The Art Basel and UBS Global Art Market Report 2026, authored by Dr. Clare McAndrew of Arts Economics has just been released and it is signalling a cautiously optimistic turn for the art trade. The global art market grew by 4% year-on-year to an estimated USD 59.6 billion, after two challenging years. Whereas weakness at the top end had dragged global values down in 2024, the 2025 uptick was led by renewed activity at the high end and a rebound in public auction sales. The report also noted strong auction results, an increase in art fair sales, and greater gender parity in gallery representation. However, performance across regions and segments was uneven, as the art market navigated trade policy unpredictability associated with US tariffs and global inflation. Online sales, a promising new channel in recent times for dealers and auction houses alike, were also found to be losing momentum as transactions migrated back to in-person channels. 

Here are seven takeaways. The Art Basel and UBS Global Art Market Report 2026 can be downloaded for free here.

1. The global art market returned to growth amid ongoing recalibration

Sales in the global art market increased by 4% year-on-year to an estimated USD 59.6 billion. While this marked a welcome shift in the direction of the market following two consecutive years of declining values, the recovery was moderate, leaving the market below its 2022 peak. Combined public and private sales at auction houses rose by 6% to USD 24.8 billion, while the dealer sector rose by 2% globally to an estimated USD 34.8 billion. Despite the growth, tariffs, geopolitical volatility, and increased costs continued to weigh on trade.

2.  US remains the dominant art market 

The US maintained its position as the leading art market worldwide, accounting for 44% of global sales by value, up 1% year-on-year. Sales in the US reached USD 26 billion in 2025, growing 5% year-on-year, following two years of decline. The US, UK, and China together accounted for 76% of global sales, stable year-on-year. The UK was the second-largest market with a stable share of 18%, while China remained third with 14%, led by auction sales in the largely domestically focused Mainland China market. France, the world's fourth-largest art market and the EU’s largest, increased its share by 1% to 8%.

3. Record prices lift auctions, particularly in the second half of 2025
 
Public auction sales showed the biggest uplift year-on-year, increasing by 9% to USD 20.7 billion, driven by several record prices at the high end of the market. While contemporary works had underpinned the post-pandemic recovery, the highest prices in 2025 were achieved for works from the early and mid-20th century. All of the top 10 highest-priced lots were sold in New York, led by Gustav Klimt’s Portrait of Elisabeth Lederer (1914-1916), which sold for USD 236 million at Sotheby’s (the second-highest price ever achieved at auction). In contrast, private sales at auction houses declined by 5% to just under USD 4.2 billion.

4. Old Masters outperform ultra-contemporary

A structural rebalancing toward established artists and older market sectors became more evident in 2025. While ultra-contemporary art had driven much of the post-pandemic recovery, sales by contemporary art dealers were stagnant in 2025. In contrast, dealers specializing in Old Masters recorded growth of 9%, while those focused on Modern art saw sales by value rise by 11%, as lingering risk aversion kept higher prices concentrated in the most established parts of the market, rather than among newer artists.

5. Online sales lose ground

Online sales fell to USD 9.2 billion, their lowest level since 2019. Dealers reported a significant drop in the share of their sales made through exclusively digital channels, and auction house online-only sales were focused on mid- to lower-price levels, while the highest-priced lots were sold in live sales. As high-end offline sales regained momentum, the share of online-only sales fell 3% year-on-year to 15% of total art market sales. This was down 10% from its peak of 25% in 2020 but remained above the pre-pandemic level of 9% in 2019. Despite the trend, online-only sales remain a key channel to source new buyers and transact at lower levels. 

6. Art fair sales increased

Art fair sales increased to 35% of dealer turnover (up 4% year-on-year), their highest level since 2022. Growth was driven equally by overseas and local events, with mid-sized dealers showing the largest increases in the share of art fair sales. All segments saw an increase in the share of art fair sales except the very largest dealers (turnover above USD 10 million), which averaged 32%, easing 2% year-on-year.

7. Female artist representation rises, but disparities persist

Representation of female artists continued to strengthen in 2025, with primary market galleries reaching gender parity. Across all dealers, women accounted for 45% of artists represented (up 4% year-on-year and up from 35% in 2018). Gains in commercial outcomes have been slower, but progress was evident: female artists accounted for 37% of dealer sales by value (up 2% year-on-year and up from 28% in 2018), with improvements driven entirely by primary market galleries, where female artists generated 44% of sales by value.