Global art sales rebounded in 2025, reaching $59.6 billion as the market emerged from a two-year slump, according to the annual Art Basel and UBS report. The recovery was driven primarily by high-end auction sales, with New York's November auction week generating a record $2.2 billion, including a $236.4 million Gustav Klimt portrait.

The United States maintained its dominance with 44 percent of global sales, followed by Britain at 18 percent and China at 14 percent. Sales of works valued over $10 million jumped 30 percent, while pieces under $50,000 declined 2 percent. Contemporary art dealerships saw stagnant sales despite the market's overall improvement.

Despite the positive momentum, the recovery remains modest compared to 2022's $67.8 billion peak. The report notes that 19 percent of dealers expect further decline in 2026, though 43 percent anticipate improvement. The coming years may see additional boosts from the Great Wealth Transfer, with major collections like S.I. Newhouse's $450 million cache of 20th-century masterworks set to hit the market.