Art Basel and UBS, together with Dr. Clare McAndrew, have published the annual report on the global art market. The study, prepared by Arts Economics, analyzes 2025 results and compiles information from galleries, auction houses, collectors, art fairs, and industry databases.
At Arte GlobaL, we share some of its main findings to understand how the market is evolving, where activity is concentrated, and what these changes may mean for art collectors.
The market grew again after two years
The global art market reached an estimated 59.6 billion dollars in sales in 2025. This represents a 4% year-on-year increase and marks the first growth after two consecutive years of contraction.
The recovery was moderate, and the market remained below the peak recorded in 2022. Moreover, growth was not evenly distributed across all price levels, regions, and business types. Public auctions outperformed galleries, with growth concentrated in higher-value works. Regionally, some European markets, including France, Switzerland, Austria, and Spain, recorded increases above the global average.
Even so, the change in direction is significant. Activity increased during the second half of the year, and higher-value transactions returned, particularly at auction. For collectors, this indicates a more active market, although each acquisition still needs to be assessed individually.
Auctions and galleries recorded better results
Both public auctions and art galleries closed 2025 with growth.
Public auction sales increased by 9% in value, following the contraction recorded in 2024. The gallery and dealer sector grew by 2%, reaching estimated sales of $34.8 billion.
The momentum in auctions was concentrated mainly in the highest-priced works. The value of pieces sold for more than $1 million increased by 21%. Meanwhile, sales above $10 million rose by 30%.
A different trend emerged at the lower end of the market. Sales of works priced below $50,000 fell by 2%, both in value and in the number of transactions. Therefore, the market’s overall growth does not mean that all categories advanced at the same pace.
There were also differences within the gallery sector. Businesses with annual turnover below $500,000 recorded double-digit increases in average sales, while galleries with turnover between $1 million and $10 million remained stable.
The United States, the United Kingdom, and China dominate the market
Source: Clare McAndrew, The Art Basel and UBS Art Market Report 2026, Arts Economics, Art Basel and UBS, 2026.
The United States, the United Kingdom, and China accounted for 76% of global art sales in 2025, a share that remained stable compared with the previous year.
The United States retained the top position, with 44% of the global market by value. Its sales reached $26 billion, up 5% from 2024. The United Kingdom ranked second, with an 18% share, while China placed third, with 14%.
Spain, meanwhile, recorded a 6% increase in sales. This figure reflects positive growth within a European market that produced varying results from country to country. France grew by 9%, Switzerland and Austria by 13%, while Germany and Italy saw their sales decline.
This concentration helps to understand where much of the commercial activity is gathered and where many of the higher-value operations take place.
Painting continues to dominate auctions
Source: Clare McAndrew, The Art Basel and UBS Art Market Report 2026, Arts Economics, Art Basel and UBS, 2026.
Painting accounted for most of the value of auction sales at all price levels. Even among works sold for less than 50,000 dollars, it represented 44% of the total value.
This sustained weight shows that painting continues to occupy a central position in the market. For collectors, it also means that there is a broad supply, more price references, and constant activity in different segments.
Among works sold for less than $50,000, paintings accounted for 44% of the total value. Their share has remained stable for several years, indicating consistent demand within the auction market.
Still, the value of each work depends on specific factors, such as the artist, the period in which it was produced, its provenance, conservation status, quality, and purchase price. Personalized advice from our experts can help you assess these factors and make a better-informed purchasing decision.
Buyers are once again prioritizing in-person experiences
Art fairs accounted for 35% of gallery dealers’ sales in 2025, compared with 31% the previous year. At the same time, online-only sales fell to $9.2 billion and represented 15% of the total market.
In addition, the highest-priced lots at auction were sold mainly during in-person sessions. This shows that online sales remain relevant, but that direct contact still carries greater weight in higher-value transactions.
For collectors, this reinforces the importance of seeing the works in person, requesting documentation, speaking with professionals, and comparing alternatives before making a decision.
The sector looks ahead to 2026 with greater confidence
Optimism among market professionals increased heading into 2026. 43% of gallerists expected an improvement in sales, ten percentage points more than in the previous survey. A further 38% expected sales to remain stable, while 19% anticipated a decline.
Expectations also improved in medium-sized auction houses. 48% expected to increase their sales, compared with just 15% one year earlier.
However, the sector continues to face rising costs. Gallery operating expenses increased by an average of 5%. The largest increases were recorded in packaging, transportation, logistics, art fairs, travel, and accommodation.
The data point to a market with greater activity and confidence, but also increased cost pressures and demand concentrated on certain works. For anyone looking to start or expand a collection, this environment highlights the importance of making informed choices, setting a budget, and considering each purchase as part of a long-term strategy.
What does this scenario mean for collectors and businesses?
The data show a market with greater activity, but also one that is becoming more selective. The quality of the artwork, its provenance, the context of the purchase, and how it fits within a collection remain key factors when making well-informed decisions.
At Arte GlobaL, we offer professional and independent services for collectors in both the primary and secondary markets, nationally and internationally. We also offer a comprehensive art service for businesses, ranging from the creation and management of corporate collections to support with artwork acquisitions and the development of tailored cultural projects.
If you are considering an acquisition or would like to define your next steps more clearly, contact one of our experts for a no-obligation call. Specialist advice makes it possible to assess each opportunity from a broader perspective and make better-informed purchasing decisions in line with the objectives of each collector, company, or institution.
