In 2024, art market sales surpassed $57 billion. While transactions of high-end artworks have slowed, sales of more affordable pieces, priced under $50,000, continue to rise. Against this backdrop, the international Art Basel fair marks its 55th anniversary as a leading event. By 2026, it will expand to Qatar.
Contemporary art fairs are becoming increasingly visible and influential as sources of income and economic impact. In the art market, these large-scale events have become essential alongside public and private auctions, as well as gallery and dealer transactions. Their impact extends deeply into the local economies of host cities (including the real estate market, cultural development, and infrastructure investment), cultural tourism, and the dynamics of the contemporary art market.
Art Basel is perhaps the best example; in its various locations—Basel, Miami, Hong Kong, and Paris—it is regarded as the most influential international art fair in the world. The Basel edition in Switzerland is set to open on June 19. Recently, its organizers announced that in 2026, the fair will also launch in Doha, Qatar, aiming to strengthen regional markets across the geopolitical regions of the Middle East and North Africa (MENA) and South Asia.
Art Basel continues to thrive, as seen in its annual attendance figures. In 2023, the Swiss city of Basel welcomed over 82,000 visitors. In 2024, the event in the US coastal city attracted more than 75,000 attendees. Meanwhile, the Asian metropolis saw 86,000 people attend over five days in 2023. Created 55 years ago by three Basel gallery owners, the fair remains the leading gauge of the sector's health. Contemporary art fairs are increasingly powerful drivers of revenue and economic impact, with Art Basel exemplifying this influence. In the art market, these large-scale events have become essential alongside public and private auctions, as well as gallery and dealer transactions. Their impact extends deeply into the local economies of host cities (including the real estate market, cultural development, and infrastructure investment), cultural tourism, and the dynamics of the contemporary art market.
Across its locations in Basel, Miami, Hong Kong, and Paris, it is regarded as the most influential international art fair in the world. The Basel edition in Switzerland is set to open on June 19. Recently, its organizers announced that in 2026, the fair will also launch in Doha, Qatar, aiming to strengthen regional markets across the geopolitical regions of the Middle East and North Africa (MENA) and South Asia.
Art Basel continues to thrive, as seen in its annual attendance figures. In 2023, the Swiss city of Basel welcomed over 82,000 visitors. In 2024, the event in the US coastal city attracted more than 75,000 attendees. Meanwhile, the Asian metropolis saw 86,000 people attend over five days in 2023. The fair, established 55 years ago by three gallery owners from Basel, continues to be the primary gauge of the sector's performance.
A $57 billion market
According to the Art Market Report 2025, jointly created by Art Basel and UBS (a multinational investment bank headquartered in Switzerland), the global art market saw sales surpass $57 billion in 2024, marking a 12% decrease from the previous year. “The main obstacle to growth was the high-end segment, while lower-priced works continue to increase”.
This view is echoed by Thierry Ehrmann, founder of Artprice and president of Artmarket.com:, “Today, the contemporary art market has returned to its pre-pandemic levels. It appears to be adjusting after gaining substantial benefits from the health crisis, including a rapid shift towards a digitalized market, which has boosted transaction volumes. When it's no longer about going faster or reaching new heights, and when high-end market records have been exhausted, sales continue to grow in the more affordable segments,” he explains in The 2024 Contemporary Art Market Report.
The increased growth in affordable artworks refers to pieces priced under $50,000. The vibrancy in this lower price segment is also closely linked to the popularity of art fairs, which accounted for 31% of total sales by art dealers. Public auctions saw a 25% year-on-year decline in 2024, while dealer sales, though more resilient, dropped by 6%. Despite the decrease in the value of the works sold, the number of transactions increased by 3% compared to 2023. In total, 40.5 million art transactions were conducted last year, with private sales by auction houses also on the rise.
New buyers at international events
The influx of new buyers is crucial for growth, as recognized by Art Basel. This trend is significantly influenced by international art fairs, which contribute to 20% of total sales. The Art Market Report 2025 notes that art fairs “remained a key source of new buyers in 2024.” Indeed, one-third of new art buyers made their purchases at these international events, as recognized by galleries.
Meanwhile, e-commerce's share of total art market sales remained stable at 18%, amounting to over $10 billion.
Noah Horowitz, CEO of Art Basel, noted in the 2025 art market report that despite the market contraction, “there are notable signs of resilience and adaptation. Art fairs have continued to play their essential role in market connectivity, with 31% of dealer sales conducted through these channels, serving as vital hubs for collector engagement and discovery.”
Horowitz also highlighted that the increase in sales at international fairs compared to 2023 underscores their enduring value for global connections. “This resilience highlights the importance of in-person viewing and the community-building fostered by fairs,” he said.