The global art market is recovering from a downturn. The 12% contraction in 2024 was exceptional. By the end of the spring season, both auction results and sales at major art fairs are showing positive signs.
The midsummer Sotheby’s auction of modern and contemporary art landed at the lower end of expected volumes, and several well-known names went unsold. However, the lots that did sell achieved solid growth. The fact that artworks of significant art historical importance were brought to market also indicates that confidence (to sell) is returning. Tamara de Lempicka’s La Belle Rafaëla (1927) surpassed the $10 million mark, and among living artists, Jenny Saville set a personal record with a $7.26 million sale. Earlier in May, another contemporary art superstar, Marlene Dumas, had sold her painting Miss January (1997) for $13.63 million at Christie’s, setting a new auction record for a female artist.
At the world’s largest art fair, Art Basel in Basel, there were 88,000 visitors and 289 galleries from 42 countries. Galleries reported both six- and seven-figure sales. The collector preview days were filled with transactions and the market activity was high. Artsy has reported who sold what, to whom, and at what prices in their article “What Sold at Art Basel 2025“.
The consolidated picture of Estonian art intermediaries in 2024, based on commercial registry data (around 50 companies), reflected global trends – many smaller galleries were unable to grow their turnover and several operated at a loss. Some closed their doors entirely, while others entered the market or reopened. There is a clear ongoing effort to find viable business models and match evolving buyer expectations. The most profitable and stable players tend to be auction houses with longer operating history.
Auction results in Estonia for the first half of 2025 were weaker compared to previous years, but the end of the half-year already shows a more optimistic trend in gallery sales. The slowdown in price escalation has brought new interest to the art market.
Artrovert Gallery welcomed 1,600 art enthusiasts during the first half of the year, and its sales slightly exceeded results from the same period in 2024.
