As Art Basel opens its doors to the public on June 19, the climate of economic and political uncertainty is making collectors cautious. While the speculative frenzy around young artists seems to have subsided, the contemporary art market is still recovering.
11%
Drop in sales of contemporary artworks in 2024
200
Number of exhibitors from around the world expected at Art Basel 2025
17%
Increase in sales of lots under $250,000 in 2024
How is the art market doing in 2025? That’s the burning question on the lips of every collector heading to Art Basel, the world’s most important modern and contemporary art fair, which opens on June 19. Last year, the Art Basel and UBS Global Art Market Report project-ed cautious optimism. However, in 2024, the market ultimately shrank by 12%, with auction sales plummeting by 25%. Unsurprisingly, it was the high-end transactions—those in the millions or tens of millions—that saw the steepest drop: sales between $5 and $10 million fell by 3%, and those above $10 million fell by 9%. In contrast, the number of sales under $250,000 increased by 17%.
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In these uncertain times, we are seeing a return to the classics after a period of frenetic, often speculative buying
Edward Mitterand, president of the Mitterand Gallery in Paris
This year began with lukewarm results from Sotheby’s May 13 modern art auction in New York. Estimated at $170.3 to $248.7 million (fees included), the 60-lot sale totaled $186.4 million, just barely above the low estimate. By comparison, the same auction in 2023 had brought in $235.1 million (with fees), from a similar estimate range of $180.2 to $250.7 million.
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