After several bruising years, the global art market is finally showing major signs of life. Published on 9 March, Bank of America’s and ArtTactic’s ‘2026 U.S. Art Market Report’ found that auction sales at industry giants Christie’s, Sotheby’s and Phillips rose by 23% last year to hit $3.17 billion – marking the first annual increase since 2022. Days later, the ‘Art Basel and UBS Global Art Market Report 2026’ reinforced this momentum, estimating that worldwide art sales posted a 4% year-on-year increase in 2025, reaching $59.6 billion.
These fresh industry insights analysis notably shows that the high end of the auction market has staged a particularly strong rebound despite persistent uncertainty, with sales at the major houses leading the way. Looking ahead, the strategic vision of industry leaders such as Sotheby’s owner Patrick Drahi and Christie’s CEO Bonnie Brennan will continue to play a key role in sustaining the art market’s growth, particularly as geopolitical turbulence and broader economic headwinds remain rife in 2026.
Back from the brink
As Clare McAndrew, founder of Arts Economics and author of the Art Basel report, put it, “the market welcomed a shift in direction in 2025, from the contraction of previous years to modest growth.” That improvement, however, came against a volatile geopolitical backdrop, with cross-border trade still clouded by uncertainty and the full consequences only beginning to emerge in 2026.
The recovery was especially visible in the US, which retained its position as the world’s largest art market. Accounting for 44% of global sales and an extraordinary 69% of worldwide auction value in 2025, the US did not simply recover; it reasserted its dominance. Much of this momentum came in the second half of the year, when auction sales jumped 54% compared with H2 of 2024.
That increase reflected both a stronger flow of consignments and renewed demand from collectors seeking historically important works. During the downturn of 2023 and 2024, owners largely elected to hold back their most valuable pieces, weighing on headline auction results. The return of major estates and curated collections in 2025 helped reverse this trend, lifting totals while also re-energising buyer interest.
After the trend chasing and speculative excesses of earlier years, collectors are showing greater discipline, placing more weight on provenance, quality and rarity. This development may make the market less feverish, but also more durable. Moreover, if this preference for quality endures, it could offer the art world not just a rebound but a sustainable growth foundation for the coming years.
Patrick Drahi and Charles Stewart steering Sotheby’s new growth
Sotheby’s has been central to the recovery of the global art market, with an approach closely aligned to renewed demand for exceptional, high-value works. In 2025, its auction sales rose by more than a quarter year on year to $5.7 billion, delivering its strongest ever year in luxury and outperforming its closest rival, Christie’s. That momentum has carried into 2026: on 4 March, Sotheby’s Modern and contemporary evening sale in London totalled £131 million with fees – more than double of last year’s sale – while also setting a new record for Leon Kossoff.
Sotheby’s owner, French billionaire entrepreneur Patrick Drahi, acquired the auction house for $3.7 billion in 2019, and has since guided its return to strength after the recent turbulence in the broader art market. Best known as the founder and owner of the telecoms and media group Altice, Drahi was drawn to Sotheby’s by a long-standing passion for art – his personal collection includes Picassos, Matisses and Warhols – describing the purchase as an “investment for my family.” While Sotheby’s annual losses more than doubled to $248 million in 2024 amid the global slump, Drahi and chief executive Charles Stewart have helped guide the company’s emerging recovery.
Stewart, who previously worked with Drahi at Altice USA before taking the top job at Sotheby’s, has built on their partnership to shape the company’s next growth phase. Amid ongoing geopolitical and market uncertainty, Sotheby’s is strengthening its position as a financing platform, rather than relying solely on auction performance. In January, it priced a $900 million securitisation backed by loans against art and, for the first time, collectible cars, underscoring a clear, clear-eyed push to diversify the business model beyond the saleroom.
Meanwhile, Sotheby’s under Drahi’s and Stewart’s leadership is adapting to changing collector demographics. With demand from new and younger bidders rising, the house is moving into non-selling exhibitions, reflecting these generations’ preference for distinctive, immersive experiences. Sotheby’s decision to host the Independent Art Fair in September, following its Icons show last December, reflects that broader strategy: using exhibition-led experiences to build engagement now and cultivate the collectors of the future.
Christie’s Bonnie Brennan leading pivot to Asia
While still slightly behind Sotheby’s, Christie’s is following a similar upward trajectory, with CEO Bonnie Brennan recently declaring that “the energy has returned to the salesroom, online and across the market.” Christie’s global sales rose 6% year-on-year in 2025, and luxury has become an increasingly important growth engine, rising 17% in 2025 as the house increasingly leverages this segment as an entry point for younger collectors. The company is particularly well placed for this luxury pivot, as it is owned by Artémis, the holding company of Kering founder François Pinault.
Christie’s under Brennan, who took over in February 2025, is also pursuing broader shifts in both services and geography. In a recent interview, Brennan cited Christie’s expansion into new categories through ventures such as Gooding & Company – its car auction business acquired in 2024 – and its deepened presence in the Middle East, particularly Saudi Arabia. That global push is inseparable from the question of generational renewal, and for Brennan the opportunity is especially clear in Asia.
For Brennan, “Asia is incredibly important because of the growth opportunities it presents, specifically regarding new buyers,” a view borne out by the fact that 40% of Christie’s new buyers last year came from the region, with mainland China accounting for a significant share. The future of the house, and perhaps of the wider market, will depend on turning that interest into lasting allegiance.
While the latest figures point to a recovering market, the gains posted in 2025 should be seen as a chance to rebuild confidence rather than an invitation to relax. In a year likely to be shaped by ongoing geopolitical friction and economic volatility, the art sector will depend on the strategic foresight and sound judgment of the executives leading its most influential institutions. If 2025 was the year momentum returned, 2026 must be the year that momentum is converted into lasting resilience.
