The global art market is regaining momentum. According to the newly released Art Basel & UBS Global Art Market Report 2025, total global art sales grew by 4% in 2024, reaching an estimated $67.8 billion. This marks a recovery from the contraction in 2023 and reflects increased confidence at the high end of the market — but the data reveals a widening gap between top-tier galleries and the rest of the ecosystem.

Clare McAndrew, founder of Arts Economics and author of the report, stated:

“The art market proved its resilience once again, but the recovery is uneven — largely favoring established players and collectors at the top.”

The annual report, a collaboration between Art Basel and UBS, is widely considered one of the most authoritative studies on the global art trade. Now in its ninth edition, the 2025 report draws from detailed data from over 1,700 dealers and 700 high-net-worth collectors across ten global markets.

Key Findings from the 2025 Report

Overall Market Performance

• Global sales in 2024: $67.8 billion (up 4% from 2023)

• Growth was concentrated in the high-end sector, with ultra-wealthy collectors continuing to drive the bulk of spending

• Many mid- and lower-tier dealers reported ongoing pressures, including rising costs, weak foot traffic, and inconsistent buyer engagement

Dealer Sales

• Reached $37.2 billion, a 3% increase from the previous year

• Large dealers (with turnover over $10 million) saw the most significant gains, particularly through art fairs and private sales

• Smaller dealers reported continued strain, especially in regions with limited institutional support

Auction Sales

• Increased by 5% to $30.6 billion

• The U.S. remained the dominant auction market by value, followed by China and the UK

• Private sales by auction houses (not included in public data) also grew, especially in the ultra-high-net-worth segment

Online Sales

• Accounted for 15% of the total market, marking a slight decline from recent highs

• Hybrid strategies (combining in-person and online sales) have become the new standard, especially for dealers navigating global uncertainty

Changing Collector Demographics

The report also highlights evolving behaviors among collectors:

• Younger collectors (under 40) are growing in influence and tend to collect across categories (fine art, design, digital works, etc.)

• These buyers are more digitally fluent, often discovering and purchasing works online

• Yet even this group shows increased caution, preferring artists with a proven market presence

The study also included regional insights:

• Collectors in the U.S. and Hong Kong reported the highest average expenditures in 2024

• Spending levels in Brazil and Japan saw notable increases, signaling potential growth in under-recognized markets

Implications for Black Artists and Galleries

For artists, curators, and dealers focused on the Black art world, the findings present both opportunities and challenges. The rebound in sales, particularly at the high end, may not translate into widespread gains for emerging or underrepresented artists. Many Black-owned galleries operate within the mid-tier market — the very segment showing the slowest recovery.

However, the rise of younger, more socially conscious collectors could offer a path forward. These buyers are more likely to value cultural relevance, representation, and narrative — attributes central to much of the work being produced in the Black art ecosystem.

Long-term growth will depend on building infrastructure that supports discovery, sustainability, and institutional recognition — areas where systemic gaps still remain.

About the Report

The Art Basel & UBS Global Art Market Report 2025 was authored by Dr. Clare McAndrew of Arts Economics and commissioned by Art Basel and UBS. It draws from:

• 1,700+ dealer surveys

• 700 high-net-worth collector surveys across the U.S., UK, France, Germany, Italy, Mainland China, Hong Kong, Japan, Brazil, and Singapore

• Auction data, economic analysis, and proprietary sales figures

The full report is available at: theartmarket.artbasel.com