Art Market Auctions Recovered Late 2025, But Not A "Comeback" – Citi Wealth

Citi Wealth's report, "State of the Art Market 2026: Don’t Call It A Comeback," finds that the global art market entered 2026 with renewed optimism, but confidence is highly selective and concentrated at the high and accessible ends. The November 2025 Modern and Contemporary Art auctions in New York surged 77% year-on-year to $2.2 billion, driven by the record-breaking $236.4 million sale of Gustav Klimt's *Portrait of Elisabeth Lederer* from the Leonard Lauder collection. However, numerous galleries closed in 2025, including BLUM gallery and Venus Over Manhattan, and traditional hubs like London and New York face slow growth while emerging regions gain influence.