Global Art Market Returns To Growth in 2025

The global art market returned to growth in 2025, with sales rising 4% year-on-year to an estimated USD 59.6 billion, according to the latest Art Basel and UBS Global Art Market Report 2026. Co-published by Art Basel and UBS, the report highlights a modest recovery driven largely by renewed confidence at the high end of the market, particularly in auction sales.

Public auctions were a key driver, increasing 9% to USD 20.7 billion, supported by strong demand for ultra-high-value works. Dealer sales also edged up by 2% to USD 34.8 billion, although rising operational costs continued to pressure margins across the sector. Overall transaction volume grew slightly to 41.5 million, suggesting broader participation even as the market remains uneven.

The report, authored by Clare McAndrew of Arts Economics, notes that the rebound comes amid ongoing geopolitical uncertainty and shifting trade conditions. While cross-border activity remained relatively stable in 2025, increasing protectionism and policy unpredictability continue to pose longer-term challenges for a market that relies heavily on international exchange.

Regionally, the United States retained its position as the largest market with a 44% share, followed by the United Kingdom and China, which together helped account for 76% of global sales. Growth trends varied, with stronger performances in markets such as France and Switzerland, while others, including Germany and Japan, saw more subdued results. In Asia, Hong Kong and mainland China remained central to the regional ecosystem, supported by signs of stabilisation and continued collector demand.

The report also points to structural shifts within the market. Lower-tier dealers recorded the strongest growth, while mid-market segments softened slightly, and top-end galleries returned to expansion. Art fairs regained importance as in-person sales strengthened, while online transactions declined 11% as high-value deals moved back offline.

Looking ahead, sentiment appears cautiously optimistic. More than 40% of dealers expect sales to improve in 2026, reflecting a more stable outlook despite ongoing economic and geopolitical pressures.