The modest 4% rebound to $59.6 billion in 2025—still well below the 2022 peak—sets a high bar for reaching $65 billion in 2026, and traders see the recovery as too narrowly concentrated to clear it. High-end public auctions drove most of the 2025 gain, with lots above $10 million surging and the three major houses posting a record $6.8 billion in first-half 2026 sales, including standout results like the $181 million Pollock. Yet the dealer sector grew only 2%, many mid-tier galleries reported flat or declining sales amid rising operating costs and tariffs, and lower-price segments continued to contract. This K-shaped pattern, coupled with persistent geopolitical and trade uncertainties, leaves the broader market vulnerable to missing the threshold even if late-2026 auctions remain strong.