The global art market returned to growth in 2025, with sales increasing by 4% year-on-year in value to an estimated $59.6 billion, according to The Art Basel and UBS Global Art Market Report 2026.
Aggregate sales in both dealer and auction markets improved, with the dealer sector rising 2% year-on-year to $34.8 billion and public auction sales up by 9% to $20.7 billion. Reported private sales declined by 5% to just under $4.2 billion.
While this marked a turning point in the art market’s direction following two consecutive years of declining values, the recovery remained uneven and sales remained below their 2022 peak, as a backdrop of inflation in operating costs, tariffs and trade barriers placed additional pressure on margins. Business activity continued as the volume of transactions reached an estimated 41.5 million in 2025, a 2% year-on-year increase.
The three leading art markets, the US, the UK and China accounted for 76% of global sales by value, stable year-on-year. The US remained the largest market with 44% of sales by value, up 1% in share year-on-year, followed by the UK with a stable share of 18% and China at 14%, down 1%. France, the fourth-largest market and the EU’s largest, increased its market share by 1% to 8%.
European markets
The picture in broader European markets was mixed, with growth in Switzerland (up 13%), Austria (up 13%), and Spain (up 6%), while the German and Italian markets slowed by 10% and 2% respectively. Supported by strong performance by the French art market, sales in the EU as a whole rose 3% year-on-year to an estimated $8.4 billion. In Asia, growth was also mixed. Japan – which had bucked the declining trend in 2024 – had a slower year of sales, with values down by 1% in 2025, while South Korea posted gains of 6%.
Noah Horowitz, CEO, Art Basel, said: “2025 marked a return to growth for the art business and a strategic inflection point in its continued evolution. Over the year, dealers refined their programs and client engagement strategies with clear intentionality, while art fair-related sales strengthened. Although elevated costs, geopolitical uncertainty, and tariff concerns are still affecting business, buyer confidence improved as the year progressed and the year closed with a succession of dynamic sales moments.
As the market recalibrates within a more disciplined range, sustained growth will depend on bringing exceptional works to market, deepening client relationships, and broadening participation across the global ecosystem – priorities that are guiding our focus in 2026.”
Paul Donovan, Chief Economist, UBS Global Wealth Management, added: “The Art Basel and UBS Global Art Market Report 2026 points to a global art market that is adjusting in a measured and constructive way. While growth in 2025 was modest and uneven across regions, the art market has demonstrated a notable degree of resilience relative to many other industries. This adjustment is taking place alongside a profound structural shift – the Great Wealth Transfer, with more than USD 83 trillion set to pass between generations in the coming decades. As wealth increasingly moves into the hands of women and younger collectors, family dynamics, collecting motivations, and philanthropic priorities are evolving, reshaping collecting patterns and long-term engagement with the art market.”