The global art market contracted by 12% in 2024, falling to an estimated $57.5 billion in sales from its 2022 peak, according to the Art Basel and UBS Art Market Report 2025 compiled by Dr. Clare McAndrew. Despite the overall decline, the number of transactions grew by 3%, driven by a broadening collector base and increased engagement with more affordable works. The report highlights a surge in interest in female artists, with galleries raising their representation to 41%, and notes that art fairs remain the most common entry point for new buyers. The Aotearoa Art Fair, opening May 1-4 at Auckland's Viaduct Events Centre, exemplifies these trends with strong Indigenous and Pacific representation, emerging artist platforms like Horizons 2025, and affordable works under $5,000 from established galleries such as Gow Langsford Gallery.
This matters because the data signals a structural shift in the art market toward greater accessibility and diversity, countering the narrative of a purely luxury-driven downturn. The rise of female artists and first-time collectors suggests the market is becoming more inclusive and resilient, with smaller galleries reporting 17% annual sales growth through emerging artists. The Aotearoa Art Fair's focus on Indigenous and Pacific voices, alongside initiatives like Horizons 2025, underscores how regional fairs are adapting to attract new audiences and support artistic innovation, potentially reshaping the global art landscape from the ground up.