The Global Market — The Art Basel & UBS Art Market Report 2025 By Arts Economics

After a fall of 14% in 2022 during strict COVID-19-related lockdowns, sales in China rallied against the declining trend in 2023, increasing by 9% to an estimated $12.2 billion. However, this uplift proved temporary, and against a backdrop of slower economic growth, a continuing property market slump, and other economic uncertainties, the art market experienced a sharp drop of 31% to $8.4 billion in 2024, the lowest level since 2009.