The latest Art Basel & UBS Global Art Market Report shows 2025 sales reached just $59.6 billion after two years of contraction, still well below the 2022 peak near $68 billion. Modest 4% growth came almost entirely from high-end public auctions, which rose 9% on strong trophy consignments above $10 million, while the larger dealer sector advanced only 2% amid rising costs, tariffs, and uneven demand. Early 2026 auction data shows stronger first-half momentum in major centers, yet overall sentiment remains cautious with dealers forecasting only incremental gains rather than the roughly 9% jump needed to clear $65 billion. Persistent geopolitical and economic headwinds continue to limit broad-based expansion, anchoring trader consensus heavily toward “No.”