ARTnews analyzed publicly reported sales from five blue-chip galleries—Hauser & Wirth, Pace, Thaddaeus Ropac, White Cube, and David Zwirner—at Art Basel 2025, finding a combined total over 35% lower than in 2024, around 8% below 2023, and just over 20% down from 2022. The high-water mark was $204 million in 2024, boosted by eight-figure works from Hauser & Wirth. Meanwhile, the number of artists sold by these galleries rose steadily from 109 in 2022 to 157 in 2025, indicating a shift toward broader, less concentrated inventory. Dealers reported mixed sentiments, though seven-figure deals still occurred, and some noted that market uncertainty has led to more scattershot presentations with wider price ranges.
This matters because it provides concrete evidence of the prolonged art market slump, moving beyond vague euphemisms like "soft" or "correction" to specific sales data. The trend of galleries relying on more artists to meet sales goals mirrors broader market research by Clare McAndrew, which found global sales contracting while transaction volumes rose. The analysis also highlights the limitations of self-reported fair sales data, as galleries may withhold figures for confidentiality or include presales inconsistently. For collectors, dealers, and market observers, these numbers signal a structural shift in how blue-chip galleries operate at major fairs, potentially reshaping strategies for future events.