The market is shifting gears. Who’s behind the wheel?
As we enter 2025, the art market is undergoing a profound shift. Last year, total fine-art auction sales dropped 27.3 percent, to $10.2 billion, continuing a downward trend that started in 2023. Trophy lots saw the steepest decline, with $10 million-plus sales declining 44.2 percent, while ultra-contemporary art dropped nearly 37.9 percent.
This is more than a market correction. It’s a transformation. We are moving away from an era driven by financial speculation into one guided by personal taste. The resilience of the $100,000-to-$1 million price bracket in 2024 suggests that mid-tier collectors are again ascendant. They are neither billionaires chasing status nor flippers seeking short-term gains, and they are buying with conviction.
In her cover story, Artnet News senior reporter Katya Kazakina explores a generational turning point, with younger buyers now driving demand. Luxury, pop culture, and digital engagement are shaping their collecting habits, forcing the industry to rethink exclusivity and adapt to new values. Meanwhile, online art sales are surging in volume, reflecting an enduring change in how collectors interact with the market.
Regional shifts are also occurring. The U.S. remains dominant ($4.3 billion), but China’s 46.1 percent contraction and the U.K.’s weakest total in a decade are reshaping the global market. The Middle East is emerging as a formidable force, with Saudi Arabia’s “Vision 2030” transforming the Gulf’s cultural scene. Interviews with Christie’s Anthea Peers, Art Dubai’s Alexie Glass-Kantor, and dealer Leila Heller reveal that many collectors are seeking cultural connection, transparency, and an ecosystem that reflects their priorities.
A special report with Morgan Stanley examines auction house day sales with a focus on New York. A stronghold for that resilient price bracket, these sales offer a key window into the tastes driving the art world’s new direction.
As collectors change, the industry must adapt. The “Data Dive” section of this report presents an informed, international view of the forces shaping 2025. The question is not whether the market will rebound, but how it will evolve.
—Naomi Rea, Editor-in-Chief of Artnet News
Marketplace
– By the Numbers: How low can the art market go?
– From Zero to Hero: All of a sudden, these artists are making waves in the market.
– Most-Searched Artists, 2005 Versus Now: Which stars are rising? Which are dimming?
– The Bestseller Lists: Experts analyze the trophy lots across six categories.
New Money, New Taste
by Katya Kazakina
Millennials and Gen Zers are coming into great fortunes. What do they want to buy?
Five Questions With…
by Margaret Carrigan, Katya Kazakina, and Vivienne Chow
– Anthea Peers shares stats about Christie’s youthful buyer base and discusses the house’s belief that art can be a force for change.
– Leila Heller boosts Dubai as a better business environment for women than New York, and offers tips for Westerners wishing to make inroads in the Middle Eastern market.
– Alexie Glass-Kantor shares her excitement about the Middle East’s blossoming arts infrastructure, highlighting many of the institutions that are establishing deep connections.
Data Dive
by Margaret Carrigan
– A closer look at the market contraction.
– See which sections of the market fared best—and which floundered.
– Meet the most bankable artists.
Selling in Broad Daylight
by Artnet News and Morgan Stanley
Big-ticket evening sales awe, but most art is auctioned in morning and afternoon sessions. What do data from that 9-to-5 business say about the industry?
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