Struggling art market could offer historic purchasing chances, according to CKGSB and SDA Bocconi
In a groundbreaking development, the Cheung Kong Graduate School of Business (CKGSB) and SDA Bocconi School of Management have jointly launched the MM Art Indices, a comprehensive, data-driven analysis of the global art market. These indices, based on long-term auction data from Sotheby's, Christie's, and Phillips since 1873, provide detailed regional benchmarks to shed light on current trends and long-term growth rates across major art markets.
The latest release of the MM Art Indices reveals some intriguing insights. **Asia-Africa-Oceania** leads the pack with the strongest long-term growth at a compound annual growth rate (CAGR) of 7.7%, primarily driven by China and India’s rapid yet uneven expansion. However, the region experienced a 6.4% decline in Spring 2025.
**The Americas** market, on the other hand, demonstrates notable volatility but rebounded sharply by 31.7% in the recent spring auction cycle, reflecting a postwar expansion dynamic.
**Europe** exhibits more modest long-term growth with a CAGR of 2.3%, but the market showed a 22.4% increase in the latest period, nearly recovering losses from the pandemic era. Europe's market is characterised as mature and stable.
Notably, **the Chinese art market** rebounded by 9% in Spring 2025 after a substantial 48.2% drop since its 2020 peak, indicating some level of recovery yet ongoing volatility.
These regional differences highlight broader economic and demographic shifts influencing art market dynamics worldwide. Mei Jianping, a CKGSB Professor of Finance, stated that these patterns reflect deeper economic shifts.
Brunella Bruno, Professor of Finance at SDA Bocconi, added that the MM Art Indices help bridge the gap between cultural value and market performance, while Andrea Rurale, Director of Intensive Program in Art Markets and Finance at SDA BOCCONI, emphasised that they offer much-needed transparency to the art market.
For long-term collectors, the current market conditions could represent a strategic entry point into the art market, as the 10-year rolling returns on art turned negative in 2023-2024, which is the worst in 70 years.
Under the newly launched agreement, the Art Market and Finance Monitor at SDA Bocconi will be developed, and CKGSB and SDA Bocconi have also agreed to co-develop new tools, including European country-level indices and sentiment metrics.
The MM Continental Art Price Indices span Asia-Africa-Oceania, Europe, and the Americas, and the MM Art Indices present these MM Continental Art Price Indices, the first-ever comparative, long-term art price benchmarks constructed according to artists' birthplaces.
These indices offer a valuable tool for institutional investors seeking to assess market performance in a sophisticated and historic context. As the art market continues to evolve, the MM Art Indices provide a crucial resource for understanding its dynamics and trends.
Investing in the art market could be a strategic move for long-term collectors, as the 10-year rolling returns on art turned negative in 2023-2024, marking the worst returns in 70 years. Additionally, the MM Art Indices, which offer comprehensive, data-driven analysis of the global art market, can provide a valuable tool for institutional investors seeking to assess market performance in a sophisticated and historic context, particularly as the art market continues to be influenced by broader economic and demographic shifts.
