The Art Basel and UBS Global Art Market Report 2026, published in March 2026, confirms what many in the industry anticipated: the global art market returned to growth in 2025 after two consecutive years of declining values. Total sales reached an estimated $59.6 billion, a 4% increase year-on-year.

The recovery was driven primarily by the auction sector. Public auction sales rose 9% to $20.7 billion, while dealer sales grew a more modest 2% to $34.8 billion. Private auction sales, however, declined 4% to just under $4.2 billion.

The US retained its dominant position with total sales of $26.0 billion. The United Kingdom held second place at $10.5 billion, maintaining the position it regained from China in 2024. China ranked third with $8.5 billion, while France posted $4.5 billion — a 9% increase that reflects growing activity in the Paris market.

Within Europe, Austria and Switzerland each posted 13% growth, while Germany saw a 10% decline. The EU overall grew 3% to $8.4 billion.

The high-end segment drove much of the recovery. Works sold for over $1 million saw a 21% increase in value and a 15% increase in transactions. Works priced above $10 million surged 30%. Meanwhile, the sub-$50,000 segment — which accounts for 89-96% of all transactions — declined 2% by value.

Online art sales fell to $9.2 billion, their lowest level since 2019. The data shows a clear bifurcation: 56% of offline auction value comes from works above $1 million, while just 2% of online-only auction value reaches that threshold. The largest online concentration remains in the $5,000-$50,000 range, where 63% of online auction value is concentrated.

The market remains 9% below its 2023 level and 7% below 2015, suggesting the recovery still has significant room to run. The report notes that 43% of dealers expect sales to improve in 2026, with 38% expecting stability — a notably more optimistic outlook than a year earlier.

Perhaps the most telling statistic: 11% of artists generate 58% of all dealer sales. This concentration at the top, even as galleries represent 30+ artists on average, underscores the structural challenge for emerging and mid-career artists in the current market.

Source: Art Basel and UBS Global Art Market Report 2026, authored by Dr. Clare McAndrew of Arts Economics.