Art Basel Sales Seem to Decline Despite Increase in Participating Artists, According to Reports from Galleries
In the heart of Switzerland, the art world gathered for the 2025 edition of Art Basel, a renowned event that has long been a significant player in the global art market. This year, the fair demonstrated remarkable resilience and strength, bucking the trend of a prolonged slump in the art market.
Five galleries reported selling work by 157 artists in 2025, a significant increase from the 109 artists sold in 2022. This upward trend continued from 2023 to 2024, with the number of artists sold reaching 113 and 149, respectively. The sales figures for 2025, however, surpassed all previous years, indicating a robust and thriving market.
Art Basel's parent company, MCH Group, reported a profit of $3.4 million in 2024, marking the fair's return to profitability. This year, despite mixed sentiments from dealers, the fair was still considered a success.
Gallery presentations at Art Basel 2025 were scattershot, with a wide range of styles, artists, and price points. This diversity, according to advisor Gabriela Palmieri, has turned Art Basel into a place where more really is more. However, some critics argue that this expansive approach may be diluting Basel's usual standards for keeping booth presentations tight and intentionally curated.
One of the standout features of this year's fair was the significant number of million-dollar sales across multiple galleries. David Zwirner reported leading sales such as a Ruth Asawa sculpture for $9.5 million and a Gerhard Richter painting for $6.8 million. Hauser & Wirth announced seven million-dollar sales on the first day alone, including works by Mark Bradford, George Condo, and Louise Bourgeois. Other galleries like Thaddaeus Ropac and David Nolan also reported strong sales.
Despite these impressive sales, publicly reported figures represent only a portion of the deals done. Many deals that begin at a fair but don't close for weeks or months are not included in the reported sales numbers. Furthermore, some galleries may withhold data due to client confidentiality, and some include presales in their tallies while others exclude them.
The art market has been in a slump for nearly two years, but the sheer number of artists on view at Art Basel 2025 suggests that galleries are increasingly leaning on a broader tranche of artists and more inventory to meet their sales goals. This trend raises the question of whether this is a passing phase or a new normal for Art Basel's flagship fair.
Despite the uncertainties, comments from dealers and gallery representatives underscore a resilient and even accelerating market at Art Basel 2025, with some describing it as “the beating heart of the art world” and “the absolute leader of the art fairs worldwide.” Executives from MCH Group struck a cautious tone, citing the need to balance “financial discipline” with growth ambitions in 2025.
In conclusion, while the trend of more primary market sales at lower price points is a topic of discussion, the 2025 Art Basel event reflects strength rather than decline in the art market. The question remains whether this trend is a passing phase or a new normal for Art Basel's flagship fair. For insights on potential future challenges or concerns in the art market, that would require information beyond the current 2025 Art Basel sales data.
- Despite the uncertainties about the longer-term impact of the trend, the resilience demonstrated in the art market during Art Basel 2025 suggests that galleries are increasingly looking to artists, finance, and business to meet their sales goals.
- The significant number of million-dollar sales at Art Basel 2025, as reported by galleries like David Zwirner, Hauser & Wirth, Thaddaeus Ropac, and David Nolan, underscores the strength of the art market and highlights the importance of collectors in the art business.
- The art world regards Art Basel's annual event as not only a significant player in the global art market but also the beating heart of the art world, with its financial discipline and growth ambitions setting an example for the art business and art market alike.
