One of the Art Market's Biggest Secrets, Revealed

What a difference 12 months makes! After years of declining sales in the auction realm, there are finally signs of life. The Artnet Intelligence Report: The Year Ahead 2026 reveals that global auction totals were up 13.3 percent in 2025 versus 2024. The full report, rich with new findings, is now available as a crisp PDF. The price? Free. (We hope that its contents will inspire you to subscribe to Artnet Pro, and to partake of the Artnet Price Database.) In the report’s cover story, “Dark Mode,” Artnet’s Art Detective columnist, Katya Kazakina, delves into the intriguing and shadowy world of private auctions, where big-league paintings (and cars, jewelry, and more) trade behind closed doors, for enormous sums. In some cases, only certain collectors are invited. Many in this clandestine business seem to enjoy it, and Kazakina charts the major players and their strategies. Meanwhile, in wide-ranging interviews, an auctioneer (maverick Joe Maddalena), an auctioneer-turned advisor (powerhouse Patti Wong), and an auctioneer-turned dealer (rainmaker David Schrader) share their insights on the changing state of play in public salesrooms. And Margaret Carrigan, who helms The Back Room newsletter for Artnet Pro, marshals data to explain the state of play in the art industry. There is more: Here’s the download link once more. On this week’s Art Angle podcast, Kazakina sat down with Andrew Russeth, Artnet Pro’s editor, to discuss private auctions, the Intelligence Report, and what to expect at the big May sales in New York.