These are the perspectives examined and summarised by the "Art Basel & UBS Art Market Report 2025”, the most authoritative publication in the sector, and produced in collaboration with UBS. Coordinated by the Art Economics study by Dr. Clare McAndrew, professor at the University of Zurich for the Executive Master in Art Market Studies, this year too the “Art Basel & UBS Art Market Report 2025” offers a detailed analysis of the data collected in the year just ended.

In 2024, the global art market has undergone a profound transformation, characterized by contradictory dynamics that reveal an opening to a wider audience, and a transition towards a more diversified and inclusive commodity ecosystem.

The growth in accessible segments and the resilience of smaller galleries herald new dynamics and opportunities for a positive approach to the sector: for professionals, investors and even for simple enthusiasts.

Let's quickly review the summaries proposed by the experts coordinated by Dr. Clare McAndrew, remembering that all values ​​are to be understood in dollars.

In the last twelve months, sales fell by 12% to 57,5 billion, marking a decline for the second consecutive year, after the post-pandemic recovery of 2021-2022.

This premise must, however, be interpreted in a broader context.

The total number of transactions increased by 3%, reaching 40,5 million.

This signals that the market is moving towards more accessible segments, freeing itself from the traditional concentration in the ultra-luxury sector.

And it is precisely the opening to “popular” price ranges that represents the most significant evolution of the year just ended.

But still: private sales at auction houses recorded a growth of 14%, while public auctions had a decline of 25%.

This shift towards private dealings likely reflects a search for discretion by high-end collectors in the current international context marked by geopolitical unrest.

Galleries maintained 59% of total sales in terms of value, confirming their central role.

The United States consolidated its world leadership with 43% of global sales (24,8 billion), despite a 9% decline.

The United Kingdom regained second place with 10,4 billion (-5%).

China, on the other hand, recorded a significant decline, slipping to third place with a 31% decrease to $8,4 billion, its lowest level since 2009.

This decline reflects China's structural economic difficulties, likely triggered by the domestic real estate crisis.

Moving to the old continent, the markets show negative performances: France maintained fourth place with 4,2 billion (-10%), while Germany, Switzerland and Italy recorded contractions that brought EU sales to 8,3 billion (-8%).

Online sales totaled $10,5 billion, remaining 76% above pre-pandemic levels despite an 11% decline.

The share of e-commerce has stabilized at 18% of the total market.

Significantly, 99% of online transactions are for prices under $50.000, confirming that digital productions also contribute to making art more accessible.

The NFT market totaled just $213 million, down from $613 million in 2023, underscoring the current reflective pause in prices.

The gallery sector, on the other hand, showed strong polarization.

Small businesses grew by 17% for the second consecutive year, while high-end businesses declined by 9%.

This subdivision, as we recalled at the beginning, reflects a market that is opening up to new segments, with the most dynamic galleries in intercepting growing demand.

In fact, galleries attracted 44% of new buyers, confirming the interest of new collectors.

Female representation among artists also reached 41%, signaling a greater attention towards new productions.

In 2024, auction houses instead recorded a 25% drop in sales, in particular 39% for works over 10 million.

The ultra-high-end segment also declined by 45%.

Likewise, the market under $5.000 remained positive, growing by 7% in values ​​and 13% in transactions, especially thanks to prices accessible to a non-elite clientele.

Post-war and contemporary art, while maintaining 52% of the auction market, also recorded a 28% decline for the third consecutive year, falling to 4,6 billion from the peak of 8,5 billion in 2021.

Traditional sectors, on the other hand, showed more defensive price swings.

Forecasts for 2025 show cautious optimism: only 33% of galleries expect a progression, down from 36% in 2023.

Institutional operators, to be clear: auction houses, on the other hand, appear to be reflective, with 15% expecting values ​​to grow.

In summary, from a comparison between the real economy, geopolitical instabilities and their respective influences on the art market, the report nevertheless highlights a growth in global economic availability, with stock markets at +20% and the wealth of billionaires rising to 15,6 trillion dollars (15.000 billion).

However, the art allocation in portfolios has fallen to 15% from 24% in 2022.

For the future, the generational transfer presents itself as an opportunity.

With billionaires averaging 66 years of age, the sector is expected to attract $20 trillion in investments over the next 30-6,4 years..

Image credits 
Courtesy Art Basel – media department