A ‘two-headed’ art market in 2025

Asked about the past year, Thomas Seydoux, a modern art adviser and keen observer of the art market, chose a single word: “Two-headed.” The mood shifted dramatically between the two halves of the year. At the start of 2025, the signals were flashing red after three years of lackluster sales. The hardline economic policies of Donald Trump and the shocks of international conflicts have sent auction sales plummeting by 8.8%, according to a report published last summer by Artnet.

Morale was just as low in galleries – at least 14 of them closed their doors in 2025. According to a barometer from the Professional Committee of Art Galleries published in July, 85% of French galleries expressed concern for their future. Even the largest players scaled back, such as the powerful Pace Gallery, which closed its Hong Kong branch. At the Art Basel fair in June, exhibitors’ transaction lists failed to mention that most sales had been concluded well before the opening. The less fortunate were left twiddling their thumbs.

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