Global art sales rose 4% to $59.6 billion in 2025, according to the Art Basel and UBS Global Art Market Report published today.
Research showed aggregate sales by dealers rose 2% year-on-year to $34.8 billion with public auction sales up by 9% to $20.7 billion, though reported private sales declined by 5% to just under $4.2 billion.
The US is still the largest market for art with 44% of sales by value, up 1% in share year-on-year, followed by the UK with 18% and China at 14%.
It also found renewed optimism on the back of the growth with 43% of dealers saying they expected sales to improve and 38% expecting them to remain stable.
The report's author, Clare McAndrew from Arts Economics, said it showed "a shift in direction in 2025, from the contraction of previous years to modest growth" but warned of the effects of the "volatile geopolitical environment".
She said: "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 toward 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."