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.
The 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.
Art fairs and digital platforms remain central to expanding the buyer base. In 2024, fairs accounted for nearly a third of dealer sales, with major international events driving momentum. Larger dealers gained the most from this channel, while online sales plateau at close to a fifth of the global market. In Asia, flagship fairs such as Art Basel Hong Kong and Frieze Seoul, together with mobile-first e-commerce, continue to energize collectors.
Despite market softening, transaction volume heightens. Despite a 12% drop in global sales to $57.5 billion in 2024, transactions rose 3% to 40.5 million. This divergence points to a notable shift in market dynamics: activity is increasingly concentrated in the lower and middle price segments, while the top end of the market —traditionally the main driver of value, contracted significantly. Private sales outperformed in 2024, reflecting a familiar pattern in uncertain times as sellers favor discretion and price control — evidence of steady demand shifting to quieter channels.
The result is a paradoxical landscape where more works are changing hands, but at lower price points. This trend reflects both a democratization of collecting and a broader resilience in buyer demand, with new and younger collectors fueling sales at accessible levels. If sustained, this shift could rebalance the market away from its heavy dependence on high-value transactions, laying a healthier foundation for long-term growth.
Contemporary art softened while older sectors gained. Sales in contemporary art fell in 2024, reversing years of dominance, while Post-War, Modern, and Old Masters held steady or grew. Collectors gravitated toward established names and lower-priced works, reflecting both caution and limited availability of high-value contemporary pieces.
Asia’s influence now stretches far beyond the region, with young audiences in Europe and the U.S. drawn to manga, K-pop, and Asian cinema. This cultural wave has boosted tourism, raised the global profile of Asian artists, and shifted the focus of major auction houses.
BTS leader RM exemplifies this crossover: as an avid collector of artists like KAWS and Takashi Murakami, he uses his platform to bridge contemporary music and art on the global stage.
At the same time, Asian collectors themselves are broadening their tastes. While earlier generations focused on traditional ink paintings or ceramics, today’s buyers are just as likely to pay record prices for Western artists. In 2021, for instance, Jean-Michel Basquiat’s Warrior sold for $41 million at Christie’s Hong Kong — the most expensive Western artwork ever auctioned in Asia.
Artists remain the true drivers of the market. Zhang Daqian and Qi Baishi continue to dominate historical sales, while Yayoi Kusama and Yoshitomo Nara headline among living artists. Kusama alone reached nearly $166 million across 670 lots, making her the highest-grossing living Asian artist. Liu Ye, Zhou Chunya, and Zhang Enli reflect the growing breadth of Chinese contemporary art, even as younger names gain traction.
“Gen Z and Millennials have grown up in the era of the internet, they’re not afraid of the transition to online platforms and they’re interested in exploring non-traditional pathways.” – Phoebe Taylor, Asia New Zealand Foundation
Christie’s and Sotheby’s report that Asian buyers now account for about one-third of global sales, most of them are Millennials, global-minded digital natives eager to look beyond traditional boundaries. China’s early adoption of online sales proved crucial during the pandemic, making art more accessible and keeping the market resilient. Millennials now fuel demand for both classical and contemporary works, with digital platforms and social media becoming key spaces for discovery. Gen Z is quickly joining in, pushing the market toward inclusivity and experimentation, where emerging artists, installations, and NFTs share the spotlight with established masters.
Prints have become especially popular with Gen Z. Art Basel notes that in 2022, many of these collectors devoted over 30% of their net worth to art, with 72% buying through digital platforms. Unlike older generations focused on blue-chip names, they seek works tied to identity, activism, and cultural hybridity. With strong commitments to social consciousness and environmental awareness, Gen Z’s growing wealth and influence are set to steer the market toward works that embody their ideals, ensuring a future that is diverse, dynamic, and globally connected.
Asian collectors tend to focus on three leading categories: modern Chinese painting, ceramics and decorative arts, and 20th–21st century works. Prices for many pieces, especially by Chinese masters, have multiplied over the past 10–15 years, yet buyers in the region typically hold works for only six to eight years, compared with decades in the West. First-time collectors often begin with art tied to cultural heritage, such as ink paintings, porcelain, or works by figures like Zao Wou-Ki and Zhang Daqian. Their philosophy emphasizes seeing and learning widely before buying, purchasing only within one’s means, keeping works they love, and selling when tastes or circumstances change, ideally at the right time for the best return.
Asia’s art market is rapidly maturing, fueled by internationally trained artists and a new generation of collectors who are wealthier, more global in outlook, and deeply engaged with both traditional and contemporary art. Korean artists, such as Lee Ufan, are achieving record prices, while auction houses are adapting quickly — Phillips reported a 30% rise in Asian client interactions during the pandemic. Hong Kong remains the region’s beating heart thanks to its free-trade status and dense ecosystem of museums, galleries, and auction houses, while new art fairs from Seoul to Mumbai highlight Asia’s growing centrality. With under-40 collectors driving global demand, the region is no longer a rising market but an epicenter reshaping the future of art, much as America did in the mid-20th century.
Still, challenges loom. Years of speculation-driven flipping have cooled, exposing inflated prices and unsellable works, though many see this as a healthy correction. Forgery continues to pose risks, making authentication and reputable intermediaries vital. Meanwhile, the digital boom — online auctions, social media, NFTs, has expanded access but also heightened concerns over transparency and volatility. With contemporary and experimental art on the rise, saturation is another risk as countless artists compete for visibility. These pressures are pushing Asia’s art ecosystem to evolve: balancing innovation with authenticity, expanding digital platforms while protecting buyer confidence, and ensuring the market grows sustainably amid global attention.
Powered by new generations of collectors, internationally recognized artists, and the region’s embrace of digital platforms, Asia has redefined how art is bought, sold, and valued. Asia is not just keeping pace with the West — it is setting the pace.
