Art advisor Ralph DeLuca returns to his Street Smarts column to dissect the 2026 Art Basel & UBS Art Market Report. He notes that global art sales reached approximately $59.6 billion in 2025, a 4% increase after two down years, but cautions that the recovery is uneven—sales of artworks above $10 million rose 30%, while the middle market stagnates. The U.S. remains the dominant market, accounting for 44% of global sales, though tariff threats and political volatility continue to disrupt the trade.
This analysis matters because it provides a candid, insider perspective on the current state of the art market, challenging the rosy narrative of a broad recovery. DeLuca emphasizes that art functions as an asset class with measurable financial characteristics, and his street-smart insights help collectors and investors navigate a market that is resetting after a volatile period. The column serves as a practical guide for understanding market data and making informed decisions in a landscape where the top tier thrives while the middle struggles.