You’ve probably seen the dire headlines about the art market’s decline. Many outlets, including CNN, Bloomberg and the New York Times, have all cited the same grim stat: global art sales dropped by 12 percent in 2024. Each of them dutifully ticked off “geopolitical tensions, economic volatility and trade fragmentation” as the drivers behind what’s being cast as a free fall. Yet you don’t have to read further than the second bullet point in the Art Basel and UBS Report 2025 to see a different picture: the art market actually expanded by 3 percent in volume, driven by new buyers entering the market for works priced under $50,000. The share of transactions in this segment increased from 73 percent of the market in 2022 to 85 percent in 2024.
This surge in sales below $50,000 isn’t limited to small galleries. Among those with annual sales under $1 million, 95 percent of transactions fell in this range. Mid-sized galleries, selling between $1 million and $10 million, reported a similarly strong showing at 74 percent. Even among galleries with sales exceeding $10 million, more than a third (34 percent) of transactions fell below the $50,000 threshold. This horizontal market embrace was on display at the IFPDA (International Fine Print Dealers Association) Print Fair in March, where mega-galleries like Hauser & Wirth, David Zwirner and Pace Prints debuted new editions by artists including Rashid Johnson and Amy Sherald.
April 6, 2025