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The good news: The United Kingdom is still the world’s second-largest art market by value, according to the latest Art Basel & UBS Art Market Report. The not-so-good news? Since 2009, UK sales have grown just 14 percent, while the United States market has grown 51 percent.
The art market seesaw keeps tilting. This fall, many galleries with UK branches filed their annual reports with Companies House, the UK government agency that keeps records for businesses registered in the country. Some, like David Zwirner, Lisson, and Sprüth Magers, saw their turnover (the UK term for revenue) grow, while others, like Hauser & Wirth, Sadie Coles HQ, and Pace, saw it drop. There was no one-size-fits-all story for the UK market in 2025.
ARTnews pulled the filings for 10 of these galleries to get a sense of how the trade is doing.
Pace’s 2025 report showed that its international business posted a $5.6 million loss in 2025. The figures cover The Pace Gallery Limited, the London-registered company that operates the gallery’s London space and owns its subsidiaries in Hong Kong, Beijing, Seoul, Geneva, and Berlin. They do not include Pace’s US or Tokyo operations.
Turnover fell 2.6 percent, from $67.7 million in 2024 to $65.9 million in 2025. Meanwhile, cost of sales rose 12 percent, gross profit dropped $7.4 million to $12.8 million, and year-end cash on hand fell from $34.8 million in 2023 to $24.1 million in 2024 and $11.1 million in 2025.
CEO Marc Glimcher told ARTnews that the gallery is “all off the bottom” and said it had a record performance at Art Basel Paris in October, though he did not offer specifics.
“We’ve done a lot of internal reengineering of the way the companies work together. The successes we’ve had in Berlin and Japan have been very, very instructive, and we have had an extremely profitable year already in Los Angeles,” Glimcher said. “The things we’ve done are already bearing fruit, and they’re bearing fruit because the market has substantially changed.”
Lisson’s 2025 financial year ended on January 31, 2026. In the filing for its parent company, Art Holding Co. Limited, the group reported a 9 percent increase in turnover, to $130 million (£97 million) from $119.42 million (£89 million) in 2024.
The group described the period as a “year of encouragement despite the wider art market continuing to face many macro-economic driven challenges.” The gallery attributed its recovery to “a couple of challenging years coupled with a renewed focus on stock and secondary sales activities.” Lisson added in the filing that the risks and uncertainties facing the business continue to relate to “inherent volatility in the contemporary art market,” and that it mitigates that risk “as far as possible by offering work from a diverse spread of artists across a wide price spectrum to a broad range of private and institutional collectors, both in the UK and internationally.”
A spokesperson for Lisson told ARTnews that while the audit shows a decrease in profit for both Lisson Gallery London Limited and Art Holding Co. Limited, Lisson’s global gross profit has increased six percent year-on-year and the losses were largely due to non-trading foreign exchange movements.
“Lisson has been able to maintain this and recover efficiently due to a number of factors, including a renewed focus on secondary sales activities and securing distribution fees (despite significant upward inflationary pressures on freight costs),” said the spokesperson.
Hauser & Wirth’s turnover fell 13.1 percent, from $90.82 million (£68.29 million) in 2024 to $78.93 million (£59.35 million) in 2025. However, the company remained profitable in 2025, with profit up 51 percent year on year, totalling £403,318 profit for 2025 against 2024’s £266,539. In the filing, the company said its directors “have a strong belief in the future of the company and are pleased to report continuing profitability during a period of art market fluctuations.”
In the filing, the gallery also noted that the UK “represented a small element of the annual program in 2025,” with nine exhibitions and two art fair presentations there, compared with 58 exhibitions and 13 fair presentations worldwide. At Frieze London in 2025, the gallery sold about $3.36 million worth of works.
“As a global business, the UK company’s results are not indicative of the gallery’s overall performance, which includes larger markets such as Switzerland and the US,” a Hauser & Wirth spokesperson told ARTnews. “The gallery has a strong commitment to the UK, reflected in the major project underway to create a new London flagship on South Audley Street in Mayfair. 2026 has been a year of significant growth and investment for the gallery globally, including new spaces in Palo Alto, the Hauser & Wirth Publishers HQ in Zurich and Stockwell House the community-led space in Somerset as well as five new artists and estates joining the roster.”
At Goodman Gallery, which has locations in Johannesburg, Cape Town, New York, and London, turnover for the UK business rose 7 percent in 2025 to $47.3 million (£35.26 million), while pre-tax profit soared 60.8 percent to $6.37 million (£4.75 million). Cost of sales fell 2.3 percent to $31.95 million (£23.82 million).
“We anticipate healthier financial performance in the 2026/2027 financial year,” Liza Essers, owner and director of Goodman Gallery, told ARTnews.
The gallery is celebrating its 60th year in business, and the anniversary has helped drive sales, according to Essers. She added that the gallery’s most recent William Kentridge exhibition, which opened in September in London, has “surpassed expectations,” with films selling for $485,000 and works on paper priced from $250,000 to $850,000. Essers noted that the gallery had a strong showing at Art Basel Paris, including several significant sales to long-term clients from Europe, North America, and Asia. This year the gallery also launched Goodman Gallery Advisory, a secondary-market arm focused on 20th-century artists ranging from Alexander Calder to Yayoi Kusama.
Pilar Corrias saw its turnover fall 42.7 percent, from $25.76 million (£19.2 million) in 2024 to $14.75 million (£10.99 million) in 2025.
In the filing, the gallery said its main challenges were supply chain issues, market volatility, digital security, logistics such as shipping, the recoverability of debts, and foreign currency fluctuations. Looking ahead, the gallery said that for 2026 and beyond it would focus on reaching more collectors worldwide by showing at major international art fairs, investing in digital infrastructure to grow its online presence and improve security, and strengthening its relationships with private collectors, institutions, and museums.
The gallery did not respond to a request for comment.
Monika Sprüth & Philomene Magers Limited, the holding company of Sprüth Magers gallery, returned sharply to profitability in 2025, reporting a pre-tax profit of $1.83 million (£1.36 million) after a $2.34 million (£1.75 million) pre-tax loss in 2024. Turnover rose 66.2 percent to $24.77 million (£18.46 million).
The accounts also broke down turnover by region. UK turnover more than doubled, to $139,047 (£103,643) from $63,938 (£47,689) in 2024. Turnover from Europe rose 74.1 percent to $17.31 million (£12.9 million), while turnover from outside Europe rose 49.3 percent to $7.32 million (£5.45 million).
“Based on the performance in 2025 and current trading, the directors consider the company to be in a strong financial position as it enters 2026,” the filing said. “The outlook for 2026 is positive and the directors expect a similar level of performance to 2025, while recognising that results remain sensitive to market conditions and the timing of high-value transactions.”
Sadie Coles HQ’s turnover fell 10 percent in 2025 to $34.63 million (£25.81 million), but the gallery’s pre-tax profit rose 57.2 percent, from $536,279 (£399,731) in 2024 to $843,063 (£628,401).
“Careful curation of the gallery programme and the addition of new represented artists means that the company is continuing to attract new collectors and to expand its business,” the gallery said in the filing. It noted that turnover was slightly lower than in 2024, despite a significant increase in the total number of sales.
In fall 2025, Sadie Coles HQ opened a new space on Savile Row, which the gallery said has helped it “attract new artists of calibre.” The gallery added that it “is confident of continued success.”
Timothy Taylor reported turnover of $23 million (£17.21 million) in 2025, up 3.7 percent from $22.26 million (£16.59 million) in 2024. Cost of sales rose 5.9 percent to $17.4 million (£12.96 million), while gross profit fell 2.5 percent to $5.68 million (£4.24 million). In the filing, the gallery said it “intends to continue strengthening its brand presence in the UK, the US and Asia.”
2025 marked Thaddaeus Ropac’s ninth year of trading in the UK, and the gallery’s founder recently told ARTnews that he had renewed its lease on Dover Street for another 10 years. The gallery’s 2025 turnover fell 4.9 percent to $46.58 million (£34.72 million), while pre-tax profit fell 7.3 percent to $3.32 million (£2.47 million).
In the filing, the gallery said that 2025, like 2024, reflected “uncertainties around economy and sociopolitical upheavals,” but that it remained “profitable in this climate, a reflection of its strong engagement with its customers and artist and close control over costs.”
The gallery’s UK staff grew from 23 in 2024 to 25 in 2025. That year, Thaddaeus Ropac also opened a space in Milan, adding to its locations in London, Paris, Salzburg, and Seoul.
According to David Zwirner’s 2025 filing with Companies House, the gallery’s turnover rose 56 percent, from $49.72 million (£37.13 million) in 2024 to $77.51 million (£57.89 million) in 2025. The gallery attributed the $27.79 million (£20.8 million) jump in sales revenue to “increased art fair sales as well as revenue recognition timing.”
At the 2025 edition of Frieze London, the gallery reported sales led by a Chris Ofili painting for $700,000. It also sold a painting by Steven Shearer for $550,000, two paintings by Lucas Arruda priced from $320,000 to $350,000 each, a work on paper by Elizabeth Peyton for $300,000, a work on paper by Lisa Yuskavage for $180,000, and two works by Wolfgang Tillmans priced from $115,000 to $250,000. The gallery also sold works by Kerry James Marshall, Christopher Williams, Huma Bhabha, Sosa Joseph, and Frank Walter for undisclosed five-figure sums.