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Bank of America and ArtTactic Publish 2026 U.S. Art Market Report Highlighting Key Trends Reshaping the Art World
U.S. Accounted for 69% of Global Auction Sales Value, Highest Share in More Than a Decade
Key Findings
- U.S. auction sales at Christie's, Sotheby's and Philips rose 23% in 2025, totaling $3.17 billion, marking the first annual increase since 2022
- Second-half 2025 sales surged 54% year-over-year, reversing a weak start to the year
- Historical and blue-chip artists led the recovery, while Contemporary and Young Contemporary segments continued to correct
The U.S. art market regained momentum in 2025, with total auction sales rising 23% year-over-year to $3.17 billion, according to Bank of America's 2026 U.S. Art Market Report in partnership with ArtTactic®. The increase represents the market's first annual growth since 2022, signaling stabilization after more than two years of contraction.
"What we saw in 2025 was not a return to speculation, but a return to discipline," said Drew Watson, Head of Art Services at Bank of America, serving Bank of America Private Bank and Merrill art collecting clients. "Major collections and estates came to market in 2025, which enabled collectors to focus on quality, provenance, and long-term significance. That shift helped stabilize the market and sets a healthier foundation for future growth."
Selectivity and Quality Define the Recovery
- Fewer works, stronger outcomes: The number of lots sold declined nearly 20%, reflecting tighter supply and heightened selectivity from both buyers and sellers. At the same time, sell‑through rates reached a three‑year high, signaling improved alignment on pricing and expectations.
- Guarantees played a central role: The share of guaranteed value in New York Evening Sales climbed to 78% in 2025, the highest level of the past decade, suggesting risk aversion among consignors. Guaranteed lots outperformed their low estimates by more than 10%, a three-year high.
- Historical categories lead performance: Impressionist and Modern segments drove the rebound, while Contemporary and Young Contemporary categories continued to reprice.
- Women artists extend long‑term gains: Sales of works by women artists rebounded after a dip in 2024 and are up 105% over the past decade. Women artists also outperformed men in resale returns.
- The West leads overall U.S. art spend: Anchored by California but spanning Washington, Arizona, and more — the West accounted for 35% of art purchases in the U.S.
"The art market has recalibrated," Watson added. "That recalibration favors long-term stewardship over short-term trading, which is key given the long-term view has historically been the most durable driver of value in art."
About the 2026 Art Market Report
The inaugural U.S.-focused report draws on Bank of America's proprietary art spend data, ArtTactic's market analytics, and economic insights from Bank of America's Chief Investment Office. Together, these sources provide a data-driven view of how Americans buy, sell, and value art across auction categories, regions, and price segments.
Q&A: Understanding the U.S. Art Market
Question: What drove the 23% increase in U.S. auction sales in 2025?
Answer: The increase was driven primarily by a strong second half of the year, led by major single-owner sales, renewed demand for historical artists, improved sell-through rates, and supportive macroeconomic conditions.
Question: Does this mean the art market has fully recovered?
Answer: Not yet. While sales rose in 2025, totals remain below 2021–2023 levels. The recovery is uneven, with strength concentrated in historical and blue-chip segments.
Question: Which categories performed best?
Answer: Impressionist and Modern works led the recovery. Contemporary and Young Contemporary segments continued to experience price corrections.
Question: How did guarantees affect the market?
Answer: Guarantees played a significant role in 2025, providing downside protection for sellers and helping bring high-quality works to market. The market is more reliant on guaranteed lots than ever, with share of guaranteed value in New York Evening Sales climbing to the highest level of the past decade at 78% in 2025.
Question: What is the outlook for 2026?
Answer: Bank of America's Art Services Group anticipates a stable environment with potential for continued growth, supported by resilient high-income consumer spending, a lower interest rate environment and wealth creation and transfer — though risks remain from market volatility and economic uncertainty, with particular vulnerabilities apparent in the market for Young Contemporary artists and the small- to mid-tier galleries that support them.
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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ArtTactic
ArtTactic is a progressive and agile art market analysis firm that offers dynamic and bespoke market intelligence on the fast-paced and ever-changing global art market.
Since 2001, we have been a pioneer in art market data and analytics. Our research, which covers a wide range of global art markets and industries, can be accessed primarily through our intricately designed reports. Our courses, podcast, editorial and art market talks and events are additional ways we like to present and discuss our findings. ArtTactic's research is used the world over by industry professionals, students, and enthusiasts alike for the purposes of valuation, risk measurement, customer and business intelligence, strategic decision making, and education.
We take our data seriously. In fact, ArtTactic was the first art market research company to use crowd-sourcing as the main tool for collecting qualitative and quantitative data on the art market. Today, we continue to build a global art market intelligence network and have further expanded our crowd sourcing initiatives through ArtTactic Forecaster, an online platform that enables art market enthusiasts and professionals to compete against one another in predicting sales results for artworks coming up at auction. We believe that growing a pool of accessible art market data through different initiatives, like Forecaster, will allow for more transparency in the art market.
Reporters may contact
Julia Ehrenfeld, Bank of America
Phone: 1.646.855.3267
julia.ehrenfeld@bofa.com
Lindsay Dewar, COO & Head of Analytics, ArtTactic
Important Disclosures
Bank of America Corporation ("Bank of America") is a financial holding company that, through its subsidiaries and affiliated companies, provides banking and non-banking financial services.
Bank of America Private Bank is a division of Bank of America, N.A., Member FDIC and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").
Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of BofA Corp. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").
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Investing involves risk including possible loss of principal. Past performance is no guarantee of future results.
The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., ("Bank of America") and Merrill Lynch, Pierce, Fenner & Smith Incorporated ("MLPF&S" or "Merrill"), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp.").
Bank of America and its affiliates do not provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
The proprietary data provided by Bank of America and included in this report reflects only transactions and insights derived from Bank of America's internal systems and client activity. It does not represent the entirety of the art market and should not be interpreted as comprehensive market coverage. Readers should exercise caution in interpreting this data and are encouraged to seek additional context or verification where appropriate.
ArtTactic shall not be liable for any errors or inaccuracies in this report or for any actions taken in reliance on information or opinion contained in this report.
Report contents represent the opinion of ArtTactic and state of affairs only as at the date the report is prepared and may quickly become out of date.
Information in this report is to be used for general research purposes only. It does not represent any form of investment or trading advice and should not be used as such. Any statements referring to the desirability of holding, selling, or buying are general opinions and not recommendations to buy or sell any item or artist.
Further specialist advice, where necessary from authorized investment professionals, should be sought regarding the appropriateness of buying or selling any works of art or implementing any of the strategies discussed or recommended in this report. Information in this report does not have regard to the specific business or investment objectives, financial situation or other particular needs of any person. Any buying and selling of works of art could result in a person losing money.
Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources.
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