Sarah Harrelson on the art market correction: 'Are we back? No. But is it better? Yes.'
Dec 8, 2025 with Sarah Harrelson
Key Points
- Harrelson says the art market is still below peak volume, but the correction has removed speculative excess rather than killing serious demand.
- She heard from galleries that 2025 Basel fairs were strong, with Miami net positive for many dealers even though the broader market is not fully back.
- She sees Los Angeles as culturally weaker post-fires, with lower foot traffic and tougher gallery economics than during the city’s earlier upswing.
Summary
Sarah Harrelson, founder and editor-in-chief of Cultured Magazine, says the art market has gone through a real correction rather than a collapse. Speculative frenzy is gone, but committed collectors are still active, several galleries reported strong Basel results in 2025, and Miami was net positive for most dealers she spoke with. Her view is that total sales are still down from peak levels, yet the reset is healthy because it is washing out the least durable demand and forcing galleries to focus on serious buyers.
Harrelson also describes Los Angeles as being in a tougher moment culturally and commercially. Since the 2025 fires, foot traffic is weaker, many people who could leave have left, and galleries are feeling real economic pressure from expensive space and softer local demand. The market is not fully back, but it is improving, and the durable part of the collector base is still buying through the downturn.