The UK remains the world's second-largest art market, with sales rising from £2.6 billion in 1996 to £8 billion in 2025. But the British Art Market Federation's new report, The British Art Market 1996-2025, shows that recent growth has been slower than in competing markets.
Since 2009, UK art sales have grown by 14%, compared with 114% in the United States and 51% globally. Even so, the UK accounts for about half of Europe's art market and 18% of global sales, behind the US at 44%.
A diverse market, with a concentrated top end
The report estimates that around 7,610 dealers and galleries operated in the UK in 2025, generating £4.6 billion in sales. About one-third were based in London, and 89% of businesses recorded sales of £1 million or less. Art fairs contributed 37% of dealers' sales.
Auction houses generated £3.3 billion, or 42% of art-market sales by value. While most fine-art lots sold for less than $5,000, works priced at $1 million or above made up 55% of auction sales by value. The UK also held a 38% share of the global Old Master market. The sector contributed an estimated £1.5 billion in tax revenue in 2025.
The figures map a market with deep cultural and commercial reach, while highlighting the value of broadening participation and strengthening its international connections. How the UK adapts could help shape the next chapter of the global art economy.
