Join us as we delve into the pulse of the art market with the Art Basel & UBS Art Market Report 2025. This comprehensive report offers key insights into the global art and antiques market for 2024, providing a detailed analysis of trends and shifts in the industry. Based on extensive data gathered by Arts Economics, the report incorporates information from art fairs, dealers, auction houses, collectors, art and financial databases, as well as expert opinions from across the art trade. Explore the latest findings and discover how these market dynamics are shaping the future of the art world.
Overview
The global art market continued to struggle in 2024, with sales dropping by 12% to around $57.5 billion. This was the second year of decline, driven by ongoing geopolitical tensions, economic challenges, and changes in buyer behavior since the pandemic. According to Claire McAndrew, author of the annual Art Basel report, 2024 was marked by uncertainty, as conflicts in Ukraine and the Middle East, along with upcoming elections in the US and Europe, made many collectors and sellers cautious, especially at the top end of the market. While some issues have since been clarified, new risks are emerging, especially related to trade policies. Political decisions could affect inflation, interest rates, and currency values, which in turn may influence the art market's growth.
At the same time, rising internal and external costs have become a major concern for dealers. Many are struggling to stay profitable and are focusing on how to manage these increasing expenses.
Sales
Global art market sales fell by 12% in 2024, mainly due to a slowdown at the high end, which continued to weaken since 2023. Despite this, the number of works sold by dealers stayed fairly stable, even rising slightly from 156 to 157. Many dealers explained that while overall values dropped, they sold more lower-priced works or offered better terms and discounts to adapt to the tougher market conditions.
Annual Sales Turnover of Dealers 2024, credits Arts Economics
Smaller galleries with annual sales under $250,000 saw the biggest growth in 2024, with sales up 17%. Those earning between $1 million and $5 million also grew by 10%. In contrast, larger galleries faced declines: sales in the $5–10 million range dropped by 3%, and those above $10 million fell by 9%, marking a second year of decline for both segments.
The US remained the largest art market, making up 43% of global sales, despite a 9% drop due to uncertainty around the presidential elections. The UK moved back into second place with 18%, followed by China at 15%. France saw a 10% decrease to $4.2 billion but kept a steady 7% share, holding its spot as the fourth-largest market. Overall sales in the EU fell 8% to $8.3 billion. In Asia, results were mixed: South Korea declined by 15%, while Japan grew by 2%, going against the general downward trend.
Global Art Market Share by Value 2024 credits Art Economics
Artist representation
In a shift from recent years, sales in more traditional sectors of the fine art market outperformed contemporary art (artists born after 1945). Dealers noted that higher prices were mostly seen for well-established names, while newer contemporary artists continued to sell, but at lower price points. Paintings, sculptures, and works on paper remained the top-selling mediums.
Share of the value of FIne Art Dealer’s Sales by Medium 2024, credits Arts Economics
Female artist representation among dealers continued to rise gradually. Primary market galleries led the way, with women making up 46% of the artists they represent—up from 42% in 2022. Sales of works by female artists also increased to 42%, showing consistent growth since 2018. While female artists are still in the minority overall, a small group is playing an increasingly significant role in gallery revenues.
Sales Channels
In 2024, the way art was sold continued to shift, building on changes that began during the pandemic. Art fairs remained a key sales channel and a vital way to connect with new collectors, especially internationally. However, the costs of participating—travel, shipping, accommodation, and other expenses—have become a major concern for galleries and were consistently ranked among the top challenges for 2024 and beyond. Despite the rising costs, fair sales grew slightly, with international fairs playing an even bigger role. This shows how valuable in-person experiences and community-building still are in the art world.
At the same time, online channels have continued to evolve. Dealers increasingly rely on their own digital platforms to reach collectors, creating a strong omnichannel strategy that blends physical and digital engagement.
E-commerce sales remained steady at 18% of the total market—less than the 2020 peak of 25%, but still double the level of 2019. Online-only sales were especially relevant for lower-priced works, with 62% of those sales coming from pieces priced under $50,000.
Share of the value of online vs offline sales in fine art auction by price segment 2024, credits Arts Economics
Overall, high-net-worth individuals still value seeing art in person, especially at exhibitions. However, when they are interested in a specific piece, they’re increasingly comfortable buying it online without visiting the gallery. Data from the art trade shows that e-commerce continues to be an important way for new buyers to enter the market, both through dealers and auctions.
Looking at the future
While the art market might be relatively resistant to some of the specific issues faced in 2025, the potential for rising protectionism and economic nationalism may have more serious implications over the longer term. Looking ahead to 2025, 33% of dealers expected improving sales, 47% were hoping for a stable year, and 19% anticipated a decline.
Based on the key findings of the 2025 Art Basel & UBS Art Market Report, here are several strategic recommendations for galleries navigating the current art market landscape:
1. Diversify Price Points: Galleries should include more mid- and entry-level works in their portfolio, and offer flexible payment options or discounts to attract hesitant buyers.
2. Invest in Female and Underrepresented Artists: Increase the representation of women and underrepresented groups it’s the key. One way can be to highlight these artists in marketing and curatorial strategies to appeal to a broader and more socially engaged collector base.
3. Optimize Digital and Omnichannel Strategies: Partner with digital platforms like Artsper, which offer high-quality exposure, built-in e-commerce tools, and a curated international audience. Galleries can complement their physical presence (fairs, exhibitions) with Artsper’s global reach and digital flexibility, building a strong omnichannel strategy that aligns with current collector behaviors. Also Artsper can provide data and insights to better understand your buyers and tailor your offering accordingly.
Stay tuned with Artsper to discover the latest trends and insights shaping the future of the art market.