Top-End Auction Sales Pull Global Art Market Out of Slump, Study Says

The Art Basel and UBS report found global art sales rose 4% to about $59.6 billion in 2025, with high-end auction activity — including a $2.2 billion New York auction week — driving the gain.

The Art Basel and UBS Global Art Market Report says global art sales rose 4 percent in 2025 to an estimated $59.6 billion. The 245-page report was written by Clare McAndrew of Arts Economics and published Thursday. The improvement was driven mainly by auction activity, including a $2.2 billion auction week in New York and strong fall fairs. The report describes the recovery as modest and uneven, and aggregate sales remain below 2022 levels. Key facts: - Global sales rose 4% to an estimated $59.6 billion in 2025. - Total auction sales increased 9% to $20.7 billion; dealer transactions rose 2% to $34.8 billion; auction houses' private sales contributed $4.2 billion. - New York's November auction week generated $2.2 billion, and all ten highest-priced works at auction were sold in New York, led by a Gustav Klimt portrait at $236.4 million. - Auction sales of works over $10 million rose about 30%, while auction sales of works under $50,000 declined about 2%. - By value the United States accounted for 44% of sales, Britain 18% and China 14%. - The report surveyed about 1,650 gallerists and noted Impressionist, modern and postwar art made up 74% of auction value while contemporary art accounted for 14%. Summary: The report frames 2025 as a turning point driven by top-end auction activity, while characterising the recovery as modest and uneven and noting aggregate sales remain below 2022 levels. Dealer sentiment was mixed, with 43 percent of dealers expecting improvement and 19 percent expecting further decline. Large consignments are scheduled to enter the market, including Christie's announced sale of works from the S.I. Newhouse estate in May, and their arrival is noted as a factor to watch.