In 2024, against a backdrop of economic uncertainty and shifting collector behaviors, the global art market recorded sales of approximately $57.5 billion—a 12% decline year-over-year, signaling a continued post-pandemic recalibration. Yet, despite the drop in value, the number of transactions rose by 3%, underscoring the market’s enduring vitality, particularly in its lower-priced tiers.
These findings are drawn from the ninth edition of The Art Basel and UBS Global Art Market Report, authored by cultural economist Dr. Clare McAndrew of Arts Economics. The report offers a comprehensive macroeconomic analysis of the art market’s performance in 2024, measuring the health of galleries, dealers, auction houses, and art fairs against an evolving global economic and wealth landscape.
Cooling at the Top, Momentum at the Base
While the market experienced contraction at the upper echelons—evidenced by a striking 39% drop in the number of artworks sold for over $10 million—the lower end emerged as a locus of growth. Works priced under $50,000 found robust demand, helping to diversify the collector base and buoy total transaction volumes across dealer and auction sectors to 40.5 million, a 3% increase.
“One of the most positive developments,” McAndrew notes, “has been the expansion of sales at more accessible price points. Both dealers and auction houses are succeeding in attracting new buyers, giving the market a broader foundation for growth.”
Dealer sales declined a moderate 6% to $34.1 billion, while public auction sales saw a sharper contraction, falling 25% to $19 billion. However, private sales by auction houses advanced by 14%, suggesting a strategic pivot toward discreet, high-value transactions.
Geographic Shifts in Market Share
The United States maintained its dominance, capturing 43% of global art market value despite a 9% drop in sales to $24.8 billion—its second consecutive year of decline. Political turbulence and economic caution curbed activity at the high end, although U.S. sales remained 18% above their 2020 pandemic low.
The United Kingdom regained its position as the world’s second-largest art market with an 18% share, as sales dipped just 5% to $10.4 billion. In contrast, China experienced a severe 31% downturn, dropping to $8.4 billion and ceding its No. 2 spot. Weakened by slow economic growth and a protracted property crisis, the Chinese art market recorded its lowest level since 2009.
Other European markets also faced declines, with EU sales falling 8% to $8.3 billion. France, while contributing more than half of this total at $4.2 billion, experienced a 10% decline but held its global rank as the fourth-largest market.
Asia’s performance varied: South Korea declined by 15%, while Japan edged up 2%, bucking regional trends.
Dealer Sector: Small is Thriving
The dealer landscape in 2024 painted a nuanced picture. While top-end galleries (those with turnovers above $10 million) reported a 9% decrease in sales—reflecting concentrated softness at the high end—smaller dealers thrived. Galleries with under $250,000 in turnover posted a 17% increase, and those in the $1 million–$5 million range rose 10%, illustrating renewed collector interest in emerging artists and more intimate price points.
Female artists continued to gain ground, with representation rising to 41% overall. Primary market galleries were at the forefront, with women accounting for 46% of their rosters and contributing 42% of total sales.
The influx of new collectors remained a vital force: 44% of buyers were new to galleries in 2024, and 38% of total dealer sales were made to these first-time clients. This was particularly pronounced among smaller galleries, which reported the highest proportion of new buyers.
Art fairs remained central to dealer strategy. Sales from fairs climbed to 31% of total dealer revenue, with overseas fairs performing particularly well. High-end dealers reported the highest share of fair-related sales (34%), affirming the ongoing importance of in-person engagement, even amid digital expansion.
Auction Sector: Polarization Deepens
The auction sector, once buoyed by record-breaking sales in 2022, endured a second consecutive year of contraction in 2024. Public auction sales plummeted 25% year-over-year, and the most dramatic declines came at the very top: works over $10 million dropped in value by 45%.
However, this downturn was not uniform. Works priced under $5,000 saw a 7% increase in value and a 13% uptick in lot volume, part of a broader 4% rise in overall auction transactions. The segment under $50,000—now the largest by volume—grew 8%, while sales over $1 million contracted by one-third.
Private sales emerged as a bright spot, growing 14% to $4.4 billion, signaling collectors’ increasing preference for discretion and bespoke transactions amid economic and geopolitical uncertainty.
Online Sales and Digital Platforms
Online art sales declined 11% to $10.5 billion in 2024—still significantly above pre-pandemic levels, but reflecting a market adjusting to hybrid engagement. Dealers continued to embrace digital tools: online sales accounted for 22% of total dealer revenue, compared to just 13% in 2019. Notably, proprietary platforms and direct-to-collector strategies now lead growth in this area.
Outlook for 2025: Cautious Optimism
Despite the challenges of 2024, dealer sentiment for 2025 remains largely optimistic. According to the report, 80% of dealers anticipate either stable (47%) or improved (33%) sales. Confidence was strongest in the mid-market, particularly among dealers in the $500,000–$1 million range, where 51% predicted rising sales. Among the top-end, 19% expected an uptick, while a majority foresaw stabilization.
Auction houses, particularly mid-tier players, were more reserved: only 15% expected improvement, though 45% foresaw stability.
UBS Chief Economist Paul Donovan emphasized the broader context: “We are witnessing a turning point in the art market. Though overall values have adjusted, the presence of new buyers and high transaction volumes demonstrate the sector’s capacity for evolution. Political uncertainty looms, but change also brings opportunity.”
As 2025 unfolds, the global art market appears poised between caution and reinvention—grounded in tradition, but increasingly propelled by emerging audiences, digital tools, and a shifting global order.
