In a year shaped by war, inflation and fragile economic growth, the global art market quietly found its footing.
Sales rose 4% in 2024 to reach $65 billion, according to the latest Art Basel and UBS Global Art Market Report - the highest total since before the pandemic.
The rebound was driven by a resurgence at the top end of the market, where collectors returned with confidence and a willingness to spend.
Works priced above $10 million accounted for a larger share of overall value than ever recorded, even as the number of transactions declined.
The United States remained the largest art market, with a 42% share of global sales. The United Kingdom reclaimed second place with 17%, overtaking China, which held a 16% share amid weaker domestic demand and continued regulatory uncertainty.
Online channels remained a steady feature. Digital sales made up 16% of the market, a figure that has stabilised following the surge during lockdown. Hybrid models, where deals begin online and close in person, have become the standard approach.
Fairs returned in greater numbers but still below pre-pandemic levels. Dealers reported improved sentiment at major events, particularly in Europe and the US, with growing engagement from younger buyers.
Surveys by UBS indicate cautious optimism. Most high-net-worth collectors expect to maintain or increase spending in 2025, though inflation, interest rates and political risks remain front of mind.
Under-40s more active
Younger collectors, especially those under 40, were more active across categories including digital art, photography and design. Female buyers also made a greater impact at the higher end of the market, with more women purchasing at top price points than in previous years.
Sustainability is emerging as a new consideration. Over half of collectors surveyed said they now take into account the environmental impact of shipping, event attendance and production when buying — a trend that could reshape logistics for galleries and fairs.
Now in its ninth edition, the Art Basel and UBS report draws on data from auction houses, galleries and collector surveys. In a market still defined by opacity, it remains one of the most comprehensive overviews of global activity.
Despite the uncertainty, the message from 2024 is clear: spending is returning but with more selectivity and a sharpened focus on value.
Record-breaking sales underscore market's resilience
Several high-profile auctions in 2024 highlighted the art market's buoyancy. In November, René Magritte's L'Empire des lumières fetched $121 million at Christie's in New York, setting a new record for the Belgian surrealist.
Earlier in the year, Leonora Carrington's Les Distractions de Dagobert sold for $28.5 million at Sotheby's, marking the highest price achieved by a UK-born female artist.
These landmark sales reflect a continued appetite for blue-chip artworks, even amid broader economic challenges.