At the top of 2025, the outlook for the art industry was pretty bleak, and art insiders' worst fears were, in some cases, more than realized. By now, if you're paying any attention to the movements in the art market you have been hearing the drumbeat of bad news: Galleries shuttering, a lot of the buying energy drying up, some fairs shriking operations, and the secondary market stuttering.

But the picture is, as usual, quite nuanced depending on how you look at it. There were some upsides to the slowdown in the hype and the speculation gamification of art seems to be over, which some art insiders say is not the worst thing. Things seemed to turn a corner in the closing months of 2025, which included a successful fall New York auction week and a stronger-than-expected edition of Art Basel Miami Beach.

Following two years of a down market and declining sales, the world’s two leading auction houses Christie’s and Sotheby’s reported at the close of the year, upticks in total projected revenue for 2025. So is the wind back in the sails? After years of downturn, has the art market changed in permanent ways? What major shifts can we expect in 2026?

Senior editor Kate Brown is joined by Marc Spiegler to consider these questions.

For those who don’t already know, Spiegler led Art Basel from 2007 to 2022, and the brand saw a major expansion under his tenure. Currently, he works on a portfolio of cultural strategy projects with major foundations, private corporation, including digital and experiential endeavors. Spiegler has long been a visiting professor in cultural management at Università Bocconi in Milan and launched the Art Market Minds Academy.