Global art sales fell 12 per cent to an estimated $57.5 billion in 2024 as the high end of the market thinned following a strong post-pandemic recovery, the benchmark Art Basel and UBS Global Art Market Report 2025 has revealed.
The fall, against a backdrop of political and economic chaos, marked the second year of slowing sales at the high end. Despite the downturn in sales, transactions rose 3 per cent with sales in the lower-priced, more affordable sector signalling ongoing resilience and adaptation, the ninth edition of The Art Basel and UBS Global Art Market Report 2025 by Arts Economics found.
The UK regained its position as the second leading art market globally, with an 18 per cent share of the market worth $10.4 billion – but down 5 per cent on the year before. The US remained the undisputed leader with 43 per cent of the worldwide art market but sales slipped 9 per cent to $24.8 billion. China lost ground, falling to third after sales dropped 31 per cent to $8.4 billion.
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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. Post Brexit, Paris has vied with London to be Europe’s major art hub, but the UK remains resilient despite sales struggling to regain pre-pandemic levels.
Looming tariffs paint bleak picture
After a difficult 2024, the picture is unlikely to look better for the art world in 2025, with US President Donald Trump’s escalating tariff war likely to buffer the transatlantic art market. The US’s largest bilateral trade partners are the large and mid-sized art markets in Europe, with France, the UK, and Germany accounting for 56 per cent of imports and 41 per cent of exports in 2024, leaving these markets at risk post ‘liberation day’.
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As the report noted, the US art market has built its leading position as a key hub for the art trade by relying on both international buyers and sellers of art to complement its sizeable domestic base.
Even before Trump’s tariff announcement, the effects of political and economic volatility on the market remained the greatest challenge for dealers, followed by maintaining relationships with existing collectors, the report found.
Magritte pushes Picasso off top spot
Despite the overall top-tier market downturn, the US remained the dominant force in high-end art auctions, accounting for eight of the top ten lots sold in 2024. The only lot to exceed $100 million last year was Belgium artist René Magritte’s L’Empire des Lumières (1954), which fetched $121 million at Christie’s New York. This historic sale not only set a new artist record but also marked the highest auction price ever achieved for a Surrealist work.
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Three of Magritte’s works featured in the top ten, including another version of L’Empire des Lumières (1956), which sold for $18.8 million at Christie’s, and Le Banquet (circa 1955–1957), which went for $18.1 million at Sotheby’s, both in New York.
Sculptor Alberto Giacometti secured a strong showing, with two works ranking among the year’s top auction lots. Femme qui Marche (II) (1932–1936) sold for $26.6 million, and Femme Leoni (1947) brought in $22.3 million—both sales taking place at Christie’s New York.
Blockbuster sales would not be complete without a Pablo Picasso. The artist’s La Statuaire (1925) sold for $24.8 million at Sotheby’s New York, reaffirming the continued appeal of blue-chip masters despite a contracting high-end market.
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A diversified base for sales
The report’s author, cultural economist Dr Clare McAndrew, founder of Arts Economics, said: ‘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 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.’
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Paul Donovan, Chief Economist, UBS Global Wealth Management said: ‘Most developed economies achieved a soft landing in 2024, and from an economic perspective, the outlook should be one of continuity. However, politics introduce uncertainty, with the shift toward economic nationalism bringing trade protectionism, restrictions on labor movement and limits on capital flows. Amid the great wealth transfer and shifts in the global economic landscape, we are witnessing a turning point in the art market.
‘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.’
The ninth edition of The Art Basel and UBS Global Art Market Report 2025 by Arts Economics provides a comprehensive, macroeconomic, benchmark analysis of the state of the global art market in 2024. It examines its various segments, including galleries and dealers, auction houses and art fairs, assessing their performance against the backdrop of changes in the global economic and wealth context.
