Mathieu Borysevicz, founder of Shanghai's Bank gallery, launched a six-month pop-up on New York's Lower East Side earlier this year, aiming to introduce his program to new audiences amid growing Asian art interest in the city. By mid-summer, however, Borysevicz observed a sharp market downturn as collectors withdrew, reflecting a broader trend of gallery closures, lawsuits, and fair cancellations that have marked a turbulent period for the art world.
The Felix Art Fair kicked off LA Art Week at the Hollywood Roosevelt Hotel, drawing significant crowds despite logistical hurdles. While long lines for elevators slowed the initial flow of visitors to the upper floors, exhibitors reported steady interest and early sales. New York-based dealers faced particular challenges arriving for the opening due to a major Nor’easter that disrupted flights across the East Coast, forcing many to finalize their booths just hours before the VIP preview.
Art Basel Miami Beach 2025 has lost at least eight exhibitors from its main sector since the fair released its initial list over the summer. Among the dropouts are blue-chip galleries including Miguel Abreu, Chantal Crousel, Alison Jacques, Peter Kilchmann, Edward Tyler Nahem, Luisa Strina, and Lia Rumma, as well as Shanghai's BANK gallery. Two galleries, Altman Siegel and Tilton, closed entirely between the list's release and the present. Kasmin changed its name to Olney Gleason and will still participate. Reasons for withdrawal vary: Miguel Abreu chose a solo presentation at Frieze Masters over Miami, citing a "less than stellar" experience the previous year and the burden of three fall fairs. The fair's contract imposes escalating financial penalties for late withdrawals, with galleries owing 50% of their fee after August 1 and 100% after October 1.