Aggregate sales in the dealer sector rose by 2 per cent to $34.8 billion and public auction sales increased by 9 per cent to $20.7 billion, while reported auction house private sales declined by 4 per cent to just under $4.2 billion. The volume of transactions reached an estimated 41.5 million in 2025, up 2 per cent, the report shows.

“The market welcomed a shift in direction in 2025, from the contraction of previous years to modest growth. However, it continued to operate in a volatile geopolitical environment, particularly regarding cross-border trade, the full implications of which are still unfolding in 2026,” Clare McAndrew, founder, , said.

As well as the aesthetic enjoyment and passions that art collecting can create, the sector also gives bankers and wealth managers useful intelligence in the sort of spending and investment interests that their clients have. As such, it is a barometer of wealth more generally. Other banks that are involved in art advisory and finance include Citigroup, Deutsche Bank (see this interview about its art lending work), Bank of America Private Bank (see a recent story about the bank's art advisory work) and Wells Fargo, for example. There is also a cluster of advisors and firms in the space, such as Ronald Varney, who has been awarded by sister news service Family Wealth Report for his work.

Across regions, the US, UK, and China led the way, accounting for 76 per cent of global art sales by value, in line with last year. The US remained the largest market with a 44 per cent share, followed by the UK at 18 per cent and China at 14 per cent. France increased its global share by one percentage point to 8 per cent, consolidating its position as the fourth largest market and the largest within the EU, the report reveals.

Sales in the US reached $26 billion, up 5 per cent year-on-year, with a strong rebound at the high end of the auction market. Despite trade unpredictability, UK sales increased by 2 per cent to $10.5 billion, driven by growth in public auctions.

In China, sales increased by just over 1 per cent year-on-year to $8.5 billion. The market stabilised despite the real estate downturn and other economic concerns that weighed on consumer confidence.

France saw sales rising by 9 per cent year-on-year to $4.5 billion, driven by strong performance in both the auction and dealer sectors. That performance lifted the market above its 2019 level. 

Across Europe and Asia, performance year-on-year was mixed, the report shows, with growth in markets such as Switzerland (up 13 per cent), Austria (up 13 per cent), Spain (up 6 per cent), and South Korea (up 6 per cent). There were slower conditions in Germany (down 10 per cent), Italy (down 2 per cent), and Japan (down 1 per cent).

Dealer market recovery
Global dealer sales reached $34.8 billion, up 2 per cent year-on-year. While 42 per cent of dealers reported higher sales, rising operating costs of an average of 5 per cent continued to weigh on profitability. Lower end dealers, turning over less than $500,000, recorded the strongest growth, while sales among mid-market dealers, with a turnover between $1 million and $10 million, softened slightly. At the top end, dealers with a turnover above $10 million returned to growth, the report reveals.

Despite high profile gallery closures in 2025, a review of published gallery activity based on media announcements also showed that there was no evidence that closures outpaced openings overall. Gallery launches represented 42 per cent of reported activity, compared with 25 per cent closures, underscoring continued adaptation and resilience within the dealer sector. 

Female artist representation also strengthened in 2025, reaching 50 per cent of total artists among primary market galleries and 45 per cent across all dealers. Works by female artists accounted for 37 per cent of sales by value (up from 28 per cent in 2018), although disparities persist at the highest revenue levels.

Art fairs
Art fair sales increased by 4 per cent year-on-year to 35 per cent of dealer turnover, their highest level since 2022. Overseas fairs accounted for the majority of sales, though growth was recorded at both international and local events, particularly among mid-sized dealers. Europe remained the largest region for fairs (54 per cent), including 11 per cent in the UK.

Auction markets
Combined public and private auction sales reached $24.8 billion. Public auction sales increased by 9 per cent year-on-year to $20.7 billion, driven by the ultra-high end sales above $10 million, up 30 per cent, and record prices in the second half of the year, while private sales declined by 5 per cent to just under $4.2 billion.

The majority of auction sales by value continued to take place in the three largest markets in 2025, with the US, China, and the UK having a combined share of 72 per cent of public auction sales by value, up by 2 per cent year-on-year. The UK was again in third place with 14 per cent of global public auction sales by value.

Online art sales declined by 11 per cent to $9.2 billion, their lowest level since 2019, as high-value transactions shifted back to in-person channels. Online-only sales accounted for 15 per cent of total market value, down 3 per cent in share year-on-year, remaining an important channel for engaging new buyers.

Outlook
Confidence strengthened heading into 2026, with 43 per cent of dealers expecting sales to improve and 38 per cent anticipating stable performance. Sentiment also improved among mid-tier auction houses, reflecting greater optimism despite ongoing economic and geopolitical uncertainty. The UK and France were among the more optimistic countries in Europe, with 42 per cent and 46 per cent of dealers expecting better sales, respectively, the report reveals.

“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,” Paul Donovan, chief economist at , said: “This adjustment is taking place alongside a profound structural shift – the Great Wealth Transfer, with more than $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.”

“While some categories of art were relatively insulated from the direct effects of tariffs, broader policy uncertainty and trade fragmentation created challenges for businesses, affecting pricing and supply. A wider shift towards protectionism and more domestically focused sales also poses longer-term risks, as the art trade relies heavily on international circulation and access to global audiences. Early indicators suggest cross-border trade in art remained broadly stable in 2025, but how these flows evolve will be critical to the market’s future growth,” McAndrew added.