Editor’s Note
This article examines the complex forces reshaping global markets, from geopolitical tensions and shifting trade relations to evolving ethical standards around cultural heritage. It highlights both the persistent challenges and the emergence of new actors and practices in this dynamic landscape.
The global market adapts daily to numerous challenges. In decline for three years, shaken by international tensions and the slowdown of activity in China, it is nevertheless witnessing the rise of new countries and new practices.
With an extremely sensitive global geopolitical context, multiple tensions in trade relations, increasingly pressing questions of provenance, growing pressures to return to their countries of origin works acquired during colonial periods or looted during wars… the climate is hardly conducive to serene purchases. The modern and contemporary art sales in New York last May demonstrated this, showing a drop of over 10% compared to May 2024, with no lot sold above 50 million dollars.
But the art market, while not impervious to crises, has already proven its resilience, regularly finding its footing around a baseline of approximately 65 billion dollars per year. So, admittedly, in 2024 the correction was severe with a decline of 12%, after already a 4% drop the previous year. And the very high-end was strongly impacted, with the volume of works sold at auction for over 10 million dollars falling by 39%. But more accessible pieces were in high demand.
emphasized economist Clare Mc Andrews, author of the The Art Basel and UBS Art Market report, while the CEO of Art Basel, Noah Horowitz, welcomed a rise – despite everything – in transactions at fairs with the arrival of new enthusiasts. Thus Art Paris received nearly 87,000 visitors in 2025 (+25%), Tefaf Maastricht maintained 50,000 visitors, receiving nearly 500 institutions from around the world.
estimates gallerist Nathalie Obadia.
points out François Curiel, chairman of Christie’s Europe.
In furniture and decorative arts,
observes antiques dealer Guillaume Léage of Galerie Léage.
he adds.
adds Élise Buatois, head of Art and Private Client risk visits for insurer Hiscox.
On a planetary scale, adjustments are also taking place, as shown by the Art Basel-UBS report. The United States remains predominant with 43% of sales by value and a turnover of $24.8 billion, down 9% with fewer major collections to disperse. On the second step of the podium, the United Kingdom consolidates the advantage it regained in 2023 over China, with 18% of the global pie at $10.4 billion, a more modest decline of 5%. The Middle Kingdom, however, falls drastically by 31% to reach $8.4 billion, its lowest level since 2009, against a backdrop of economic uncertainty, while the surrounding Asian landscape is mixed: 2% growth in Japan, 15% decline in South Korea.
France maintains 7% of the global market and its 4th place despite sales of $4.2 billion, a decrease of 10%. Overall, European Union sales fell 8% year-on-year, to $8.3 billion. Switzerland stands as an exception. The amount of Fine Art auctions there is up 80%, totaling $221 million, notably thanks to the Eberhard W. Kornfeld collection in Bern, points out the Artprice 2024 Global Art Market Report. And this, not counting jewelry, watchmaking, diamonds, for which Switzerland also always holds its rank.