The Art Market |Financial Times

The Art Market | Auction sales at the leading firms are up — but the numbers mask a broadening of taste, away from the fine art boom of previous generations, writes Melanie Gerlis

The art market staged a comeback this year, but while sales are up on 2024, sustaining those gains in nervous times remains uncertain.

The volume seen in December 2025 auctions sales at the leading houses — Christie’s, Phillips and Sotheby’s — was up a combined 18 per cent year-on-year, according to data from ArtTactic. The sector’s first annual gain since 2022.

Improvement was broadly felt in the second half of the year, as less volatile macroeconomic conditions helped restore some confidence. Sales in the previous year, following a financial market correction, had fallen sharply.

Bonnie Brennan, CEO of Christie’s, says that “stability in financial markets always gives collectors permission to focus on what we are doing and gives them confidence to commit”.

Charlotte Burns, CEO of The Art Newspaper, adds: “Although the pipeline remains uneven, the renewed confidence and optimism for 2026, further evidenced by registrations for the public art market, has entered a phase of stabilisation.”

The broad numbers certainly mask many variations. The market is undergoing a broadening of taste, away from the fine art boom of previous generations, and towards areas such as design, jewellery and cars, where establishing value is less mysterious to newcomers.

This has helped younger buyers enter the market at lower price points. In 2025, Christie’s reported jewellery sales up 16 per cent while watches rose by 10 per cent.

And while $100m-plus and even $50m-plus public sales grabbed headlines, the reality remains that mid-market works — notably Old Masters and modern art — are performing more steadily.

At Sotheby’s, evening sales of modern and contemporary art were supported by private sales and by the continued demand for blue-chip artists.