Amid a challenging economic landscape, the global art market recorded an estimated $57.5 billion in sales in 2024, a 12% decline from the previous year. This marks the second consecutive year of sales decline following the market’s post-pandemic boom in 2021 and 2022. Despite the overall reduction in market value, the latest Art Basel and UBS Global Art Market Report 2025 reveals both a recalibration of the market and a shift toward diversification, especially at the lower price segments.

The comprehensive report, co-published by Art Basel and UBS, provides a detailed macroeconomic analysis of the global art market, examining various segments, including galleries, dealers, auction houses, and art fairs. The report sheds light on key trends, including the continued shift towards more accessible price points, as well as the market’s ability to adapt to economic and geopolitical challenges.

Global Sales Performance in 2024

In 2024, the global art market saw a 12% decrease in total sales, dropping from $65.3 billion in 2023 to $57.5 billion. The contraction was particularly evident at the high-end of the market, where public auction sales of fine art works over $10 million fell by 39%. However, this decline was balanced by a significant rise in transaction volumes at lower price points. Across dealer and auction house segments, the total number of transactions increased by 3%, reaching 40.5 million. This indicates a broader, more diversified market base with growing participation from new buyers.

Clare McAndrew, founder of Arts Economics, emphasized the positive development of a growing market for more affordable art. “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. The number of artworks sold for prices in the sub-$50,000 range has expanded, giving the market a broader and more diversified base for sales.”

Regional Performance and Leading Markets

The United States retained its position as the largest art market globally, accounting for 43% of total sales. However, U.S. sales declined by 9%, totaling $24.8 billion in 2024, marking the second consecutive year of decline. This downturn reflects a broader slowdown at the high-end and was compounded by political and economic uncertainty surrounding the presidential election.

The United Kingdom emerged as the second-largest market, reclaiming its position with a 1% year-on-year growth in market share, totaling $10.4 billion in sales. In contrast, China’s market saw a significant decline, with sales dropping by 31% to $8.4 billion, their lowest level since 2009. This decline is attributed to slower economic growth, a continuing property market slump, and other economic challenges.

European markets also experienced slowdowns, with total sales in the EU falling by 8% to $8.3 billion. France, despite a 10% year-on-year decline in sales, remained a strong contributor to the European market, securing its position as the fourth-largest global market.

Shifting Trends: Dealers, Auctions, and Art Fairs

The report highlights several trends within the art market’s key segments. The dealer sector experienced a 6% drop in sales, amounting to $34.1 billion, with smaller dealers showing resilience. Dealers with turnover under $250,000 saw an impressive 17% increase in sales, marking their second consecutive year of growth. Smaller dealers are playing an increasingly important role in attracting new buyers, with nearly half (44%) of their sales going to first-time clients in 2024.

While larger dealers with sales over $10 million saw a decline of 9%, they remain focused on serving a smaller number of high-value clients. This shift has been particularly noticeable at art fairs, where galleries’ share of total dealer sales rose slightly to 31%. Art fairs also proved to be a crucial source of new buyers, with 31% of dealers identifying them as their primary source of new customers.

Public auction houses faced a more pronounced decline, with sales falling by 25% to $19 billion. The high-end of the auction market took the largest hit, with sales of works over $10 million dropping by 45%. However, the volume of sales in the lower price segments remained strong, particularly in the sub-$50,000 category, which saw both increased sales and higher transaction volumes.

Private sales by auction houses performed well, increasing by 14% to $4.4 billion. The growth in private sales suggests continued demand for art outside of the public auction space, particularly in times of market volatility.

Online Sales: A Mixed Outlook

In the online sales arena, there was an 11% decline in total sales in 2024, totaling $10.5 billion. While this represents a dip compared to previous years, it remains significantly higher than pre-pandemic levels. Online sales through dealers’ own websites saw the most growth, as dealers adapted their strategies to meet the demands of new buyers. The online art market still accounts for a notable 22% of dealer sales, showing that digital engagement remains a key part of the art market’s broader landscape.

Female Artists and New Buyers

One of the more encouraging findings from the report is the continued growth in the representation of female artists. Female artists accounted for 41% of sales in the dealer sector, up from 36% in 2018. Galleries, particularly primary market galleries, showed the strongest representation of female artists, with sales by female artists increasing to 42% in 2024.

The report also highlights the growing importance of new buyers. Nearly half of the buyers dealers interacted with in 2024 were new to their businesses, signaling a diversification of the market’s buyer base. Smaller dealers, in particular, are proving crucial in expanding the reach of the market to new audiences.

Outlook for 2025

Looking ahead to 2025, the report suggests cautious optimism within the art market. While 80% of dealers expect stable or improved sales, optimism is particularly high in the mid-market segment, where more than half of dealers in the $500,000 to $1 million range expect an increase in sales. While the highest-end dealers anticipate a stabilization of sales, auction houses remain more uncertain, with only 15% of mid-tier auction houses expecting an improvement in sales for 2025.

In conclusion, the 2024 art market reflects a period of adjustment, as global economic challenges and shifting collector behaviors continue to shape the industry. Despite the decline in market value, the market’s ability to attract new buyers and adapt to changing economic circumstances suggests a more diversified and resilient global art market in the years to come.

– Elizabeth Shields