Fall Art Market Update

A MARKET IN MOTION: THE ART WORLD’S FALL 2025 RESET

After several exuberant post-pandemic years, the fine art market has entered a period of recalibration. There’s been no shortage of headlines about a downturn, but the full picture is more balanced, and for many collectors, quite encouraging.

FROM SURGE TO SLOWDOWN

In the years immediately following COVID, the market rebounded dramatically. Blue-chip works set record prices at auction, and demand soared across the board. But that pace was never meant to last. According to the Art Basel & UBS Art Market Report 2025, global art sales fell 12% in 2024, led by a sharp drop in transactions above $10 million. Several prominent galleries closed, citing rising costs and shifting collector behavior.

Photo credit: Frieze

Yet there’s an interesting silver lining: while total sales value declined, the number of transactions actually rose—particularly in the mid and lower price ranges. This suggests a broadening collector base, with new participants engaging the market thoughtfully and steadily rather than speculatively.

A HEALTHIER, MORE TRANSPARENT MARKET

This adjustment is less a collapse than a correction. For years, the art market has been criticized for opacity and inflated prices, especially at the contemporary end. Now we’re seeing a shift toward greater transparency, fairer pricing, and a more sustainable rhythm overall.

Collectors today, both seasoned and new, are asking better questions about provenance, price, and long-term value. As an advisor, I see this as a healthy evolution. For established collectors, it’s an opportunity to acquire blue-chip and historically significant works at more grounded levels. For those newer to collecting, the lowered entry points and online access have opened doors that were once harder to enter. In 2024, nearly half of all gallery buyers were first-time clients—a remarkable statistic that speaks to the market’s widening reach.

REDISCOVERIES AND RENEWED FOCUS

Another promising trend is the renewed attention toward artists who were long underrepresented or undervalued—women, artists of color, and creators from regions historically overlooked by major institutions. Museums and influential collectors alike are expanding their lens, creating meaningful opportunities for rediscovery. Even traditional categories like the Old Masters are attracting new interest from collectors who appreciate the balance of art-historical significance and long-term value.

FRIEZE WEEK SIGNALS STABILITY

This fall’s Frieze London and Frieze Masters fairs underscored that confidence is returning. Attendance reached roughly 90,000 visitors, and London’s major auctions posted their strongest Frieze Week totals in seven years. Christie’s “20th/21st Century” Evening Sale achieved $142.8 million—a 30% increase over 2024. Dealers described this year’s mood as “grounded assurance,” reflecting a collector base focused on quality, selectivity, and substance.

LOOKING AHEAD

What we’re witnessing is not the end of a cycle but the start of a healthier one—an art market that prizes transparency, knowledge, and long-term vision over hype. For collectors, this moment presents real opportunity: to refine, to build, and to collect with intention.

The market may be quieter than it was a few years ago, but beneath the surface, it’s becoming more accessible, balanced, and resilient—a place where meaningful collections can truly take shape.