The Art Basel and UBS Art Market Report 2025

The global art market has once again shown its resilience in the face of high interest rates, inflation, and political instability. While the top end of the market slowed in 2023, transaction volumes increased, and online sales continued to thrive.

What factors have driven these changes? Is the pandemic still making an impact?

The Art Market 2024, published by Art Basel and UBS provides a comprehensive macro-economic analysis of the state of the global art market in 2023. The report sheds light on complex global developments that affect the art market and analyses the key trends that have shaped the market over the last year. Co-published by Art Basel and UBS, the report is authored by renowned cultural economist Dr. Clare McAndrew of Arts Economics.

Here we share five key findings from the report, which can be downloaded by clicking the download button.

Global art sales slowdown, whilst transaction volume increases

In 2023, global art sales eased to an estimated USD 65 billion, showcasing resilience despite a slowdown of 4% year-on-year and surpassing pre-pandemic 2019 levels. Notably, transaction volume increased by 4%, totalling 39.4 million, which was particularly pronounced at lower price levels.

US maintains its position as largest global art market

The US maintained its position as the leading market worldwide, accounting for 42% of sales by value. China became the second-largest global art market, with its share rising to 19%, while the UK moved to third place with a share of 17%. France remained in a stable fourth position at 7% of global sales.

Sales in China grow following easing of pandemic measures

Defying the global trend, sales in China increased by 9% to an estimated USD12.2 billion. Following the lifting of COVID-19 restrictions in the first half of the year, buyers capitalized on sales of postponed auction inventories from 2022 and returned to fairs and exhibitions with enthusiasm. In the latter half of 2023, the pace moderated, possibly influenced by projections of more gradual economic growth.

Online sales grow in importance

Confidence in global online sales resurged in 2023, reaching an estimated USD11.8 billion, a rise of 7% year-on-year from 2022, and accounting for 18% of the market’s total turnover.

Outlook for 2024

Expected declines in interest rates, weakening inflation and the enduring allure of art, signals a hopeful outlook for 2024 and beyond.
 

How have collector habits evolved in the first half of 2023? What purchasing methods do they prefer? Are there any new trends on the horizon?

The Art Basel and UBS Survey of Global Collecting in 2023 reveals insights into high-net-worth collector attitudes, behaviors and outlook for the art market. Written by cultural economist Dr. Clare McAndrew, and based on a survey of over 2,800 collectors across 11 art markets, the report looks at collectors’ spending, motivations of their activities in the market, and how they interact with artists, galleries, institutions, and their environment. This survey continues the valuable research conducted over the past eight years by Art Economics and UBS.

Here are six key findings from the report:

Increased cross-border trade in 2022 and early 2023

Imports of art and antiques across borders reached their highest-ever level of USD 30.7 billion in 2022, and exports their second highest at USD 33.4 billion. While global imports across all industries were down in the first quarter of 2023, the value of inflows of art to key hubs continued to grow, including double-digit increases in Hong Kong (50%), the UK (38%), and the US (15%).

High-net-worth spending remained strong in the first half of 2023, signaling a potential year-on-year increase compared to 2022

The median expenditure on fine art and antiques by collectors surveyed across 11 markets worldwide reached USD 65,000 in the first half of 2023, up by 19% on 2021. Collectors from Mainland China reported the highest median expenditure in the first half of 2023, at USD 241,000, showing a strong return to spending post-lockdown.

Higher share of research-based collecting

44% of collectors surveyed identified themselves as a ‘researcher’, engaging in significant amounts of research before acquiring works (up from 37% in 2021). There was a slight drop in impulse buyers (down by 3%).

Women outspent men in the survey

The median level of spending by women at USD 72,500 outpaced that of men in 2023, continuing to grow in value and reaching a higher level than in 2022. However, there were more male collectors than women among the narrow segment of those spending over USD 1 million in each period.

Resurgence of in-person buying

The resurgence of in-person buying continued in 2023. 86% of HNW collectors purchased from a dealer, and of those, 84% bought in person from their gallery or premises (up from 73% in 2022).

Optimistic outlook

Despite ongoing uncertainties, 77% of HNW collectors surveyed remained optimistic about the art market’s performance over the next six months.

The global art market has demonstrated continued resilience in the face of economic and geopolitical challenges. What factors drove this development? Which markets performed well? What new opportunities does it offer in 2023?

The Art Basel and UBS Global Art Market Report 2023 provides a comprehensive macro-economic analysis of the state of the global art market in 2022.

The report examines the lingering effects of the pandemic and forecasts trends that could be seen entering this year. Co-published by Art Basel and UBS, the report is authored by renowned cultural economist Dr. Clare McAndrew of Arts Economics.

Here we share five key findings from the report, which can be downloaded by clicking the download button.

Global art sales continue to grow

Global art sales increased 3% year-on-year to an estimated USD 67.8 billion, the second year of growth after a strong recovery in sales of 31% in 2021, and bringing the market higher than its pre-pandemic level in 2019. The key driver of growth continued to be the high end of the market.

Leading markets: US, UK and China

The US retained its premier position in the global ranks, with its share of sales by value increasing by 2% year-on-year to 45%. The UK market moved back into second place with 18% of sales, and China’s share decreased 3% to 17%, falling back into third position.

Robust recovery for the US market

The US art market has seen one of the most robust recoveries of all the major markets. Sales bounced back strongly from the pandemic in 2021 and growth continued in 2022 bringing the market to USD 30.2 billion, its highest level to date.

Further reduction in online spending, but still higher than pre-pandemic

As live events ran on much fuller schedules and collectors began to reengage, both dealers and auction houses reported a further reduction in the share of their sales accounted for by e-commerce in 2022. Online-only sales fell to USD 11.0 billion, a decline of 17% from the 2021 peak of USD 13.3 billion, but still 85% higher than in 2019.

Female artists might boost sales

Having a very low share of representation of female artists was correlated with lower year-on-year sales growth performance for galleries, while those with a share of over 80% had higher than average growth of 21%. While there may be many factors that drive performance, the findings indicate again that having a higher share of women has not been a negative factor for sales in 2022, but having very few could be.

A Survey of Global Collecting in 2022 continues the research conducted over the past seven years by Art Economics and UBS and is the largest of the surveys conducted to date.

Here we share six key findings from the report, which can be downloaded by clicking the download button.

Key findings from our annual analysis of the global art market

The art market proved its resilience in 2021, but did it fully regain the ground lost during the pandemic? Did the shift online continue unabated, and what was the impact of the rise of NFTs? Authored by renowned cultural economist Dr Clare McAndrew, Arts Economics, the Art Basel and UBS Global Art Market Report offers the definitive guide to the rapidly changing art market landscape. 

The report also features results from a survey of over 2,000 HNW art collectors across 10 key markets by UBS Investor Watch and Arts Economics – providing insights into buyer behavior.

Here, we share five findings from the 2022 report, which can be downloaded by clicking the download button.

Global art sales rebounded above pre-pandemic levels

The art market bounced back strongly in 2021, with aggregate sales of art and antiques by dealers and auction houses reaching an estimated USD 65.1 billion. Representing a 29% increase on the previous year, this figure outstrips the market’s 2019 value by USD 0.7 billion. The US remained dominant with a share of 43% of global sales by value, while the UK slipped back behind Greater China to third place. Meanwhile the French art market saw its strongest year in a decade produce an impressive 50% uplift in sales year-on-year.

It also integrates fresh insights from a survey of 500 high-net-worth collectors, conducted by Arts Economics and UBS Investor Watch across five markets (the US, the UK, Hong Kong SAR (China), Germany, and Switzerland), as well as data from UBS Evidence Lab. Here, we share five key findings:

More than half of dealers reported an increase in sales

51% of dealers surveyed reported an increase in sales in the first half of 2021, versus the same period in 2020. Dealers in Asia reported the biggest improvement in sales, with an average increase of 18% - including a rise of 6% for businesses in Greater China. The most challenging environment was in Europe, where dealers reported an average decline of 7%.

Collectors remained engaged, with millennials leading the way

Collectors surveyed remained active in the first half of 2021 – with the median expenditure on art and antiques jumping by 42% on average, to USD 242,000, compared to USD 170,000 across the whole of 2020. Millennial collectors had the highest expenditure overall, at USD 378,000 – more than three times the level of Gen X and Boomers.

The report features results from a survey of more than 2,500 collectors across 10 key markets by UBS Investor Watch and Arts Economics – providing fresh insights into buyer behavior. Here, we share five findings from the report, which can be downloaded by clicking the download button.

Global sales of art and antiques reached an estimated USD 50.1 billion in 2020

The figure was down 22% on 2019, but still above the 2009 recession low, when sales fell by 36% to USD 39.5 billion. The US market retained its position as leader, with a share of 42% of global sale values. Greater China and the UK followed, on par at 20% - however Greater China overtook the US to become the largest public auction market, with a share of 36% of sales by value.

Online sales reached record highs - doubling in value

Though the pandemic forced many auction houses, galleries and fairs to abandon in-person activity, it also accelerated digital transformation. Online sales doubled in value from 2019 to reach a record high of USD 12.4 billion. The figure represented a record 25% share of the market’s total value - the first time the share of e-commerce in the art market has exceeded that of general retail..

The COVID-19 pandemic has had a humbling impact on many industries including the luxury segment and the USD 64 billion art market. A new, mid-year survey by Art Basel and UBS, ‘The Impact of Covid-19 on the Gallery Sector’ aims to provide initial insight into the impact of the crisis, with responses from 795 galleries covering 60 different markets, and 360 collectors from the US, UK and Hong Kong SAR (China).

The report is authored by renowned cultural economist and Founder of Arts Economics, Dr. Clare McAndrew, and integrates research from UBS Chief Investment Office and UBS Evidence Lab Insights. To mark its launch, McAndrew joined Paul Donovan, Global Wealth Management Chief Economist UBS, and Noah Horowitz, Director Americas Art Basel in a conversation led by Melanie Gerlis, Art Market Columnist and Contributor Financial Times.

‘On average, galleries saw their sales drop 36% compared to the same period in the first six months last year,’ says Clare McAndrew—findings that mirror sales across luxury goods industries. Nearly all galleries closed their premises between January and July 2020, and one third of galleries downsized, losing an average of four employees, with around half of losses being full-time.

Collectors remain active and engaged

‘Although it’s been a tough market, collectors are still purchasing, based on the data that we gathered from the collectors survey with UBS,’ comments Noah Horowitz. Contrary to other recessions, gallerists noted an acute awareness and strong drive by some collectors to support the arts. In the first half of 2020, most collectors across all regions purchased a work of art, with 6% purchasing ten or more. Of those surveyed, 59% said the COVID-19 pandemic had increased their interest in collecting, with 31% saying it had done so significantly.