BEIJING and MILAN, July 16, 2025 /PRNewswire/ — Amid a cooling global art market, a new suite of data-driven tools offers investors a rare edge. The Cheung Kong Graduate School of Business (CKGSB) and SDA Bocconi School of Management have jointly launched the MM Art Indices, a pioneering set of indices tracking global art market performance and provide institutional-grade analysis.
Building on the success of CKGSB’s MM Chinese Art Indices (launched in 2023), the new MM Art Indices present MM Continental Art Price Indices, the first-ever comparative, long-term art price benchmarks constructed according to artists’ birthplaces, spanning Asia-Africa-Oceania, Europe, and the Americas.
According to the MM Art Indices, based on auction records (since 1873) from Sotheby’s, Christie’s, and Phillips across major global cities, Asia-Africa-Oceania recorded the strongest long-term growth, with a CAGR of 7.7%, despite a 6.4% decline in Spring 2025. The Americas rebounded sharply by 31.7%, while Europe increased by 22.4%, nearly recovering pandemic-era losses, though its long-term growth remains more modest at 2.3% CAGR. “These regional patterns reflect deeper economic shifts,” said Mei Jianping, CKGSB Professor of Finance. “Europe’s market is mature and stable, while the Americas show postwar expansion and volatility. Asia’s growth, driven by China and India, is rapid but uneven.” The Chinese art market rebounded by 9% in Spring 2025, despite a 48.2% drop from its 2020 peak.
By combining the Sotheby’s Mei & Moses Index (1928–2000) with the MM Art Indices (2000–2024), researchers found that 10-year rolling returns on art turned negative in 2023-2024–the worst in 70 years. “We’re seeing a rare alignment of market conditions that suggest art may be undervalued on a historical basis,” said Mei. “For long-term collectors, this could represent a strategic entry point into the market.”
CKGSB and SDA Bocconi have signed an MOU to co-develop new tools, including European country-level indices and sentiment metrics, under the newly launched Art Market and Finance Monitor at SDA Bocconi. “The MM Art Indices bring much-needed transparency to a market that has traditionally lacked standardized benchmarks,” said Brunella Bruno, Professor of Finance at SDA Bocconi. “By applying rigorous financial methodologies, we’re helping bridge the gap between cultural value and market performance,” added Andrea Rurale, Director of Intensive Program in Art Markets and Finance at SDA BOCCONI.
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