A market with a solid foundation, but comparatively weak recovery
The report "The British Art Market 1996–2025" by the British Art Market Federation (BAMF), prepared by Arts Economics under Clare McAndrew, paints a clear picture: With an increase from £2.6 billion in 1996 to £8 billion in 2025, the UK remains the second-largest art market in the world. However, the growth is comparatively weaker: Since 2009, British sales have only increased by 17%, while the US market grew by 114% and the global market by 51%.
Global position and European dominance
With a share of 18% of the global market, the United Kingdom is significantly ahead of France (around 8%), but far behind the USA (44%). Within Europe, the British market accounts for about half of all sales.
Structure: Dealers, galleries, and auction houses
Small businesses shape the market
In 2025, there were around 7,610 dealers and galleries, about one-third of them in London, with a combined turnover of approximately £4.6 billion. The number of companies grew by about one-third since 2003. Almost 90% achieved sales of up to £1 million – an indication of the dominance of small structures.
Auction houses central to market volume
Among the approximately 3,500 auction houses, 1,170 houses generated 42% of the revenue – a total of £3.3 billion – and increased by 8% in 2025 compared to the previous year, but remained 20% below the peak of 2023. While 78% of the sold lots were under $5,000, 45% of the revenue came from lots between $1–10 million, and works over $1 million accounted for 55% of the revenue in less than 1% of the transactions.
Trade Dynamics: Imports, Exports, and Diversification
Imports fell by 45% from 2015 to 2025, despite long-term growth since 2000. Exports increased by 46% since 2000, but decreased by 48% year-on-year in 2025 – partly due to uncertainties such as US tariff declarations under Trump.
More importantly: Dependence on the US market decreased: Export shares to the USA have significantly reduced since 2000, and imports from the USA have also shrunk. Exports are more diversified today: In 2025, larger shares went to France (10%), Switzerland (11%), and the Netherlands (6%).
Culture, jobs and state revenue
The art market is economically sustainable: In 2025, it supported around 8,780 companies and 53,290 jobs, brought the state about £1.5 billion in taxes, and generated significant demand for services. According to BAMF, about 62,800 visual artists were also supported.
Outlook: Challenges and Trends
- Regulatory hurdles: Complex regulations particularly burden small businesses. BAMF calls for relief to maintain competitiveness.
- Age and genre shift: Old Masters are experiencing a revival, modern and contemporary art remains impactful – global trends show a turn towards established works.
- Resurgent auctions: Public auctions benefited from top sales in 2025 – globally, the art market achieved overall growth of 4% to $59.6 billion, auctions increased by about 9%.
- Digital transformation: Online sales declined, yet remain relevant – especially in lower market segments.
Summary: A Market in Transition
The British art market remains stable and significant, especially in Europe. However, growth is weaker in international comparison – characterized by regulatory challenges, trade changes, and more fragmented structures. Auctions and galleries secure the foundation, while digitalization and market trends open up new opportunities. Political frameworks, particularly debureaucratization and customs policy, are key for future growth.