The US art market showed signs of life in 2025. Auction sales rose 23 percent from the previous year to about $3.17 billion, according to a new report from Bank of America and the analytics firm ArtTactic . But the rebound did not come from a surge in demand. Instead, it was driven largely by major estate consignments, renewed interest in well-known historical artists, and an auction system increasingly supported by financial guarantees.

Yes, the market appears to be stabilizing, but in a very different form than the speculative boom that defined the early years of this decade.

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As a whole, the report suggests the art market is entering a more cautious phase. The surge of speculation that pushed prices for younger artists to precipitous levels earlier in the decade has started to fall flat. More than ever, auction houses are relying on financial guarantees to secure major consignments.…