The second edition of the SML Art Market Talent Report by Sophie Macpherson Ltd arrives amid mounting pressure on the global art sector, which is navigating an ongoing period of transactional recalibration, financial instability and geopolitical volatility. In just the past few weeks, the Guggenheim in New York announced the layoff of twenty employees—around 7 percent of its staff—citing rising operational costs, unpredictable visitor numbers and a steep decline in international tourism. Tate, too, has disclosed plans to cut approximately 7 percent of its workforce. The Brooklyn Museum, meanwhile, had already confirmed it would terminate forty-seven employees—roughly 10 percent of its staff—by March 10 to confront a $10 million budget shortfall. On the commercial side, conditions aren’t any less turbulent. Despite a $1 billion investment from the Abu Dhabi sovereign fund and extensive renovations across its Hong Kong, Paris and New York headquarters, Sotheby’s closed 2024 by laying off more than 100 employees globally, following an initial round of fifty layoffs in May.
Still, the 2025 SML Art Market Talent Report opens on a cautiously optimistic note. Eighty percent of auction house respondents anticipate an improvement in the art market this year—up 38 percent from the previous year—with galleries and art advisors echoing the uptick in confidence. The finding is consistent with ArtTactic’s Global Art Market Outlook 2025 report, published in January, which found that 23 percent of art market participants expect global market growth.
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The optimism is particularly ardent in the U.S., where 44 percent of SML respondents foresee market improvement in 2025—double the 22 percent figure recorded in last year’s survey. Still, that hopeful mood is tempered by more conservative hiring expectations, which have dropped from 36 percent to 25 percent. “While lasting improvements remain to be seen, we feel that after a period of downturn, employers are eager to drive their businesses forward in any way they can,” Rosie Allan, managing partner at SML, told Observer. “At the same time, people are keen to maintain a hopeful outlook, so even small signs of progress resonate as a step in the right direction.”
That optimism may not yet reflect the full weight of the recent executive orders that have sent shockwaves through the art and cultural sectors, including sweeping cutbacks to diversity, equity and inclusion (DEI) programs—many of which have been canceled entirely or left the roles supporting them vulnerable to elimination.
The survey published by SML draws on 1,590 responses from employers and employees across the commercial art world in forty countries, primarily in Europe, the United States and the U.K., where the agency operates. Notably, it still omits data from the fast-growing and increasingly diverse art market in Asia. However, this year’s edition has widened its scope, offering a more comprehensive look at employee satisfaction, along with detailed insights into pay structures and benefit packages across organizations.
Workers are feeling the effects of stagnation and inflation
According to the report, salaries in the United Kingdom have grown the most between 2022 and 2024, even as employer uncertainty about the market remains high. Despite those gains, employee satisfaction with remuneration declined by 19.6 percent, largely due to the rising cost of living and ongoing inflation. In the United States, earnings decreased alongside satisfaction, which dropped by 25.7 percent. European salaries—typically among the lowest in the global market—did see a spike in 2023, followed by stabilization in 2024, with employee satisfaction experiencing the smallest overall decline. Those in senior positions were notably less content, with satisfaction falling by 46.7 percent, while younger employees reported slight increases in satisfaction during the same period.
The current median salary in the U.K. is £40,000, up from £38,000 the previous year. In the U.S., average earnings held steady at around $70,000, following a decline from $75,000 in 2022. European salaries jumped from €43,500 to €50,000 in 2023 and remained flat through 2024. Pay discrepancies are closely tied to business size, with larger companies offering the highest compensation across all levels of seniority.
At the same time, 54.1 percent of employees in micro-businesses are now supplementing their base income with additional work, particularly in the U.K. and Europe. According to the report, this trend is becoming more widespread across employment categories, with supplemental income figures rising from 30.5 percent to 34.4 percent in the U.K. and from 31.9 percent to 42.6 percent in Europe. The findings reflect an ongoing normalization of art jobs that often pay less than equivalent roles in other industries.
“Economic uncertainty and cost-cutting in the U.S. may have made employers more cautious about salary increases—or even led to pay cuts in some cases,” Allan explained. “Employers and employees in the U.S. were in a holding pattern for much of 2024, waiting to see what the outcome of the elections was ahead of deciding what actions to take within their business or with their careers.”
While the report confirms that salaries in the U.S.—particularly in New York—are higher than in the U.K., that edge is largely erased by the cost of living. According to the findings, it is currently 32.8 percent more expensive to live in New York than in London, rendering the pay gap less meaningful.
According to Allan, even where salaries have increased in the U.K. and Europe, those gains were often eclipsed by inflation and the rising cost of living. “Growing salary expectations and persistent wage gaps may have fuelled dissatisfaction across all regions, as workers felt their pay was not keeping up with financial pressures.”
Salary disparities are still common
Despite the implementation of inclusion initiatives at many galleries in recent years, white professionals continue to earn the highest salaries and have greater access to better-paid roles and career advancement. Black professionals, meanwhile, earn the least in the U.K. (£26,000) and the U.S. ($67,000), although their earnings are significantly higher in Europe, where they rank third among all groups with a median salary of €48,300. “Wage disparities across ethnicity and disability may persist due to a lack of transparency in pay structures and systemic barriers that limit access to and progression within the sector,” suggested Allan. “This may indicate that the industry continues to favor those with the financial means to sustain low incomes early in their careers, those with existing connections—regardless of merit—and those who have had access to exclusive opportunities, with little to bridge these gaps.”
While Europe shows some signs of improvement in addressing racial inequality, gender-based pay disparities remain deeply entrenched. Across the commercial art world, men are still the top earners, and in Europe, they earn over 60 percent more than women. “Gender pay disparities also remain a challenge, reinforced by longstanding industry norms, perceptions of career breaks, and a ‘don’t ask, don’t get’ mentality that ultimately results in men being paid more,” Allan said.
As is often noted in the cultural sector, higher education does not reliably lead to higher salaries in the art market. This is particularly true in the U.K. and Europe, where holders of PhDs and master’s degrees often earn the same as—or less than—those with only bachelor’s degrees, as the commercial side of the industry tends to prioritize résumé experience over academic credentials. To maximize earning potential, the report suggests, individuals should focus on building experience and rising to leadership roles by their 40s and 50s, as delayed workforce entry can result in diminished earnings over time. “Higher education does not always lead to higher earnings where experience and practical skills can be as beneficial as formal qualifications,” Allan confirmed. “An oversupply of advanced degree holders can also contribute to stagnant wages, as increased competition for specialized roles limits salary growth.”
Remote work is still rare in the art world
When it comes to working arrangements, the art market remains firmly rooted in on-site operations, with only modest shifts emerging in the wake of the pandemic. While 6.8 percent of art workers in the U.S. and 4.8 percent in Europe report working remotely, the U.K. lags, with just 2.3 percent of professionals working from home. Although the pandemic did accelerate the art world’s digital transition—boosting comfort with online acquisitions (29 percent of collectors now buy digitally, and 23 percent purchase through Instagram, according to the latest Art Basel & UBS Art Market report)—the sector still depends heavily on personal interaction. As a result, 62.6 percent of respondents report working on-site most of the time, a figure that jumps to 82.7 percent among gallery employees. “Most art world jobs remain on-site because the industry relies heavily on physical presence for engagement,” Allan said. “Traditionally, art is usually experienced in person. Therefore, employers tend to prioritize in-person collaboration, networking and sales are often relationship-driven.”
As to why remote work remains least accessible in the U.K., resistance likely stems from stricter workplace policies and a deeply ingrained in-office culture. In contrast, Europe’s higher mobility and frequent cross-border business exchanges appear to support slightly more flexible arrangements. Still, these working models don’t necessarily align with employee preferences, which increasingly tilt toward greater autonomy and independence. “When employers demonstrate trust by allowing more independence, it likely increases overall job satisfaction,” posited Allan.
Given the client-centric nature of the art world, the emphasis on fixed working hours and mandates to return to the office isn’t surprising. Yet this rigidity may, in fact, stifle the creativity, initiative and innovation that more flexible structures—long embraced in the tech and consulting sectors—have been shown to encourage. It’s likely one reason employee satisfaction has dipped across all regions, as the art world struggles to evolve alongside industries that have already embraced hybrid modes and more sustainable work-life balance models.
What the future holds for workers in the art industry
As 2025 begins, art world employers are bracing for mounting challenges: tighter budgets, falling consumer spending and rising operating costs. These pressures are prompting team downsizing, role consolidation and a growing reliance on cost-saving strategies. Yet despite these constraints, the SML report offers a cautiously optimistic outlook, suggesting confidence is beginning to stabilize and early signs of recovery are emerging.
The sector, as the report notes, stands at a crossroads. But that also presents an opportunity for those prepared to adapt. For employers, this means embracing more holistic hiring practices, investing in talent with broader and more flexible skill sets, reinforcing internal structures and recommitting to diversity, equity and inclusion. For employees, the call is to reassess career priorities and work-life balance, stay agile in the face of industry shifts and invest in ongoing skill development and professional growth to remain competitive in a rapidly evolving field.
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