Art Basel & UBS Art Market Report 2026: Recovering Art Market and the Average Gallery

• In 2025, growth in the global art market resumed. Total sales increased by 4%, reaching an estimated $59.6 billion – a modest recovery after two years of decline.
• Transaction volumes remained stable, increasing only 2% year-on-year, with approximately 41.5 million art transactions worldwide.
• Public auction sales increased by 9%, with the strongest growth in works priced above $10 million. The auction sector accounted for nearly 42% of total sales by value.
• The dealer/gallery sector also grew (there are more than 300,000 galleries worldwide) – global sales increased by 2% to $34.8 billion (58% of the total market).
• Although the closure of several well-known galleries was highly visible and widely debated in the art media throughout 2025, the number of new gallery openings actually exceeded closures.
• Art fairs – which were already considered by some to be a disappearing phenomenon both after COVID and during the market slowdown – strengthened their role in global trade, accounting for 35% of dealer sales.
• Online sales declined to 15% of the market’s total value, reflecting buyers’ continued balancing between digital and physical channels. In total, online sales reached $9.2 billion, the lowest level since 2019.
• The largest art market remains the United States – $26.0 billion, growing 5% year-on-year.

Particularly interesting is the role of galleries/dealers (1,650 responses from dealers in the survey, 43% of them from Europe). The statistical averages presented there are one of the few benchmarks against which galleries can compare their own results:

• Growth remained strongest at the lower end of the market, where galleries with turnover below $500,000 saw their average sales grow at double-digit rates.
• The market remains cautious, reflected in the preference for established names and older works. The recovery of contemporary and ultra-contemporary art volumes is still ahead. Secondary-market galleries also showed stronger signs of growth.
• The average number of buyers per gallery fell to 57 in 2025.
• Online sales declined to 16% of dealers’ total turnover in 2025, which is 6% less than the year before, as higher-value transactions continued shifting back to physical channels.
• Based on 2025 sales, 65% of galleries had annual revenue below $1 million, while 6% had revenue above $10 million.
• In 2025, the average primary-market gallery’s sales remained stable at $1.3 million.
• Companies dealing exclusively in contemporary art had an average turnover of $1.8 million.
• In 2025, the average gallery sold 139–146 works (median 75).
• In 2025, the average number of artists represented by a gallery increased to 29.
• Only 1% of gallery transactions took place at prices above $1 million.
• The share of transactions involving works priced below $50,000 was 87%.
• Paintings were once again the largest medium by value, with a stable share of 59%, followed by sculpture at 15%, while works on paper declined to 8%.
• Among high-net-worth collectors (HNWI) who purchased a fine art work, the majority (67%) bought a painting.
• One-third of a gallery’s sales came from its top-selling artist, while the share of the three best-selling artists increased to 58%.
• Primary-market galleries sold 82% of their volume to private collectors, while works sold to museums accounted for 7%.
• Due to international uncertainty (tariffs, currency fluctuations, rising cross-border trade costs, etc.), the share of domestic market transactions increased by 9% (to 71% in total).
• Transactions conducted in dealer premises accounted for the largest share of sales by value, at 46%.
• The share of sales made at art fairs has fluctuated significantly over the past six years, and in 2025 it increased by 4% year-on-year, reaching 35%.
• In 2025, a total of 370 art fairs were held worldwide. Twenty-four new fairs were launched and at least 15 were cancelled.
• Galleries organised an average of eight exhibitions per year.

A few notes on auctions:

• Auction market sales began to grow again in 2025. The total value of public and private auctions increased by 6% to $24.8 billion. This marks a turning point after two years of decline and prolonged volatility. Public auction sales rose 9% to $20.7 billion, driven primarily by stronger activity in the second half of the year and several record prices at the top end of the market.
• There are around 250 major auction houses worldwide, which sold approximately 409,000 artworks during the year, 2% fewer than the year before.

Looking ahead to 2026, 43% of dealers expect sales to improve (10% more than a year earlier), 38% expect sales to remain stable (10% fewer), and a steady 19% expect a decline.

The most frequently cited challenge for galleries was political and economic instability and its impact on demand. The second major concern was maintaining relationships with existing collectors, who accounted for 51% of buyers and 62% of sales by value.

Some respondents also expressed concern about the growth of studio sales and direct online sales by artists. However, the authors of the report believe this will remain largely the domain of more price-sensitive buyers. From both the seller’s and the buyer’s side, direct purchasing is most attractive to new collectors (with less than two years of collecting experience) and artists entering the market. The role of intermediaries in defining value and status has not disappeared. And nothing replaces the work galleries do in developing artists’ careers.

The full report can be found here: The Art Basel & UBS Art Market Report 2026 by Arts Economics