The global art market returned to modest growth in 2025 after two consecutive years of decline, reaching an estimated $59.6 billion in sales, according to the latest Art Basel and UBS Global Art Market Report.
The 4% year-over-year increase in art sales globally is still below the 2022 peak of $67.8 billion. Growth in 2025 was also uneven across regions and price segments, reflecting broader economic volatility, rising costs, and ongoing geopolitical uncertainty.
“The market welcomed a shift in direction in 2025, from the contraction of previous years to modest growth,” Claire McAndrew, author of the report and founder of Arts Economics, said in a statement, while noting that geopolitical tensions and trade policy uncertainty continue to pose risks to the international art trade.
High-end auctions drive market recovery
Auction houses played a major role in the market’s recovery. Public auction sales rose 9% to $20.7 billion, fueled by high-value consignments. Works priced under $50,000—representing 95% of auction transactions—saw both value and volume decline by 2% in 2025, while pieces above $1 million accounted for less than 1% of lots but 54% of the market’s value. Sales for works priced above $10 million rose by 30% in value.
Some of the year’s biggest sales came from major private collections, in particular those featured in the November New York sales. Postwar art remained the largest auction category, accounting for 31% of sales value, followed by Modern art at 24%. However, the strongest growth came from Impressionist and Post-Impressionist art, which surged 47% year over year.
The report also shows a long-term decline in the middle tiers of the market: Sales of works priced $50,000–$250,000 are down 29% since 2010.
Dealer sales return to growth but face rising costs
Dealer sales rose 2% overall to $34.8 billion after two years of decline. Some 42% of dealers reported sales increases in 2025, followed by 33% reporting declining sales, and 25% stating sales were stable.
Smaller dealers reported some of the strongest increases in sales, while the middle market remained comparatively sluggish.
At the same time, rising operating costs continued to squeeze profitability. Dealer costs—including shipping, art fairs, travel, and logistics—rose by an estimated 5% on average in 2025, outpacing overall sales growth. Indeed, 38% of dealers reported declining profitability.
The U.S. remains the world’s largest art market
The U.S. maintained its position as the largest art market, with sales reaching $26 billion, followed by the U.K. with $10.5 billion and China with $8.5 billion.
France posted one of the strongest results among major markets, with sales increasing 9% to $4.5 billion, while results across the rest of Europe were mixed.
The global art trade remains dominated by a handful of major markets. The United States, the United Kingdom, and China together accounted for 76% of global art sales in 2025.
