As the festive period draws to a close, clubs around the world will be preparing for the upcoming January transfer window.
However, they may want to tread carefully with their business after a new study revealed a collapse in top transfer values from 2024, including one Arsenal star.
Premier League clubs spent £1.75 billion in the summer and leagues such as the Saudi Pro League also spent lucratively, although not all of these deals have paid off.
According to Transfermarkt, the biggest collapse in transfer value – between January 1 and Boxing Day – was suffered by PSG star Randal Kolo Muani.
The Frenchman joined the side in a £76.4m deal from Eintracht Frankfurt during last year's summer transfer window, but his value has now dropped by £33m (€40m).
After starring for France at the 2022 World Cup, Kolo Muani was a highly sought-after name in French football. But his performances since joining PSG have left a lot to be desired.
The forward has scored just 11 goals from 53 appearances for the side and has scored just two goals from his first 10 Ligue 1 appearances this season.
Just after Kolo Muani on the list are Victor Osimhen and Leroy Sane, both of whom have suffered a drop in their transfer value of £29 million (€35 million).
Nigerian striker Osimhen has been the talk of the town this summer after being linked with a move from Napoli to Chelsea.
However, a move to England never materialized and instead, after being left out of Napoli's squad, he opted for a last-minute move to Galatasaray.
Meanwhile, Germany international Sane has seen his playing time at Bayern Munich reduced since the summer signing of Michael Olise from Crystal Palace.
Since then, Sane has made just five Bundesliga appearances for Vincent Kompany's side, scoring just three goals from a total of 11 appearances in the league.
Following Sane and Osimhen are Gabriel Martinelli, Kingsley Coman and Neymar, all of whose transfer values have reportedly fallen by £25 million (€30 million).
Arsenal striker Martinelli has been criticized in recent weeks for his difficult performances for the title chaser.
The Brazilian has scored four goals from his 15 Premier League appearances this year and questions have been raised over whether Arsenal should invest in a new winger.
Furthermore, Coman has suffered a similar fate to teammate Sane, who has struggled to find a starting spot in Bayern Munich's lineup following their summer activities.
Neymar, meanwhile, has also suffered a significant drop in transfer value after struggling with injuries since his move to Saudi Arabia.
The Brazilian joined Saudi side Al-Hilal in 2023 but made just seven appearances for the side after being sidelined due to injuries.
He made a comeback from his cruciate ligament injury in October, but then suffered another injury during Al-Hilal's Asian Champions League match.
Just outside the top 10 on Transfermarkt's list include Christopher Nkunku, Jack Grealish, Gabriel Jesus, Evan Ferguson and Kevin de Bruyne.
French striker Nkunku officially joined Chelsea on January 1 in a deal worth £53 million but has since struggled to find a place in the starting line-up.
The 27-year-old has played just two Premier League games for the Blues and is more often than not only involved in their European fixtures.
Grealish, meanwhile, has had a tough year in a Man City shirt, having failed to find the champions throughout 2024.
Brighton striker Evan Ferguson was tipped for a big-money transfer after last season, but the Irish striker is also on the periphery this year.
Like Nkunku, Ferguson has started just two Premier League matches and scored just one goal for the Seagulls in the 2024/25 season.
Finally, Kevin de Bruyne has seen a significant drop in value during a season derailed by injuries for the Belgian. The midfielder was sidelined in October and has struggled to rediscover his best form.
Another surprising name on the list is Barcelona midfielder Frenkie de Jong, whose transfer value has fallen by £16.6 million (€20 million) in the past year.
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