An artist's review: The Art Basel/UBS Global Art Market Report 2025.

by Richard Mudariki

Richard Mudariki, Economy of Scale, 2016. Oil on Canvas, tissue paper and wood. (in Iziko South African National Gallery Permanent Collection)

The global art market in 2025 stands at a critical juncture, shaped by the interplay of recovery trends, shifting collector demographics, and a volatile geopolitical climate. For art collectors in my home countries Zimbabwe/South Africa as well as across Africa, this landscape presents both unprecedented opportunities and complex risks that demand a nuanced understanding of global and regional dynamics.

According to the Art Basel and UBS Art Market Report 2025, the global market rebounded by 4% in 2024 to reach US$67.8 billion in sales. This recovery was largely fueled by high-end collectors, despite significant contractions in ultra-premium segments—sales of artworks over $10 million fell by 45%. Conversely, the more accessible bracket of works priced under US$50,000 gained ground, signaling a democratization of art investment and a shift in collector behavior. This evolution is particularly relevant to African collectors, where smaller but culturally significant acquisitions can offer both financial and heritage value.

Notably, Gen X collectors now dominate spending, while speculative millennial buyers have slowed down. Younger collectors under 40 are gaining influence, drawn to artists with market credibility and culturally resonant narratives. This generational shift aligns well with the profile of many African art buyers, who are increasingly young, digitally savvy, socially conscious, and interested in works that reflect authentic African identities.

Simultaneously, the 2025 KPMG report on geopolitical risks adds another dimension to the equation. Rising geopolitical tension, fragmented regulatory environments, and shifting global power structures have heightened uncertainty for investors across all sectors, including the arts. Trade re-alignments and new investment hubs could reshape the flow of artworks and alter the traditional Western-centric models of validation and sale. Moreover, misinformation risks, exacerbated by digital platforms, threaten transparency and trust, both of which are crucial in high-value art transactions.

In this complex environment, African collectors must develop strategies that are both locally grounded and globally informed. There is growing international demand for African art, driven by diaspora communities, global institutions, and a wider recognition of Africa's cultural capital. This moment offers a chance for emerging art collectors not only to acquire meaningful works but also to influence global narratives around value, authenticity, and provenance.

Richard Mudariki, 2020, The Bull Run, oil on canvas (in the artist's private collection)

Investing in underrepresented African artists presents both a cultural and financial opportunity. By supporting artists whose work speaks to the contemporary African experience, collectors can drive visibility and valuation from within the continent, reducing reliance on external gatekeepers. Digital platforms offer unprecedented access to global audiences and markets, allowing collectors to discover talent beyond the confines of traditional galleries.

Engaging actively with local art ecosystems - through artist led initiatives, for example artHARARE, Mbare Art Space, Post Studio Collective, Village Unhu among others - can offer collectors first-mover advantages and direct relationships with artists. This, in turn, fosters sustainability within the creative sector and strengthens the continent’s position in the global art economy.

The theory emerging from the intersection of these two reports is that the African art market will thrive through "strategic localization with global awareness." Collectors across Africa who embrace this approach - investing in local talent while remaining attuned to international market and geopolitical shifts - can not only build robust collections but also play a pivotal role in redefining the contours of the global art world.

In essence, the future belongs to those who can weave cultural integrity, digital fluency, and geopolitical intelligence into their collecting strategies. For the emerging art collectors on the continet, this is not just about buying art—it’s about claiming space in the global narrative.

Richard Mudariki is an artist and cultural producer. He hold a BA Honours in Culturtal Heritaga Management, Museology and Archaeology.