Explore how the global art market is recalibrating amid shifting economic and geopolitical conditions in this recorded panel discussion, drawing on insights from The Art Basel and UBS Global Art Market Report 2026, authored by cultural economist Dr Clare McAndrew, Founder of Arts Economics.

Dr McAndrew opens the discussion with an overview of the report’s key findings, highlighting a return to growth in alongside significant differences in experience across regions and market segments. As she notes, “Growth has returned, but it’s qualified. What we’re seeing is a market that is adjusting, with very different experiences depending on where you sit.”

The discussion is moderated by Melanie Gerlis, Financial Times art market columnist, and brings together Noah Horowitz, CEO of Art Basel, and Paul Donovan, Chief Economist of UBS Global Wealth Management. Paul offers a macroeconomic perspective on why the art market behaves differently from other sectors, observing that “Art is not a commodity. It’s shaped by passion and emotion, and that’s why the art market behaves differently from almost any other market.”

Together, the panel explores market resilience, shifting collector behavior, rising costs across the art ecosystem and the impact of the great wealth transfer. Reflecting on periods of uncertainty, Noah Horowitz underscores the market’s capacity to evolve: “In moments of uncertainty, the art market recalibrates. New voices, new geographies and new collector groups emerge, and that’s how the market moves forward.”