Art Market 2025: Why Growth at the Lower End Is Redefining the Industry

The panel wasn’t without glimmers of optimism. While acknowledging the uncertainty ahead, Art Basel CEO Noah Horowitz struck a steady, forward-looking tone: “We’re all operating in unprecedented times. The best advice is to take a deep breath and take stock of things as they unfold – because as quickly as things shift, they can evolve just as fast.” That tempered outlook echoed throughout the discussion, especially in conversations around generational wealth transfer and the slow, but steady, emergence of a new wave of collectors.

Horowitz noted that Art Basel Hong Kong saw a strong turnout, with attendance rising to 91,000 in 2024 – an increase of 10,000 from the previous year. On the fair floor, he observed a marked influx of new faces: “There was a large new audience – and they are buying,” he said. While some are beginning to engage at higher levels of the market, he acknowledged it’s still too early to gauge their long-term impact.

Hoffmann-Burchardi pointed to the urgency of onboarding new collectors, particularly as a major generational wealth transfer looms. But rather than one sweeping shift, she framed the evolution as a confluence of trends: more family-inclusive collecting, a stronger presence and purchasing power of women, and a rising emphasis on research-driven acquisitions. Together, these changes signal a new generation of collectors – more intentional, more informed, and ultimately, more resilient.