A new report from Art Basel and UBS reveals that the global art market grew by 7% in 2024, reaching an estimated $67.8 billion. This recovery was primarily driven by a surge in high-value sales at auction, particularly in the $10 million-plus segment, which saw a 42% increase in value. The United States retained its position as the world's largest art market, while the UK overtook China to reclaim second place.
The strong performance at the top end of the market signals a rebound in confidence among major collectors and institutions following a period of stagnation. This growth, however, highlights a continuing divide, as the middle and lower market segments experienced more modest gains, suggesting the recovery is not yet evenly distributed across the entire art ecosystem.