middle East, and Africa, 58% of new buyers in the region are under 44 years old. The auctions have seen a 298% increase in sales of modern Middle Eastern art since 2020.
Interviews with key figures in the market, including Leila Heller and Alexie Glass-Kantor, confirm that the Middle East is building a solid cultural infrastructure with museums, galleries, and international level art fairs.
Trends and Changes in the Tastes of Collectors
New Collectors and Interest in Digital
Millennials and Gen Z are changing market dynamics. The focus is shifting towards emerging artists, unconventional collectibles (sneakers, comics, Hermès bags), and digital works. The purchase of Comedian by Maurizio Cattelan for 6.2 million dollars by the crypto entrepreneur Justin Sun highlights this new direction.
A crucial aspect is the intergenerational wealth transfer: over the next 20 years, 84 trillion dollars will change hands, with 27 trillion destined for millennials and 11 trillion for Gen Z.
Market Dynamics and Strategies of Auction Houses
- Auction houses: Christie’s recorded the highest revenue in 2024 with 3.2 billion dollars, followed by Sotheby’s with 2.5 billion and Phillips with 455.8 million.
- Online sales: Even though volumes are increasing, the average price per artwork sold online has decreased by 17.6% to 13,000 dollars.
Forecasts for the art market in 2025
The 2025 will be a year of transition for the art market. The model of collecting is evolving, with a greater emphasis on authenticity and cultural value, rather than pure financial speculation. The growing influence of young collectors, the expansion of the Middle Eastern market, and the digitalization of sales are the three key factors that will define the sector in the coming years.
The entire ecosystem of the art market—from auction houses to galleries, up to collectors—will have to adapt to these structural changes to thrive in an increasingly dynamic and globalized environment.
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.
