A survey by market researcher Iddem, conducted among the Professional Committee of Art Galleries (CPGA), reveals that 85% of French gallery owners are pessimistic about the art sector's economic outlook in 2025. Turnover among French galleries dropped 6% in 2024, while the global art market fell 12% per the UBS Art Basel 2025 report. Philippe Charpentier, new CPGA president, told Le Monde the market has regressed to 2010 levels, with one-fifth of dealers reporting sales declines of over 20%. France also struggles to attract young collectors, unlike Asian markets where buyers average in their thirties, according to CPGA vice president Magda Danysz.
This matters because the findings highlight systemic pressures on mid-sized galleries worldwide, including the relentless art fair cycle and shifting collector priorities toward experiences over objects. The closures of galleries like Blum and Venus Over Manhattan underscore a crisis in traditional gallery models. While Art Basel's expansion to Paris has brought attention, local galleries report only modest benefits, and 12% face major difficulties. The survey warns that without new players able to scale or enter the fair system, the French art market risks atrophy, reduced diversity, and diminished ability to promote artists internationally.