The Art Market: Review of the First Half of 2025

The global economic and political climate remains marked by uncertainty, and this is inevitably reflected in the art market. Investor and collector confidence is affected by these broader shifts, making it all the more important to follow market trends closely. The latest Artnet Intelligence Report provides valuable insights to help anticipate possible developments in the months ahead.

Which artists stood out in the first half of 2025?

To identify the most in-demand artists, the Artnet Intelligence Report compares sales by value, while categorizing them by style and year of birth for clarity.

Category 1: Impressionists and Modernists
The leaders in this segment were Pablo Picasso, René Magritte, and Claude Monet.

Category 2: Post-war artists
Roy Lichtenstein, Andy Warhol, and Gerhard Richter took the top spots. Notably, Yayoi Kusama was the only woman to enter the top five, ranking fifth.

Category 3: Contemporary art
Jean-Michel Basquiat maintained his leading position, followed by Yoshitomo Nara and Richard Prince. Marlène Dumas also entered the ranking this semester, her fifth-place position reflecting growing demand for works by contemporary female artists.

Category 4: Ultra-contemporary art
This category was more tightly contested. Adrian Ghenie, Huang Yuxing, and Rashid Johnson led the rankings, while Lynette Yiadom-Boakye and Ayako Rokkaku secured fourth and fifth place. This further highlights the increasing prominence of women in today’s market.

A contrasting market: key figures to understand current dynamics

It’s important to note that the art market does not evolve uniformly across regions, price ranges, or styles. Overall stability is nuanced, and forecasts remain cautious.

Trends by price range

• Works above $10 million: sharp decline, with 27 sales in the first half of 2025 compared to 60 in 2023.
  
• $1 million to $10 million: the only segment to set new records, with sales values up 13.8% and the number of works sold up 6.7% year-on-year.
  
• $100,000 to $1 million: modest declines in both value and volume.
  
• $10,000 to $100,000: sales down about 10%, suggesting a stabilization after several years of growth.
  
• Below $100,000: slight decrease in overall sales.

Trends by category

Post-war and contemporary works performed best, reaching $1.8 billion in sales.

Impressionist and Modernist works remained stable at $1.7 billion, with limited fluctuations in recent years.

Ultra-contemporary art experienced a sharp downturn, with sales value falling 31.3% compared to the same period in 2024.

Regional outlook

Market performance also varies significantly by region:

United States: Still the engine of the high-end market, with New York retaining its central role for museum-quality works.

Europe: Despite economic concerns, London and Paris remain resilient. Prestigious fairs and strong cultural institutions continue to sustain collector engagement, with Paris increasingly asserting itself as a global hub.

Asia: Once seen as the fastest-growing market, the region is now facing headwinds. Political and economic uncertainties have slowed its momentum and introduced volatility. While long-term potential remains strong, the short term requires caution.

The rise of online art sales in the art market

Like many other sectors, the art market is accelerating its digital transformation. Buying art online is no longer a stopgap measure but an integral part of the purchasing process. Collectors are increasingly comfortable making acquisitions through digital platforms.

Conclusion

The art market has not been immune to global uncertainty in the first half of 2025. Yet, in the long run, it remains one of the more resilient sectors for sustainable investment. While the immediate outlook is cautious, demand is expected to rebound once conditions stabilize. For collectors, works by leading artists and in strong-performing categories continue to represent solid investments.