art market open door policy jeff magid
Jeff Magid, a New York, Los Angeles, and Mexico City–based art collector, plans to open Cuernavaca Tres, a public art foundation in Mexico City, in 2026. In an opinion piece for ARTnews, he argues that the current downturn in the art market—marked by declining sales and gallery closures—is not due to economic cycles or financialization, but rather a simple mismatch: there are more galleries, auctions, fairs, and artists than ever, while the number of buyers has not kept pace. Magid criticizes the luxury retail model adopted by many galleries, which prioritizes exclusivity and status signaling, and contends that this approach fails to attract enough new collectors to sustain the market.
