At Art Basel 2025, a consensus has emerged among dealers and advisers that the fair represents a 'buyer's market,' characterized by slow sales, modest expectations, and increased negotiating power for collectors. Galleries are offering discounts of 20-30% below asking prices, particularly for works under $1 million, though open discussion of discounts remains taboo in Switzerland. Some dealers, like Tim Blum of Blum gallery, acknowledge a paradigmatic shift, with galleries adapting by focusing on established artists and estates, while still seeing demand for reasonably priced younger artists.
This shift matters because it signals a broader recalibration of the art market after a decade of sharp price inflation. The lack of urgency allows collectors to make more considered decisions, potentially reshaping how galleries price and present work at major fairs. The trend also highlights a growing collector interest in entrenched art-historical movements like Dansaekhwa and Gutai, suggesting a move away from speculative secondary-market buying toward more stable, historically grounded acquisitions.