The Art Basel and UBS Global Art Market Report 2025

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Amid a challenging economic environment, global art market sales reached an estimated $57.5 billion in 2024.

• While values were down 12% year-on-year, the number of transactions taking place grew by 3%, demonstrating continued dynamism particularly in lower-priced segments.
• Dealer sales showed resilience, decreasing by 6%, while public auction sales declined by 25%.
• The ninth edition of The Art Basel and UBS Global Art Market Report 2025 by Arts Economics provides a comprehensive, macro-economic, benchmark analysis of the state of the global art market in 2024. Written by cultural economist Dr. Clare McAndrew, founder of Arts Economics, and co-published by Art Basel and UBS.
• The report examines its various segments, including galleries and dealers, auction houses, and art fairs, assessing their performance against the backdrop of changes in the global economic and wealth context.

Key findings of The Art Basel and UBS Global Art Market Report 2025 include:

• Global Sales: In 2024, global art market sales reached an estimated USD 57.5 billion, reflecting a 12% decrease year-on-year as the market continued to recalibrate following its post-pandemic resurgence in 2021 and 2022. While buying and selling was more reserved at the high end, the broader landscape remained dynamic, with resilience in lower-priced segments fostering a more diverse market ecosystem.
• Both dealer and public auction sales fell in 2024, with values declining by 6% and 25%, respectively.
• The aggregate market decline in value was driven by cooling at the top end, including a 39% fall in the number of fine art works selling at auction for over $10 million. However overall market activity expanded, with transaction volumes in the combined dealer and auction segments across all price segments rising by 3% to 40.5 million. Increased engagement in accessible price tiers drove momentum for both dealers and auction houses, underscoring a shift toward a more multifaceted and engaged collector base.

Clare McAndrew, Founder, Arts Economics, said: “While the market has declined in value for two years, one of the most positive developments has been the growth of sales at the lower and more affordable prices. The number of artworks sold for prices in the sub-$50,000 range has expanded and there has been evidence of success by both dealers and auction houses in reaching new buyers, giving the market a broader and more diversified base for sales. Continuing to expand the market to wider audiences, including through the relatively unencumbered exchange of art across borders, will remain essential to its long-run growth.”

• Leading Markets: The US preserved its leading position in the global art market, accounting for 43% of sales by value, while the UK reclaimed its position as the second-largest art market with an 18% share, both growing in share by 1% year-on-year. China’s market share, including Mainland China and Hong Kong, dropped by 4% to third place with 15%.
  • US: After a strong post-pandemic recovery, U.S. sales fell by 9% to $24.8 billion in 2024, due to a continued slowdown at the top end of the market, as well as broader economic and social implications arising from political uncertainty surrounding the presidential election. This marked the second consecutive year of declining values, following a 10% drop in 2023, though sales remained 18% above the pandemic low of 2020.
  • UK: Despite various difficulties faced in recent years, including Brexit-related challenges and the market strain during pandemic years, sales in the UK market fell by less than their largest peers in 2024, declining by 5% year-on-year to $10.4 billion, and regaining the second place in the global ranks as sales in China weakened.
  • China: The art market in China rebounded by 9% in 2023, as the economy reopened and postponed inventory sold to eager post-lockdown buyers. In 2024, slower economic growth, a continued property market slump, and other economic challenges contributed to a 31% drop in sales in the Chinese market to $8.4 billion, their lowest level since 2009.
  • Most major European markets saw a slowdown in sales. Overall, EU sales totaled $8.3 billion, reflecting an 8% year-on-year decline. France contributed more than half of the EU's market value, at $4.2 billion, despite a 10% year-on-year decline in sales. It also secured its position as the fourth-largest market worldwide, with a 7% share of global sales. In Asia, market performance varied, with South Korea decreasing by 15%, while Japan went against trend with a 2% year-on-year increase.

Noah Horowitz, CEO, Art Basel, said: “While one of the key themes in 2024 was the continued easing of the high-end of the market amid economic and geopolitical uncertainty, and shifting collector behaviors, new buyers nevertheless made their presence felt, sales volumes accelerated and transactions at art fairs ticked up. These trends reflect the urgency of expanding networks and dedicated audience engagement strategies across the spectrum to adapt and thrive within today’s business environment. Our most recent edition of Art Basel Hong Kong reaffirmed this to start 2025 with strong sales and engagement from both existing and new audiences across Asia and worldwide – dynamics that we will monitor closely as the year gathers pace."

• Dealer Figures: Sales in the dealer sector dropped by 6% to $34.1 billion in 2024, with mixed performance across segments. While some top-end dealers saw notable declines, aggregate sales notably expanded among smaller dealers.
  • Sales by dealer size: Dealers with turnover under $250,000 experienced a 17% sales increase in annual sales, marking their second consecutive year of growth. Dealers with turnover between $1 million and $5 million also reported a 10% rise. On the other hand, dealers with sales over $10 million reported a drop of 9%. A majority of 64% in this highest segment had slower sales than in 2023, versus only 23% of those under $250,000. This concentration of declines at the higher end contributed to the overall drop in market values.
  • Female artists: The representation of female artists among dealers continued to slowly increase to 41%, up by 6% on 2018. Primary market galleries showed the strongest representation at 46% (from 36% in 2018 and 42% in 2022), and their share of sales from female artists increased to 42% in 2024. While still a minority, the results indicate that a small number of successful female artists are becoming more important for the aggregate turnover of galleries.
  • New Buyers: Just under half (44%) of the buyers dealers sold works to were new to their business in 2024. The share of sales to new buyers also increased to 38%, up by 5% from 2023. The share of new buyers was highest for the smallest dealers (50%), highlighting the importance of smaller galleries in expanding the market to a wider audience. After expanding their buyer base in 2023, top-end dealers with turnovers in excess of $10 million adopted a more focused sales strategy in 2024, selling high value works to fewer collectors. However, even in this segment, 40% of their annual buyers were new.

• Art Fairs: The share of art fair sales made by galleries increased slightly in 2024, rising to 31% of total dealer sales, up by 2% from 2023. This growth was largely driven by overseas fairs, which saw a 2% rise to 20%, while local fair sales remained stable at 11%. Dealers with turnover above $10 million reported the highest share of art fair sales at 34%, up by 4% year-on-year. Art fairs remained a key source of new buyers in 2024, with 31% of dealers citing them as their primary source, followed by in-person gallery walk-ins (23%) and client referrals (16%).

• Auction Figures: Following a strong post-pandemic recovery and a record-breaking year in 2022, public auction sales of fine art, decorative art, and antiques experienced a second consecutive year of negative growth in 2024, declining by 25% year-on-year to $19.0 billion.
  • Public auction sales by price segment: The decline in public auction sales was significantly impacted by continued cooling at the top-end of the market, where the value of fine art works sold at auction for over $10 million fell by 45% in 2024, following a 40% decline in 2023 —marking the largest decrease across all price segments. While 2024 brought a downturn for nearly all segments, the market under $5,000 grew in both values (up by 7%) and the number of lots sold (up by 13%).
  • Public auction sales by volume: Despite the overall fall in values, the volume of sales at public auctions in 2024 remained resilient, growing by 4% year-on-year, with a 6% increase in fine art auction lots, continuing the 2023 trend of heightened activity at the lower end of the market. The boost in transaction volume was driven exclusively by lower-priced lots being sold, with an 8% increase in the largest segment of sales below $50,000, while transactions priced at over $1 million fell by one third.
  • Private sales: Private sales by auction houses performed strongly in 2024 partially offsetting the decline in public auction sales, with an advance of 14% year-on-year to $4.4 billion, highlighting the robust demand for private sales within the art market.

• Online Sales: Overall, online sales in the global art market declined by 11% to $10.5 billion in 2024, lower than the last four years but still 76% above pre-pandemic 2019. In the dealer sector, online sales made up 22% of total sales in 2024, remaining well above pre-pandemic levels of 13% in 2019. The main growth in online sales came from dealers' own websites and online channels, which have more than doubled their share since 2019.

Paul Donovan, Chief Economist at UBS Global Wealth Management, said: "Most developed economies achieved a soft landing in 2024, and from an economic perspective, the outlook should be one of continuity. However, politics introduce uncertainty, with the shift toward economic nationalism bringing trade protectionism, restrictions on labor movement and limits on capital flows. Amid the great wealth transfer and shifts in the global economic landscape, we are witnessing a turning point in the art market. Despite the adjustment in global sales values, transactions remain high, with positive signs from the presence of new buyers. The market's ability to adapt and attract new buyers underscores its enduring appeal. While economic change can be daunting, it also creates new opportunities."

• Outlook: Looking ahead to 2025, 80% of dealers expected stable (47%) or improved (33%) sales. Optimism was highest in the middle market, with those hoping for increasing sales in the $500,000 to $1 million segment up from around a third at the end of 2023 to 51% at the end of 2024. Most of the largest dealers (with turnover of $10 million-plus) felt sales would stabilize in 2025, with 19% predicting an increase. Dealers with turnover below $500,000 were slightly more balanced and around one-quarter thought sales would fall, with the remainder hopeful for a stable or better year. The effects of political and economic volatility on the market remained the greatest challenge for dealers, followed by maintaining relationships with existing collectors. Following a challenging 2024 in the auction sector, optimism remained subdued for sales in 2025 among mid-tier auction houses surveyed for the report, with only 15% expecting them to improve, although 45% felt sales would stabilize.

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