This week's art news: 2025 market report summary + insight
+ a curated list of shows to see in April
Yesterday I listened to the Art Basel x UBS Art Market Report 2025 discussion, which everyone is talking about. And by everyone, I mean art news media. The outcomes are not overly positive, they were some interesting facts and figures. The experts are not losing hope as always. So below is a summary of facts to know and some additional news, such as the continuing struggle of art fairs and the fact that the print market is thriving despite the overall art market slowdown.
And lastly as always, a selection of shows I’m excited about in April
What the art market report tells us:
🎨 Global Art Market Faced Major Downturn in 2024
The international art market experienced a 12% drop in sales in 2024, falling to $57.5 billion—its lowest since 2016 (excluding 2020). This continues a downward trend following a 4% decline in 2023. The slump is attributed to:
Reduced supply of high-value works
Falling demand for trendy contemporary art
Rising protectionism and US trade tariffs, which further shake confidence in an already globalized market
📉 High-End Market Takes the Biggest Hit
Auction sales of works above $10 million dropped 45%
Sales of pieces over $1 million fell 38%
High-end dealers (earning over $10M) saw a 9% decline
In contrast, small dealers (under $250K) grew by 17%
🌍 Market Shifts: US Down, UK Reclaims #2 Spot
US remains the largest market but shrank 9% to $24.8B
China’s sales dropped a steep 31%, to their lowest since 2009
UK overtook China to become the second-largest market, despite a 5% dip
France declined 10% but held steady as the fourth-largest
🖼️ Contemporary Art Slumps Hard
Postwar and contemporary art sales fell for the third year running
The contemporary sector (artists born after 1945) dropped 36%
“Ultra-contemporary” (art made in the past 20 years) fell 43%, down two-thirds since 2021
🧑🎨 Surprise: Magritte Tops Picasso
René Magritte led 2024 auction sales with $312M, dethroning Picasso for the first time in 6 years
His painting L’Empire des Lumières sold for $121M, the only nine-figure sale of the year
💡 One Bright Spot: Lower-Cost Art Grows
Overall transaction volume rose 3%, driven by art under $50K
Online-only sales made up 18% of the market, with increased accessibility attracting new collectors
Lower price points are making the market more democratic and inclusive
💸 Rising Costs Challenge Profitability
Operating costs rose 10%, with art fairs, shipping & packing climbing 10–15%
Many smaller galleries are cutting fair attendance due to costs
Strategic spending is now crucial for sustainability
🌐 Uncertainty Ahead with Tariffs & Global Tensions
New US trade tariffs could severely disrupt the art trade, though it’s unclear if art will be exempt
Other challenges: ageing collector base, inflation, and geopolitical instability
However, there is hope from the upcoming $84 trillion wealth transfer and a new generation of engaged collectors
On another note…
Print Market Thrives Amid Broader Art Market Slowdown
New York recently hosted two major print fairs that underscored the rising demand for prints amid a cooling overall art market. The International Fine Print Dealers Association (IFPDA) Print Fair at the Park Avenue Armory recorded record attendance with over 21,000 visitors across four days, significant VIP registration increases, and robust sales spanning works from a few hundred dollars to nearly $2 million. Complementing this, the inaugural Brooklyn Fine Art Print Fair introduced a fresh, accessible platform for print collectors and producers, highlighting prints' appeal as a democratic and cost-effective medium. Collectors, including prominent figures from major museums, and market reports indicate that prints are increasingly attracting younger and new collectors, making them a bright spot in an otherwise challenging art market landscape.
Art Fairs still recovering
Five years after the initial COVID-19 lockdowns, art fairs are still struggling to recapture their pre-pandemic dynamism amid rising costs and shifting collector behaviors. Global organizers report declining VIP attendance and escalating logistics, with events like London's Masterpiece fair and Hong Kong's Photofairs facing cancellations or reconfigurations, while even marquee names like Frieze and Art Basel are forced to rethink their operational models. Amid these challenges, industry insiders are calling for a radical overhaul of the traditional fair structure as new, smaller-scale and localized initiatives begin to emerge, marking a cautious but necessary evolution in a market still adapting to lasting pandemic impacts.
Insight..
My (as someone who also sells art )take on all this is that times are truly not great, and it will take a while till it gets better. After all, the art market is significantly influenced by macroeconomics. However, some factors of the art market system are self-inflicted, like hype, speculation, and inflated prices. We need more ‘new’ collectors who will collect for passion and with rather than speculation. Ultra contemporary art prices need to stop astronomically climbing because it’s never sustainable. There is so much potential, but it will take time; as with everything, change always takes time.
CURATED LIST OF EXHIBITIONS FOR APRIL
❤️ Endless painting Gagosian, New York
Gagosian’s latest exhibition, curated by Cecilia Alemani, offers a fresh perspective on Willem de Kooning’s legacy by juxtaposing his iconic abstract expressionist works with lesser-known pieces. Alemani’s innovative approach repositions de Kooning within a modern context, emphasizing his evolving techniques and enduring impact on contemporary art while sparking renewed critical discussion.
I wish I was in NY to see this show!
❤️ Everything at Carpenters workshop
Paris, New York , London - doesn’t matter, all three locations have wonderful shows on the intersection of art and design.
❤️ Rose Wiley at David Zwirner
‘When Found Becomes Given’ a solo exhibition of paintings by British artist Rose Wylie at the gallery’s London location. Featuring new and recent works, including large-scale canvases and multipanel compositions, the exhibition traverses a range of timelines—blending the personal, symbolic, and historical into layered narratives that shift between the real and the imagined. When Found becomes Given anticipates Wylie’s upcoming solo show at the Royal Academy of Arts in London, set to open in the Main Galleries in February 2026.
❤️ Giuseppe Penone: Thoughts in the Roots
Thoughts in the Roots is a major exhibition showcasing the work of Italian artist Giuseppe Penone, whose five-decade career explores the deep relationship between humans and nature. Featuring works from 1969 to the present, the exhibition highlights Penone’s use of organic materials—such as wood, bronze, marble, and wax—and reflects his roots in the Arte Povera movement. Through sculpture and installation, Penone reveals the subtle patterns and forces of the natural world, emphasizing the synergy between artistic creation and natural growth. Curated by Claude Adjil, Hans Ulrich Obrist, and Alexa Chow, the show spans both indoor and outdoor spaces, forming what Penone describes as “two integrated gardens.”