The tenth annual Global Art Market Report, jointly released by Art Basel and UBS, reveals that the global art market regained momentum in 2025, with total sales rising 4% year-over-year to USD 59.6 billion. The United States, the United Kingdom, and China continue to dominate, collectively accounting for 76% of global sales. China ranked third with USD 8.5 billion (approximately HK$66.3 billion) in sales, achieving modest growth of just over 1% despite macroeconomic headwinds such as the property sector downturn—demonstrating notable market resilience.

Global Art Market Rebounds Amid Stable "Big Three" Structure

Global art transactions are projected to reach 41.5 million in 2025, up 2%. The market showed divergent trends across segments: dealer sales edged up 2% to USD 34.8 billion, public auction sales surged 9% to USD 20.7 billion, while private sales through auction houses declined 4% to USD 4.2 billion.

Regional performance varied significantly:

- The United States retained its top position with USD 26 billion in sales (44% of the global total), growing 5%, driven by a strong rebound in the high-end auction segment.

- The UK recorded USD 10.5 billion in sales (18% share), up 2%, primarily fueled by public auctions.

- China generated USD 8.5 billion (14% share), with growth slightly above 1%, maintaining stability.

- France saw sales jump 9% to USD 4.5 billion, raising its global share to 8% and surpassing pre-pandemic 2019 levels, solidifying its position as the EU’s largest art market.

Mainland China’s Property Slump Dampens Consumer Sentiment, Yet Art Market Shows Resilience

Despite weakened consumer confidence due to the real estate downturn and broader economic challenges, China’s art market still delivered positive growth. Adrian Zuercher, Co-Head of Global Asset Allocation at UBS Wealth Management’s Chief Investment Office, noted that the report highlights the diverse landscape of Asia-Pacific art markets, with China firmly established among the world’s leading art markets.

Hong Kong reinforced its role as a key Asian art hub in 2025, recording several high-value transactions amid early signs of macroeconomic stabilization. Singapore continued its upward trajectory, steadily emerging as a new regional center for art. With easing inflation and improving macro conditions across the region, the Asia-Pacific’s significance in the global art market is further amplified.

Geopolitical Tensions and Trade Fragmentation Pose Long-Term Risks

Clare McAndrew, founder of Arts Economics, observed that after several years of contraction, the art market returned to modest growth in 2025. However, complex and evolving geopolitical dynamics continue to affect the sector—particularly cross-border transactions—with full impacts expected to unfold into 2026.

The report cautions that while tariffs have limited direct impact on certain art categories, macro policy uncertainty and trade fragmentation present significant challenges, affecting pricing and supply chains. Given the art market’s heavy reliance on global mobility and international collector networks, rising protectionism and localization trends could pose long-term risks. Preliminary data indicates that cross-border art transactions remained relatively stable in 2025, and their future trajectory will be critical to the market’s evolution.

Divergent Fortunes Across Europe and Asia

Other markets showed mixed results: Switzerland (+13%), Austria (+13%), Spain (+6%), and South Korea (+6%) posted gains, while Germany dropped sharply by 10%, Italy fell 2%, and Japan edged down 1%, reflecting uneven regional economic recoveries.