Art Basel 2025 saw cautious buying despite optimistic statements from major dealers like Pace's Marc Glimcher, who claimed sales velocity was as vigorous as any year. However, collector attendance was thin, with American attendance down for the second year running due to trade tensions and geopolitical concerns. Deals were closing at 20 to 30 percent below asking prices, confirming a buyer's market. Sales ranged from a $245 collectible Labubu figurine by Kasing Lung to works by Wei Libo, Joyce Joumaa, Lonnie Holley, Joan Jonas, Hao Ling, Sarah Lucas, and Rosemarie Trockel, with most activity under $1 million.
This matters because Art Basel is a bellwether for the global art market, and the subdued buying behavior signals that the downturn that began two years ago is persisting. The gap between dealer optimism and actual collector behavior highlights a tension in the market, where high interest rates and geopolitical instability continue to suppress demand. The strong sales of Indigenous artists and ultra-contemporary works suggest shifting collector tastes, but the overall reluctance to spend quickly indicates that the art market has not yet recovered its pre-downturn momentum.