Asia, once a marginal presence in international auctions, has, in just two decades, grown into a powerhouse that rivals — and in some areas, even outpaces the West. Back in 2000, China represented just 1% of the global art trade. By 2021, China and South Korea had pushed that share close to 40%, drawing Christie’s, Sotheby’s, and Phillips to aggressively expand in the region. The result: Asia is no longer the periphery of the art world. It is the center and the future.How Asia Became the Art Market’s New EpicenterThe 2025 Art Basel & UBS Art Market Report shows global sales fell 12% to $57.5 billion in 2024, but Asia weathered the downturn better than Europe. The region’s democratization (more sales at lower price points) kept activity buoyant. Smaller galleries proved more resilient than top-tier players. Dealers with turnover under $250,000 saw sales jump 17% — a sharp rebound for a segment that had lagged post-pandemic and rarely thrives in downturns. By contrast, sales of artworks over $10 million fell 39% at auction, shrinking their share of market value. Sales under $5,000 rose 7% in value and 13% in volume, helping sustain overall market activity despite weakness at the top.
