NEW YORK, March 9, 2026, 14:02 (EDT)
Bank of America reported Monday that the U.S. art market staged a rebound in 2025, with auction sales at Christie’s, Sotheby’s and Phillips reaching $3.17 billion—a 23% jump from the prior year. That’s the first annual uptick since 2022, based on the latest report from the bank and ArtTactic.
BofA rolled out its art consulting service for Private Bank and Merrill clients less than three weeks ago, expanding on offerings like art lending, consignment, and estate-planning help. Back in February, Reuters noted a trend: more collectors are choosing to borrow against their art rather than put it on the market.
This is significant, given the sheer volume of capital locked up in art. According to Reuters, which cited Deloitte, ultra-high-net-worth individuals held $2.56 trillion worth of art in 2024. Banks and family offices expect about a third of that art will change hands to younger generations within the next ten years. Last year, roughly 70% of wealth managers noted a pick-up in demand for loans backed by art.
BofA noted a sharp pickup late in the year, with sales in the back half of 2025 jumping 54% year over year. The U.S. accounted for 69% of all global auction value, its highest proportion in over ten years, according to the bank. Historical and established artists drove the recovery, while prices for newer contemporary names continued to adjust.
“2025 wasn’t about renewed speculation—it was discipline coming back,” said Drew Watson, who heads art services at Bank of America. According to Watson, significant collections and estates hitting the market nudged buyers to focus again on quality, provenance, and pieces with lasting importance. Bank of America
Watson flagged the change back in February, when the bank launched the service. Speaking with Reuters, he called it “a very interesting moment” to watch for long-term shifts as heirs and fresh investors began steering market preferences. Reuters
The report noted that while the number of works sold dipped, a greater proportion ended up with buyers. Guarantees—those minimum-price safety nets for sellers in case of weak bidding—made up 78% of the total value at New York’s evening auctions, the largest slice in ten years.
BofA isn’t the only bank eyeing affluent art buyers. UBS, which operates its own art advisory division, will release the Art Basel & UBS Global Art Market Report on March 12. J.P. Morgan and Citi also pitch art financing or advisory offerings to their private-bank customers.
But the bounce isn’t evenly spread. According to BofA, overall sales are still running behind where they were from 2021 to 2023. Gains are mostly showing up in time-tested categories; newer contemporary names and the smaller galleries haven’t shaken off the latest volatility. The bank noted its report partly relies on internal client data, not a comprehensive market survey.
Bank of America slipped roughly 3.1% in afternoon trading in New York. Citigroup fell even harder, off 3.3%. JPMorgan lost 1.6%. Wall Street broadly retreated, pressured by climbing crude prices and inflation worries.
