The Art Basel & UBS Art Market Report 2025, authored by Dr. Clare McAndrew of Arts Economics, is the definitive annual analysis of the global art market. Drawing on data from dealers, auction houses, collectors, art fairs, and industry experts, this ninth edition provides a clear-eyed view of a market navigating economic headwinds, shifting buyer behaviour, and new opportunities for growth.

Why this report matters

The 2025 report arrives at a pivotal moment. After a strong post-pandemic recovery, the global art market contracted for a second consecutive year, with sales declining by 12% to $57.5 billion in 2024. Yet beneath the headline figures, the report reveals a market that is adapting, with increased activity at more accessible price points, a growing role for smaller dealers, and continued innovation in online and private sales channels.

What’s inside

The report covers four key areas:

• The Global Art Market: Sales fell by 12% in 2024, driven by a slowdown at the high end, but the number of transactions grew by 3% to 40.5 million, reflecting robust activity in lower-priced segments. The US remains the world’s largest market (43% share), followed by the UK (18%) and China (15%).

• Dealers: Aggregate dealer sales declined by 6% to $34.1 billion, with the smallest dealers (under $250,000 turnover) seeing the strongest growth (up 17%). Female artist representation continued to rise, reaching 41% overall and 46% in primary market galleries.

• Auctions: Auction sales dropped by 20% to $23.4 billion, their lowest since 2020, with public auction sales down 25%. However, private sales by auction houses rose by 14%, and the volume of sales increased by 4%, driven by growth in the sub-$50,000 segment.

• Outlook: While optimism has softened, most dealers and auction houses expect stable or improving sales in 2025. The report highlights the importance of broadening the base of buyers, with both dealers and auction houses reporting success in reaching new collectors at lower price points.

Key insights for WIN members

• Market resilience at the lower end: While high-end sales slowed, activity at more affordable price points increased, making the market more accessible and less reliant on a narrow group of buyers.

• Digital and private sales channels: Online sales accounted for 18% of the market, double the pre-pandemic share, and private sales by auction houses bucked the downward trend.

• Diversity and gender equity: Female artist representation and sales continued to grow, with primary market galleries reporting 46% female representation and 42% of sales from female artists.

• Global shifts: The US and UK strengthened their positions as leading markets, while China experienced a sharp contraction. Other regions, such as Japan and Switzerland, showed pockets of growth.

• Challenges and opportunities: Rising costs, political and economic volatility, and the need to attract new buyers remain top concerns for dealers and auction houses. However, the expansion of sales at the lower end and the success in reaching new collectors are positive signs for the market’s long-term health.

The Art Basel & UBS Art Market Report 2025 is essential reading for anyone seeking to understand the forces shaping the art market today. Whether you’re a seasoned collector, a new buyer, or an industry professional, the report offers actionable insights on market trends, buyer behaviour, and the evolving landscape of art sales worldwide.

Karli Boss
Client Advisor, Director | Global Wealth Management & Private Office
UBS AG, Australia Branch

www.ubs.com