[January 14, 2026] The global art market showed early signs of recovery in 2025 after falling to its weakest level in at least 25 years, according to new data from the MM Art Indices, which point to improving market sentiment and a rare synchronized rebound in prices across Europe and the Americas.
The findings come from the 2025 annual MM Art Indices report, released on January 14 by Cheung Kong Graduate School of Business (CKGSB) in collaboration with Bocconi University. The indices analyze more than 50,000 repeated sales auction transactions at Sotheby’s, Christie’s and Phillips between 2000 and 2025.
After reaching a historic low during the spring 2025 auction season, global contemporary art market sentiment improved modestly in autumn auctions, the report found. The rebound suggests that the delayed effects of the pandemic on bidding behavior may be easing, though sentiment remains below long-term averages.
“The increase of the art price indices for the four European countries (Italy, France, Germany and the UK) and the Americas show signals of partial market recovery,” said Mei Jianping, Professor of Finance at CKGSB and lead author of the report. “Considering the enormous wealth created by technological developments over the past 25 years, now should be a historic opportunity for collecting art.”
The report introduces two new benchmarks: the MM Contemporary Art Sentiment Index, which measures how far hammer prices deviate from pre-sale estimates, and the MM Contemporary Art Liquidity Index, which ranks artists based on auction frequency and sales success.
The liquidity index found that Joan Mitchell was the most liquid contemporary artist globally over the past 25 years, followed by Christo and Roy Lichtenstein. All three artists recorded sales rates above 90% and appeared consistently at auction, underscoring their liquidity in a rather cautious market.
Three Chinese artists — Sanyu, Wu Guanzhong, and Zao Wou-Ki — ranked among the world’s 25 most liquid contemporary artists, highlighting the international presence of Chinese modern and contemporary art despite weaker prices in the domestic market last year.
Regional price trends diverged sharply. The Asia-Africa-Oceania art price index delivered the strongest long-term growth, rising more than fivefold since 2000, driven largely by economic expansion in China and India. However, the index fell 14% year on year in 2025 and remains well below its historical peak, reflecting high volatility in emerging markets.
Europe’s art market showed limited long-term growth, with prices rising at an annual compound rate of 1.9% over the past 25 years. In 2025, however, Italy, France, Germany and the UK all recorded price increases in the same year — a rare occurrence over the past decade. Germany led the rebound with growth of 20%.
The Americas recorded moderate long-term growth but posted a sharp 25.7% year-on-year increase in 2025 after three consecutive years of decline, according to the report.
China’s art market, which has outperformed Europe and the United States over the past quarter-century, entered a consolidation phase in 2025. The MM Chinese Art Price Index has grown at an annual compound rate of 8% since 2000, but prices fell 11.7% last year following a brief spring rally. Market sentiment improved in autumn auctions, broadly tracking the global recovery. Sub-indices showed that Chinese contemporary art and oil painting outperformed Chinese modern art and ink painting over the long term, reflecting evolving international demand.
While the authors cautioned that the recovery remains tentative, the data suggest the global art market may be emerging from its deepest post-pandemic downturn.
The MM Art Indices are produced by CKGSB Professor of Finance Mei Jianping, New York University retired professor Michael Moses, Brandeis University professor Kathryn Graddy, Shanghai Academy of Social Sciences retired researcher Jiang Guolin, as well as SDA Bocconi professors Andrea Rurale and Brunella Bruno. They are designed as a scientific, transparent, and comparable framework for tracking global art market trends and promoting more rational pricing and sustainable market development.
