Authored by leading cultural economist Dr. Clare McAndrew, the Art Basel and UBS Art Market Report 2025 offers a sweeping snapshot of the global art market's performance in 2024—and what may lie ahead. From market contractions to surprising areas of growth, we’ve rounded up six key insights to keep you in the loop, whether you're collecting, selling, or just spectating from the sidelines.
1. Auction Houses Are Still Shrinking—but Private Sales Rise
Total auction house sales dropped 20% in 2024, marking the third straight year of decline. Public auctions were hit hardest, falling 25%, while private sales rose 14%—from $3.9 billion to $4.4 billion. This trend suggests sellers are increasingly turning to private transactions for greater control and reduced risk.
2. United States Maintains Market Leadership
Despite a 9% dip in sales, the US held onto its top spot with a commanding 43% share of the global market. New York remains the art world’s heavyweight, though looming political uncertainty and the potential return of tariffs on art imports could impact its lead in 2025.
See also: The New York Marquee Sales: A $6 Million Banana and More
3. United Kingdom Regains Second Place
After losing ground to China in 2023, the UK reclaimed second place—even with a 5% sales drop. China’s steeper 31% decline tipped the scales back. Still, the US, UK, and China together accounted for 70% of global auction sales. However, evolving import/export regulations may further reshape this landscape.
4. Old Masters Segment Continues to Contract
Sales of Old Masters declined by 25%, marking a 15-year low. However, the number of works sold increased by 7%, showing sustained transactional activity at lower price points. Industry eyes are on the forthcoming Jordan and Thomas A. Saunders sale at Sotheby’s, expected to inject $120 million into the market.
See also: $120 Million Old Master Collection Headed for Record-Breaking Sotheby’s Auction
5. Contemporary Art Faces Correction, But Demand Persists
Contemporary art experienced the sharpest decline across categories, with auction sales down 36%—the lowest in six years. Yet, the volume of Post-War and Contemporary transactions rose by 5%, indicating sustained interest at more accessible price levels. Modern art followed a similar pattern: a 17% decrease in value, but a 17% increase in sales volume.
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6. Lower-Priced Works Drive Growth in Auction Volume
Works priced under $5,000 saw a 7% rise in total value and a 13% increase in lots sold. The sub-$50,000 segment also grew by 8%. This activity at the lower end of the market was critical in sustaining overall auction transaction volumes, which rose by 4% from the previous year.
Outlook for 2025
Despite notable contractions in 2024, signs of stability are emerging. Nearly half of mid-tier auction houses surveyed expect stable performance in 2025, and most dealers and auction houses forecast consistent staffing levels. As the market continues to adapt to geopolitical and economic volatility, resilience and strategic flexibility remain key.
Download the full report here.
