The global art market shrunk for the second year in a row in 2024 but transactions grew with greater demand at lower price points, according to a report by UBS and Art Basel.
In 2024, the art market saw a 12 percent year-on-year decrease in sales value to $57.5 billion, according to the ninth edition of «The Art Basel and UBS Global Art Market Report 2025».
«This downturn, now in its second consecutive year, reflects ongoing geopolitical tensions, economic pressures, and shifting buyer behaviors that have reshaped market dynamics in the post-COVID-19 period,» the report said.
Small Dealers
Although the headline figure represents contraction, especially at the high end, the overall market saw a 3 percent uptick in transactions to 40.5 million. This indicated greater interest in lower-priced segments as the smallest dealers with a turnover of less than $250,000 saw the largest increase in aggregated sales at 17 percent.
Online sales fell 11 percent to $10.5 billion but this was still 76 percent above pre-pandemic levels in 2019 and double the market share at a stable 18 percent.
«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,» commented Clare McAndrew, founder of Arts Economics and the report’s author. «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.»
Country Rankings
By country, the US maintained its leading position with sales of $24.8 billion, down 9 percent but still accounting for 43 percent of global value. UK regained its position at $10.4 billion – a 5 percent drop with 18 percent market share – overtaking China which saw sales fall 31 percent to $8.4 billion (15 percent market share).
The report was based on data gathered and analyzed by Arts Economics from dealers, auction houses, collectors, art fairs, art and financial databases, industry experts, and others involved in the art trade.
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