Surprising shifts in the secondary art market – what the 2025 Art Basel Report reveals

The recently published Art Basel & UBS Art Market Report 2025 reveals some surprising trends in the global art market — especially in the secondary market for contemporary art.

© Francis Vanhoonacker

While headlines often focus on record-breaking auction results for blue-chip artists, the reality in 2024 was quite different. Sales of artworks priced over $10 million dropped dramatically — down 39% compared to the previous year. That follows another steep decline in 2023, suggesting a sustained cooling-off at the very top of the market. In fact, the share of ultra-high-end sales (over $10M) shrank from 33% of total market value in 2022 to just 18% in 2024.

Auction data from leading houses like Sotheby’s and Christie’s confirmed this trend: several established names underperformed. A Jeff Koons sculpture failed to meet its low estimate, while multiple works by Damien Hirst and Christopher Wool were either withdrawn or sold below expectations. Even a Jean-Michel Basquiat painting — typically a market darling — sold for significantly less than predicted. These results suggest that investor confidence in blue-chip contemporary art is no longer guaranteed.

But what’s particularly striking is that the lower end of the market is not only holding steady — it’s growing.

© Francis Vanhoonacker

Artworks priced under $50,000 performed well, with both the number of transactions and total sales value increasing. Smaller galleries (those with an annual turnover below $250,000) even reported a 17% growth in sales. Clearly, collectors — especially younger and newer ones — are showing strong interest in more accessible contemporary works.

Emerging and mid-career artists are also gaining traction in the secondary market. Works by painters like Jadé Fadojutimi, Christina Quarles, and Salman Toor fetched prices well above their estimates, with strong demand from both private collectors and institutions. The success of these younger artists reflects a growing appetite for fresh voices and diverse perspectives — as well as a desire to engage with art on a more personal and emotional level, rather than purely as an investment vehicle.

© Francis Vanhoonacker

This shift points to a strategic rebalancing in the art market. Instead of chasing trophy assets, more buyers are focusing on emerging talent, mid-career artists, and pieces they connect with — often without the pressure of record prices or prestige bidding wars.

Even though total global art sales declined by 12% in 2024 (to $57.5 billion), the vitality in the sub-$50k segment offers a hopeful and dynamic counterpoint.

For platforms like Tagalart, which focus on the secondary market and on works in this price range, the message is clear: there is real momentum and opportunity where art is more affordable, more accessible, and still deeply meaningful.