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After two years of contraction, the US art market showed signs of recovery in 2025, as auction sales posted a strong year-over-year gain and buyer demand returned for high-quality works.
Auction sales at the three major houses — Christie’s, Sotheby’s and Phillips — climbed 23% to $3.17 billion in 2025, according to the 2026 US Art Market Report from Bank of America Private Bank in partnership with ArtTactic. The increase marks the first annual growth since 2022 and suggests the market is regaining stability following a period of cooling activity.
The improvement was driven largely by the release of major private collections and estate sales, which brought high-quality works back to market after a stretch of limited supply.
“What we saw in 2025 was not a return to speculation, but a return to discipline,” said Drew Watson, Head of Art Services at Bank of America, serving Bank of America Private Bank and Merrill art collecting clients. “Major collections and estates came to market in 2025, which enabled collectors to focus on quality, provenance, and long-term significance. That shift helped stabilize the market and sets a healthier foundation for future growth.”
Strong second-half momentum
The rebound was particularly pronounced in the second half of the year, when auction sales rose 54% compared with the same period in 2024. The increase reflected both stronger consignments and renewed interest among collectors seeking historically important works.
The report suggests that buyers have become more selective following the speculative surge that defined parts of the art market earlier in the decade. Instead of chasing emerging trends, collectors are increasingly prioritizing works with strong provenance, institutional recognition and long-term significance.
This shift has helped drive demand for established artists and historically important pieces, which have anchored much of the recent recovery in auction results.
The resurgence in activity also reinforced the United States’ central role in the global art market.
According to the report, the US accounted for 69% of the total value of global auction sales in 2025 — the largest share recorded in more than ten years.
New York continues to serve as the primary center for major art auctions, attracting collectors and consignments from around the world. The concentration of wealth and collecting activity in the US has helped sustain demand for high-value works even during periods of broader market uncertainty.
Supply dynamics shape results
As in previous years, the availability of top-tier works played a critical role in determining auction performance.
The art market remains heavily influenced by the supply of trophy-quality pieces, and a relatively small number of high-value consignments can significantly affect annual sales totals.
During the downturn in 2023 and 2024, many collectors chose to hold onto their most valuable works, contributing to a slowdown in headline auction results. The return of significant collections in 2025 helped reverse that trend.
The report highlights that major estate sales and curated collections not only boosted auction totals but also helped reinvigorate buyer engagement by offering rare opportunities to acquire historically important works.
While the rebound in 2025 points to renewed stability, the report suggests the art market is entering a more measured phase.
Collectors appear increasingly focused on long-term value rather than short-term speculation, a shift that could create a healthier foundation for the market going forward.
The emphasis on quality, rarity and provenance reflects a maturing collector base that is approaching art purchases with greater scrutiny and strategic intent.
For investors and collectors alike, the findings underscore how supply dynamics, collector confidence and the availability of major works continue to shape the trajectory of the art market.
If the renewed emphasis on quality persists, the report suggests the art market may be positioned for steadier growth in the years ahead, even as buyers remain highly selective about where they place their capital.
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