What did the UBS - Art Basel survey tell us this year?
The Art Market 2025 presents the findings of research on the global art and antiques market in 2024. The information presented in the report is based on data gathered and analyzed by Arts Economics (artseconomics.com) from dealers, auction houses, collectors, art fairs, art and financial databases, industry experts, and others involved in the art trade. In its 9th edition, written by cultural economist Dr Clare McAndrew, and based on a survey of approximately 3000 collectors across 11 art markets, the report looks at collectors' spending, motivations of their activities in the market, and how they interact with artists, galleries, institutions, and their environment. The global auction data is primarily courtesy Artory Artron Chinese Auctioneers Association (CAA).
The Art Market 2025 presents the findings of research on the global art and antiques market in 2024. The information presented in the report is based on data gathered and analyzed by Arts Economics (artseconomics.com) from dealers, auction houses, collectors, art fairs, art and financial databases, industry experts, and others involved in the art trade. In its 9th edition, written by cultural economist Dr Clare McAndrew, and based on a survey of approximately 3000 collectors across 11 art markets, the report looks at collectors' spending, motivations of their activities in the market, and how they interact with artists, galleries, institutions, and their environment. The global auction data is primarily courtesy Artory Artron Chinese Auctioneers Association (CAA).
The report states that despite a decline in total sales value, the market promises dynamism and evolution. But, what are those factors that helped shape these shifts? How has the art scene broadened, as a blessing in disguise, despite a contraction of the high-end market? With new buyers entering the market, art fairs maintaining their significance, and female artists gaining greater visibility, the art world is truly at the cusp of a paradigm shift into a greater horizon.
Here are a few key takeaways from the report:
Growth in transaction volume amidst declining sales value: In 2024, the total global art market sales dropped to approximately $57.5 billion, a 12% decrease compared to the previous year. This marks the second consecutive year of decline following a strong post-pandemic recovery. However, the number of transactions rose by 3% reaching 40.5 million, indicating structural changes in market behaviour rather than an overall slowdown.
Sharp contraction at the tip end of the market: The most dramatic changes occurred at the very top of the market. The number of fine art works sold as the auction for over $10 million fell by 39% following a 27% drop in 2023. The share of these sales in total market value fell from 23% in 2023 to 18% in 2024, a stark contrast to 2022, when this segment accounted for 33%.
Shifts in regional market dynamics: The US maintained its position as the world’s leading art market, accounting for 43% of the global sales by value, slightly up from the previous year. However, US sales declined by 9%, totalling $24.8 billion, marking the second straight year of decline. The UK reclaimed the second spot with 18% of the market (+1%) while China dropped to third place with 15% (-4%). After a temporary post-pandemic rebound in 2023, the Chinese market contracted sharply, while France remained the fourth-largest market holding 7% of global sales.
Small galleries show resilience: In a notable reversal of recent trends, small galleries showed remarkable resilience compared to larger markets players. Dealers with turnover below $250,000 saw the largest sales increase (+17%), a striking shift for a segment that had previously experienced the weakest post-pandemic recovery. This kind of growth is especially rare during periods of broader downturn.
Art fairs and digital channels drive new growth: Both art fairs and online platforms played a crucial role in explanding the collector base. According to art dealers, 44% of buyers in 2024 were new to their businesses. Sales to new clients accounted for 38% of total revenue, up 5% from 2023. Digital channels proved especially effective with 46% of online sales made to first-time buyers.
Female artists achieve greater representation and market presence: Gallery representation of female artists rose to 41%, up 6% from 2018 and a growing number of female artists are significantly contributing to gallery turnovers. While modest, the trend points to a more inclusive art market and a gradual shift toward gender equity.
Overall, the survey offers a ray of hope. Let's call it The Great Bifurcation. The top end of the market, which drove the recovery after COVID, has cooled dramatically. But there's vitality and spark at more accessible price points. According to the report, sales of artworks exceeding $10 million at auction plummeted by 39 percent in 2024, following a 27 percent decline the previous year. These ultra-high-end works now represent just 18 percent of the market's value, down from 33 percent in 2022. Meanwhile, the market for works under $50,000 has expanded both in value and volume.
The biggest takeaway for me, based on conversations was that the last year, and confirmed by the report, that collectors are leaning into buying what they like, rather than focusing on investment returns or what is hot. While people may be shying away from six- or seven-figure purchases, a market with more transactions is a more stable and possibly more democratic one. It could be a less elitist market too, though that might compete with the art world's inherent exclusivity. What's more certain is that galleries and dealers have to increasingly find new strategies to navigate the art market's-and the wider economy's-rapidly evolving landscape.
You can read the full report at The Art Basel and UBS Art Market Report 2025 | UBS Global
Next Week: Is technology redefining art curation?
Dipayan has been a digital transformation consultant and advisor for over two decades to large multinational firms, with a keen interest in data and AI and a patent in cognitive AI and blockchain. He has worked with clients across Asia Pacific, EMEA and Americas. He is also a practising internationally acclaimed abstract artist for over a decade. His works are shown across various galleries and museums in New York, London, Paris, Amsterdam, Dubai and India, awarded in Florence and Venice, and have been included in numerous private art collections in New York, London, Kolkata and Mumbai. He lives and works out of Mumbai in India.