Art market rebounds, HK remains a vital hub

Global art market rebounded in 2025 as total sales rose four percent to US$59.6 billion (HK$466.5 billion), with Hong Kong remaining a vital hub for the Asian art market, according to The Art Basel and UBS Global Art Market Report 2026 released on Thursday.

The report showed dealer sales increased two percent to US$34.8 billion, public auction sales climbed nine percent to US$20.7 billion, while private sales at auction houses slipped four percent to US$4.2 billion.

Transaction volume reached an estimated 41.5 million, up by two percent from the previous year.

The United States, the United Kingdom and China together accounted for 76 percent of global sales, unchanged from 2024.

The US retained its position as the world’s largest art market with US$26 billion in sales, representing 44 percent of the total, despite trade uncertainties.

The UK followed with US$10.5 billion, or 18 percent, driven largely by public auctions. China ranked third with US$8.5 billion, about 14 percent of the global share, showing modest growth of over one percent amid challenges in the property sector and consumer confidence.

France strengthened its role as the fourth largest market, rising one percentage point to eight percent, consolidating its position as the European Union’s largest art market.

Adrian Zuercher, co-head Global Asset Allocation and co-head Global Investment Management APAC at UBS Chief Investment office, said “China maintained its position as one of the world’s leading art markets while Hong Kong continues to play a central role in the Asia art ecosystem with several high-value sales and early signs of macroeconomic stabilization this year."

Zuercher added that Singapore continues to show steady growth, developing into a regional art market hub.

Clare McAndrew, founder of Arts Economics, cautioned that complex geopolitical dynamics continue to weigh on the market.