3. Auctions

Auction market sales returned to growth in 2025, with combined public and private sales rising 6% to $24.8 billion. This marked a turning point in the market after two years of declining values and a prolonged period of volatility in the sector. Public auction sales increased 9% to $20.7 billion, driven by stronger activity in the second half of the year and several record prices at the high end of the market. In contrast, private sales declined by 5% to just under $4.2 billion.

In 2025, the majority of public auction sales by value continued to be concentrated in the three largest markets, with the US, China, and the UK accounting for a combined 72%, up 2% year-on-year. The US strengthened its lead, with its share by value rising 3% to 34%. China, which had briefly matched the US in 2023 following a post-lockdown surge, continued to retreat – losing 6% of share in 2024 and a further 1% in 2025 to reach 24%. The UK was again in third place with 14%.

After two consecutive years of decline, US public auction sales rebounded sharply in 2025, rising 20% year-on-year to just over $7 billion, supported by exceptionally high-priced lots sold in New York in the latter half of the year. High-end concentration in the US increased: all of the top 10 highest-priced lots were sold in New York, along with 39 of the top 50. US dominance of the global $10 million-plus segment at fine art auctions intensified, with its share rising to 78% (from 73% in 2024). The US also accounted for 61% of the total value of all fine art works sold at auction worldwide for over $1 million.

China’s auction market strengthened in 2025, but performance diverged by location. The more domestically focused Mainland China auction houses recorded stronger aggregate results, with sales rising by around 6% in US dollar terms. In contrast, internationally focused firms in Hong Kong saw sales decline by 5%. As a result, overall growth for China was moderate, with total sales increasing by just over 2% to $4.9 billion.

Inflation in operating costs was flagged as a key issue in the auction sector. Average operating costs for mid-tier auction houses rose 5% year-on-year, in line with the dealer sector. However, uneven sales performance widened the divide between profitable and unprofitable businesses. While 29% reported higher profits (up 4%), a larger 40% reported lower annual profits (up 2%). Tariffs and trade barriers placed additional pressure on margins: 80% said tariffs and cross-border barriers negatively impacted their business in 2025 and 20% reported no effect – none reported a positive impact.

Driven by the sale of major collections in the second half of the year, growth in 2025 was concentrated at the top of the market. The value of fine art lots sold for over $1 million increased 21% year-on-year, with transactions rising 15%. At the ultra-high end, sales above $10 million grew 30%, with a 9% increase in the number of lots sold. In contrast, sales below $50,000 declined, with both value and volume falling 2%. Despite this annual uplift, the value of the $1 million-plus segment remained below its pre-pandemic 2019 level.

The combined Postwar and Contemporary art category remained the largest sector of the fine art auction market in 2025. However, its share of global sales value fell by 6% to 45%. Aggregate sales in the sector reached $4.5 billion, down by 2% year-on-year, marking the fourth consecutive year of declining values since the peak of $8.5 billion in 2021 driven by a post-pandemic boom in sales. Contemporary art sales were stable on the previous year at $1.4 billion, while Postwar values contracted by 3% to $3.1 billion, both below their pre-pandemic levels of 2019.

Modern art was the second-largest sector in the fine art auction market in 2025, with a stable share of 24% by value. In 2025, sales of Modern art grew by 9% to $2.4 billion, reversing the declining trend of the previous three years. The top lot sold in the sector was by a female artist, with Frida Kahlo’s El Sueño (La Cama) (1940) selling for $54.7 million at Sotheby’s New York – a record for a female artist at auction.

The share of Impressionist and Post-Impressionist art rose 5% in 2025 to 19% of the value of global fine art auctions. It was the strongest performing sector, with values up 47% year-on-year to $1.8 billion. Growth was boosted by several exceptional sales, including six of the year’s top 10 lots. The most notable was Gustav Klimt’s Bildnis Elisabeth Lederer (Portrait of Elisabeth Lederer) (1914–1916), which sold for $236 million at Sotheby’s New York, by far the highest price of the year and the second-highest price ever achieved at auction.

Sales in the Old Masters sector reached just under $1.2 billion in 2025, rising 30% year-on-year. After two consecutive years of decline, European Old Masters recorded a strong recovery, with values increasing 38% to $535 million, despite a 6% fall in the number of lots sold. Growth was driven by an increase in high-value transactions, with 80 works selling for over $1 million (compared with 37 in 2024), including several at very high prices. The most notable was Canaletto’s Venice, the Return of the Bucintoro on Ascension Day (c. 1732), which sold for $43.9 million at Christie’s London, a record for the artist and one of the top 20 prices at auction in 2025.