The Art Basel and UBS Global Art Market Report pegged 2025 sales at $59.6 billion, a modest 4% rebound from 2024 after two years of contraction and still well below the 2022 peak near $68 billion. Early 2026 data shows stronger auction momentum, with the major houses posting robust first-half results and fine-art volumes rising sharply in some segments, yet dealer sales—the larger share of the market—have grown more modestly amid rising costs, tariffs, and selective buyer demand concentrated at the high end. This K-shaped pattern, with mid-tier galleries under pressure, underpins trader skepticism that full-year 2026 totals can clear the $65 billion threshold despite recent record lots and improved sentiment. Key near-term catalysts include fall auction seasons and year-end fair activity.