2. Dealers

Sales in the dealer sector shifted to a positive trajectory in 2025, increasing by 2% globally to an estimated $34.8 billion. This represented a more stable performance after two years of decline, although growth across regions and segments continued to be mixed.

Growth remained strongest at the lower end of the market, with double-digit increases in average sales values for dealers turning over less than $500,000. Sales for dealers turning over between $1 million and $10 million were stagnant, but the very top of the market – dealers with turnover above $10 million – grew by 3% after two years of decline.

Across all dealers, 42% reported an increase in sales (up 7% from 2024), 33% reported a decline, and 25% were stable. The share reporting higher sales rose across all turnover segments, ranging from very moderate advances for smaller dealers to significant changes at the top of the market. Forty-eight percent of dealers with $10 million-plus turnover reported better sales (up from 23% in 2024).

Inflation in operating costs was one of the most frequently cited challenges in 2025. The largest cost increases were for packing, shipping, and logistics (10%), art fairs (9%), and travel and accommodation (6%). Total operating costs rose by an estimated 5% on average – above the rate of inflation in most major markets and above aggregate sales growth – indicating that parts of the market remain under considerable pressure.

The return to positive sales growth helped stabilize margins for some dealers. In 2025, 38% reported lower profitability (down 5% year-on-year), 33% reported higher profitability, and 29% were broadly unchanged. Profitability improved most at the high end: 43% of dealers with turnover above $10 million reported higher profit. However, the middle-market fared less well. In the $250,000 to $500,000 segment, the share reporting higher profitability fell to 30% and the share reporting declining margins rose to 45%, despite rising sales.

The dealer sector continued to maintain considerable business longevity. Despite high-profile gallery closures making headlines in 2025, there was no evidence that closures outweighed openings. A review of published gallery activity found that the share of openings (42%) was considerably higher than closures (25%), with the remainder reflecting relocations, downsizing, or expansions – evidence of substantial restructuring and movement within the sector.

The average number of buyers per dealer fell to 57 in 2025, the lowest since 2021. The sharpest decline was among the smallest dealers, with those turning over less than $250,000 reporting a 40% drop to 29 buyers on average – the lowest level since 2021. The average number of buyers increased with dealer turnover, with $10 million-plus businesses selling to 125 buyers, up 40% year-on-year but below the peak of 163 in 2023.

Representation of female artists continued to strengthen in 2025, with primary market galleries reaching gender parity. Across all dealers, women accounted for 45% of artists represented (up 4% year-on-year and from 35% in 2018). Gains in commercial outcomes have been slower, but further progress was evident: female artists accounted for 37% of sales by value (up 2% year-on-year and from 28% in 2018), with improvements driven entirely by primary market galleries, where female artists generated 44% of sales.

Art fair sales increased to 35% of dealer turnover (up 4% year-on-year), their highest level since 2022. Growth was driven equally by overseas and local events, with mid-sized dealers showing the largest increases in share of art fair sales. All segments saw an increase in the share of art fair sales, except the very largest dealers (turnover over $10 million), which averaged 32%, down 2% year-on-year. Despite improved results, participation costs remained one of the top-ranked challenges for dealers during the year.

Online sales fell to 16% of total dealer turnover in 2025, down 6% year-on-year, as higher-value transactions continued to migrate back to in-person channels. Sales via dealers’ own websites and digital platforms accounted for 14% of total value, declining 3%, and marking a second consecutive annual drop from a peak of 20% in 2023. Despite this contraction, online sales remain well above their pre-pandemic level of 8% in 2019. Dealers also reported that 40% of their online sales by value in 2025 were to new buyers.