After Two Years Of Decline, Global Art Market Grew 4 Percent in 2025
8March 14, 2026
The 2026Art Basel and UBS Art Market Report, published on March 12, revealed an upturn in fortunes for the global artmarket, with total sales rising by 4 percent from the previous year to $59.6 billion. Although this is still below the 2022 peak of$67.8 billion, it marked an improvement after two years of shrinking sales numbers.
Authored by economist Clare McAndrew of the research and consulting firm Arts Economics, the report is the only comprehensive annual survey of the global art market, accounting for sales by auction houses and around 1,650 dealers. In a statement, McAndrew said that despite signs of improvement, the market “continued to operate in a volatile geopolitical environment, particularly regarding crossborder trade, the full implications of which are still unfolding in 2026.” Related Art Basel Announces Exhibitors for 2026 Swiss Fair Frieze New York Names Exhibitors for 2026 Edition
Both dealers and auction markets saw improved sales in 2025. The dealer sector rose 2 percent to $34.8 billion and public auction sales increased by 9 percent to $20.7 billion. The report attributed the surge in public auction sales to heightened end-of-year activity and multiple record-setting prices at the upper end of the market, including a Gustav Klimt portrait that sold for $236.4 million at Sotheby’s inaugural sale at the Breuer Building in New York. Reported private auction sales saw a 5% decline to just below $4.2 billion and online sales fell to $9.2 billion, the lowest since 2019.
Art fair sales accounted for 35 percent of dealer turnover—up by 4 percent—with mid-size dealers in the $1 to 10 million turnover range reporting a 36 percent rise in sales at such events. Growth in public auction sales was clustered at the top of the market, with lots sold for over $1 million increasing by 21% year-over-year. Sales above $10 million surged by 30 percent.
The US maintained its position as the largest market with 44 percent of sales by value, up 1 percent in spite of trade policy fluctuations due to tariffs. The UK remained steady in second place, with China’s coming in third. “While some categories of art were relatively insulated from the direct effects of tariffs, broader policy uncertainty and trade fragmentation created challenges for businesses, affecting pricing and supply,” said McAndrew.