Regional art markets gain ground as global hubs face protectionist pressures

The Art Basel & UBS Art Market Report shows that regions outside the US, UK, and China increased their share of the art market from 17% in 2015 to 24% in 2025. This shift is driven by nationally protective regulations like Brexit and tariffs, which have stifled trade in contemporary works. South Korea and Switzerland grew their markets last year, while Japan and Australia saw upticks in 2024. The US market remains dominant at 44% share, but artist Josh Kline notes that New York's concentration means dealers rarely visit cities like Pittsburgh or Portland. The essay argues that a multi-polar world could foster local culture and ecological sustainability, reducing reliance on international travel. However, the war in Iran and potential US geopolitical decline pose risks. The next generation of wealth is more evenly distributed globally, with greater gender parity, potentially leading to balanced art ecosystem support. The author calls for moving away from reliance on multi-million-dollar sales, as the system below is struggling unsustainably.