After two years of contraction, the U.S. art market closed 2025 with a somewhat unexpected resurgence. Auction sales climbed 23% year over year, propelled by major estate collections, renewed demand for historical names, and a surge of activity in the year’s final months. Yet beneath the headlines lies a far more nuanced story - one that speaks to shifting tastes, regional realignments, and an evolving definition of value in today’s market.

The 2026 U.S. Art Market Report, produced by Bank of America and ArtTactic, is our first comprehensive study focused solely on the American art market and its structure, behavior, and performance. Drawing on proprietary spend data, auction analytics, and economic insights from the Chief Investment Office for Merrill and Bank of America Private Bank, the report illuminates where momentum is building, where pressure points persist, and how collectors are navigating a market that rewards discernment more than speculation.

Related podcast with Drew Watson, Managing Director and Head of Art Services at Bank of America