The ninth edition of The Art Basel and UBS Global Art Market Report 2025 by Arts Economics has just been released, providing a macroeconomic analysis of the global art market in 2024 and examining its various segments.

Despite a 12 per cent decline in global art market sales to $57.5 billion in 2024, compared to the previous year, transaction volume grew by 3 per cent, signalling resilience in lower-priced segments, according to the Art Basel and UBS Global Art Market Report 2025, issued this week.

The report highlights that global sales declined 12 per cent year-on-year, amid a backdrop of economic uncertainty, and as the high-end market thinned following a strong post pandemic recovery up to 2022. This marked the second year of slowing sales at the high end.

Transactions rose by 3 per cent to 40.5 million in 2024, showing continued dynamism particularly in lower-priced segments. This growth indicates continued activity, especially in lower-priced segments, the report shows.

“While the market has declined in value for two years, one of the most positive developments has been the growth of sales at the lower and more affordable prices,” Clare McAndrew, founder, Arts Economics, said. “The number of artworks sold for prices in the sub-$50,000 range has expanded and there has been evidence of success by both dealers and auction houses in reaching new buyers, giving the market a broader and more diversified base for sales. Continuing to expand the market to wider audiences, including through the relatively unencumbered exchange of art across borders, will remain essential to its long-run growth.”

“Amid the great wealth transfer and shifts in the global economic landscape, we are witnessing a turning point in the art market,” Paul Donovan, chief economist, UBS Global Wealth Management, added. “Despite the adjustment in global sales values, transactions remain high, with positive signs from the presence of new buyers. The market's ability to adapt and attract new buyers underscores its enduring appeal. While economic change can be daunting, it also creates new opportunities.”

Beyond the interest in the quirks of the art market, the sector also gives bankers and wealth managers useful intelligence in the sort of spending and investment passions that their clients have. As such, it is a barometer of wealth more generally. 

China falls to third place
The US maintained its position as the leading art market worldwide with sales of $24.8 billion, down 9 per cent year-on-year, but accounting for 43 per cent of global sales by value, the report reveals.

The UK regained its position as the second-largest market with an 18 per cent share as sales reached $10.4 billion, down 5 per cent on 2023.

China fell from second to third place with a 15 per cent global share as sales dropped 31 per cent to $8.4 billion. Most major European markets saw a slowdown in sales, with France reaching $4.2 billion maintaining a 7 per cent share of global sales and securing its position as the fourth-largest market worldwide. Overall, EU sales totalled $8.3 billion, the report shows.

In Asia, market performance varied, with Japan going against trend with sales growth of 2 per cent year-on-year.

Art fairs
Art fairs remained a key source of new buyers in 2024, with 31 per cent of dealers citing them as their primary source, followed by in-person gallery walk-ins (23 per cent) and client referrals (16 per cent).

Dealers also reported that 44 per cent of their buyers were new to their business in 2024. The share of sales to new buyers also increased to 38 per cent, up by 5 percentage points from 2023. The share of new buyers was highest for the smallest dealers (50 per cent), highlighting the importance of smaller galleries in expanding the market to a wider audience. After expanding their buyer base in 2023, top-end dealers with the highest turnovers in excess of $10 million adopted a more focused sales strategy in 2024, selling high value works to fewer collectors. However, even in this segment, 40 per cent of their annual buyers were new.

Overall, online sales in the global art market declined by 11 per cent to $10.5 billion in 2024, lower than the last four years but still 76 per cent above pre-pandemic 2019. The main growth in online sales came from dealers' own websites and online channels, which have more than doubled their share since 2019. The representation of female artists among dealers also slowly increased to 41 per cent, up by 6 per cent on 2018.

Outlook
Looking ahead to 2025, 80 per cent of dealers expected stable (47 per cent) or improved (33 per cent) sales. Optimism was highest in the middle market, with those hoping for increasing sales in the $500,000 to $1 million segment up from around a third at the end of 2023 to 51 per cent at the end of 2024. Most of the largest dealers (with turnover of over $10 million) felt sales would stabilise in 2025, with 19 per cent predicting an increase. The effects of political and economic volatility on the market remained the greatest challenge for dealers, followed by maintaining relationships with existing collectors.

Some of the highest levels of optimism were from dealers in South America, with just over 80 per cent of Brazilian dealers predicting that their sales would rise, the report continues. Dealers in the US had a high share (43 per cent) expecting more sales in 2025, and France was one of the more optimistic of the larger markets in Europe, with only 5 per cent anticipating lower sales. Half of the dealers from China thought 2025 would see an improvement in sales for their businesses versus 30 per cent in Asia as a whole, the report states.