The art market is gearing up for a high-stakes spring season with major estate collections from S.I. Newhouse and Robert Mnuchin slated for auction at Christie’s and Sotheby’s, collectively valued at over half a billion dollars. Meanwhile, London’s spring marquee sales showed strong momentum, with Christie’s and Sotheby’s reporting significant year-over-year increases in their evening sale totals, despite a more modest performance from Phillips.
Thaddaeus Ropac, a major European blue-chip gallery, opened its seventh location in Milan in January 2025, occupying a prime palazzo previously home to Massimo de Carlo and Peres Projects. The inaugural exhibition pairs Georg Baselitz and Lucio Fontana in a show titled "L’aurore viene." The move has reignited debate about whether Milan is finally poised to become a contemporary art capital, despite past false starts and the city's stronger identity as a fashion and design hub.
Christie’s has secured a monumental Yves Klein painting, *California (IKB 71)*, for its October 23 sale in Paris. Measuring 14 feet wide, it is the largest format the artist ever made in his signature International Klein Blue (IKB) and carries an estimate of €16–25 million ($18–29 million). The work was created in 1961 and has a newly uncovered provenance: after being shown in Los Angeles at Virginia Dwan’s gallery, it stopped in New York for an exhibition with dealer Leo Castelli before returning to Paris. It has been in a New York collection since 2005 and was on long-term loan to the Metropolitan Museum of Art from 2005 to 2008.
Artnet News has published a list of the top 10 German art collectors, coinciding with the opening of Art Cologne 2015. The list includes notable figures such as Frieder Burda, who opened his own museum in Baden-Baden; Nicolas Berggruen, the "homeless billionaire" who favors contemporary American and German artists; Christian and Karen Boros, who display their collection in a repurposed Berlin bunker; industrialist Reinhold Würth, whose collection spans from Renaissance to contemporary; former dealer Désiré Feuerle, known for his eclectic mix of Khmer sculpture and contemporary art; and Hasso Plattner, co-founder of SAP and a major collector of Impressionist and modern works.
A Mark Rothko painting, *No. 15 (Two Greens and Red Stripe)* (1964), formerly owned by prominent art patron and Museum of Modern Art president emerita Agnes Gund, sold at Christie’s on Monday night for $98.4 million (including fees). The work, which Gund purchased directly from Rothko in 1967 and kept in her living room until her death last September, received about a dozen bids before hammering at $85 million to a buyer represented by Christie’s specialist Rachael White Young. The sale broke Rothko’s previous auction record of $86.9 million set in 2012 for *Orange, Red, Yellow* (1961), also at Christie’s New York.
The 61st Venice Biennale is underway, with art world figures flocking to Venice for the opening. While the Biennale is officially a non-selling curatorial platform, commercial interests are increasingly visible: galleries are funding artists' projects to recoup investments, auction houses like Christie's are hosting private selling exhibitions (including a 'Ghost Pavilion' at the Ca' Dario Palazzo), and fashion houses such as Bottega Veneta and Chanel are sponsoring events. Sotheby's has pulled support for the U.S. Pavilion, which is now crowdfunding, while Frieze is bankrolling the British Pavilion for a second time.
The latest edition of Expo Chicago has reinforced its reputation as a curator-centric fair, with more than half of its booths dedicated to curated or thematic sections. Under the leadership of new director Kate Sierzputowski, the fair integrated institutional voices directly into the floor plan through sections like 'Embodiment,' curated by Louise Bernard of the Obama Presidential Center. This strategic focus on curation and local institutional ties resulted in strong early sales, including works by María Magdalena Campos-Pons, Torkwase Dyson, and Ambreen Butt, with several pieces acquired by American institutions.
Conceptual artist Anicka Yi has joined Pace Gallery, where she will be represented in partnership with Gladstone Gallery, 47 Canal, and Esther Schipper. Known for her research-heavy practice that utilizes scents, bacteria, and robotics, Yi cited Pace CEO Marc Glimcher’s background in biology and the gallery's history with light and space pioneers as primary reasons for the move. Her work will be featured in the New Museum’s upcoming expansion inaugural exhibition, "New Humans: Memories of the Future."
At the opening of San Francisco's FOG Design and Art fair, prominent collector Komal Shah navigated the crowded aisles, stopping to chat with a who's who of the Bay Area art scene, including FOG founder Stanlee Gatti, ICA San Francisco director Ali Gass, and SFMOMA director Christopher Bedford. Shah, known for her collection focused on women artists, was scouting works with a handwritten list, considering pieces by Ruth Asawa and Joan Brown, though she passed on a $425,000 Asawa sculpture. The fair's gala serves as a fundraiser for SFMOMA, and Shah's collection is currently on view at the Berkeley Art Museum and Pacific Film Archive in the exhibition "Making Their Mark: Works from the Shah Garg Collection."
A previously unknown Renaissance portrait attributed to Hans Baldung Grien, executed in silverpoint in 1517 and depicting Susanna Pfeffinger, is expected to sell for up to $3.5 million at a Paris auction on March 23. The drawing, which measures just four by six inches, has remained in the Pfeffinger family for 500 years and was only recently discovered by Old Master drawings expert Patrick de Bayser. It is being offered by French auction house Beaussant Lefèvre and Associés and Paris gallery Cabinet de Bayser at Hôtel Drouot.
Frieze London 2025 opened with strong VIP preview sales, as major galleries reported brisk business by early afternoon. Thaddaeus Ropac sold a Robert Rauschenberg work for $850,000 and a Tony Cragg sculpture for $420,000, while Hauser & Wirth moved multiple pieces including a George Rouy for £275,000 and an Ellen Gallagher for $950,000. Gagosian sold a new Lauren Halsey sculpture before noon, and White Cube reported six sales. The fair's layout, which places mega-galleries at the back to encourage foot traffic to smaller booths, returned by popular demand.
The tenth edition of Photo London opened at Somerset House, marking a decade of growth for the UK's largest photography fair. The fair, running through May 18, has become a key event for the photography market, which has shown resilience despite broader art market declines. While global auction sales for photography dropped 5.6% in 2024 to $59 million, this was far less severe than the 27% overall art market decline, and sales volumes remained near record highs. New director Sophie Parker and cofounder Michael Benson highlighted growing interest from young collectors, though challenges remain as established galleries face an aging collector base and market uncertainty.
Artnet News and Morgan Stanley have released a report analyzing the global art auction market across four major cities—London, Paris, Hong Kong, and New York—over the period from 2013 to 2023. Total auction sales for the first half of 2024 fell to $5.05 billion, down from $7.17 billion in the same period of 2023. The report highlights a dramatic 49 percent decline in London's auction sales following the 2016 Brexit vote, while New York has maintained its dominant position, driven by blockbuster collections like those of Peggy and David Rockefeller and Paul G. Allen. Hong Kong saw growth until the Chinese property crisis in 2022, and Paris has gained ground post-Brexit, with sales up 30 percent over 2013.
Rebecca Salsbury James, an artist who mastered reverse painting on glass and colcha embroidery, is gaining renewed attention. Born in 1891 in London to parents involved in the Buffalo Bill Wild West Show, she later moved to Taos, New Mexico, where she lived until her death in 1968. She was married to photographer Paul Strand, a close friend of Georgia O'Keeffe, and exhibited at Alfred Stieglitz's gallery. Recent milestones include her inclusion in the 2025 Site Santa Fe International, a new acquisition by the Georgia O'Keeffe Museum, and a record auction price for her work at Christie's in 2016.
The second edition of the Aspen Art Fair opened at the historic Hotel Jerome with over 40 exhibitors from more than 15 countries, more than doubling its size from the previous year. The fair is one of three major events during Aspen Art Week, alongside Intersect Aspen Art and Design (now in its 15th edition) and the AIR Festival, a $20 million initiative by the Aspen Art Museum. Dealers and advisers, including Paul Henkel of Palo Gallery and Christian Gundin of El Apartamento, noted that while there are too many art fairs globally, Aspen's smaller, hyper-focused format attracts serious collectors and fosters stronger relationships. Blue-chip galleries like Sean Kelly and Marianne Boesky also participated, with Boesky having a long history in the town.
The Box, a pioneering Los Angeles gallery known for its nonprofit-style support of experimental and performance art, has announced its closure after nearly two decades. Founded in 2007 by Mara McCarthy, the gallery’s final exhibition featured late California painter Wally Hedrick, and a closing event will include a fashion show by Johanna Went. Mara McCarthy cited the shifting market for her father Paul McCarthy’s work and the loss of family homes in the Eaton Fire as factors behind the decision.
A Jackson Pollock drip painting, *Number 7A* (1948), formerly owned by media magnate S. I. Newhouse, sold at Christie’s on Monday night for a hammer price of $157 million, totaling $181.2 million with fees. The work, measuring nearly 11 feet wide, received over 60 bids in a 10-minute bidding war and set a new auction record for the Abstract Expressionist artist, surpassing the previous high of $61 million set in 2021. The winning bid was placed by a buyer represented by Christie’s global president Alex Rotter, with Swiss mega-dealer Iwan Wirth acting as an underbidder, possibly for collector Laurene Powell Jobs.
Phillips has unveiled the lineup for its upcoming Modern and Contemporary art sales in London, scheduled for March 5 and 7. The auctions are headlined by a significant group of Scandinavian masterworks from the collection of former US Ambassador John L. Loeb, led by Vilhelm Hammershøi’s "Interior of Woman Placing Branches in Vase on Table" (1900), estimated at up to £2 million. Other major highlights include a rare Andy Warhol "Mao" painting, a Banksy work formerly owned by Robin Williams, and pieces by Tracey Emin, El Anatsui, and Donald Judd.
The editor's letter for the 2025 ARTnews Top 200 Collectors issue recounts a cinematic moment at Art Week Riyadh in Saudi Arabia, where a government-affiliated collector described their role as "everyone and no one," reflecting the behind-the-scenes, museum-focused art acquisitions under Vision 2030. The issue features a report by Melissa Gronlund on the Gulf art scene, noting that Saudi Arabia is prioritizing museums and noncommercial programming before an independent market can emerge, while private collectors and foundations are also gaining ground. The article also highlights the cooling art market in Europe and the US, with collector Christen Sveaas criticizing blue-chip galleries for over-commercial pricing strategies.
The article reports on the upcoming May marquee sales at Christie’s and Sotheby’s, detailing high-value consignments from major collections. Christie’s will offer works from the estates of S. I. Newhouse (including a Brâncuși sculpture and a Jackson Pollock painting, each estimated at $100 million), former MoMA board president Agnes Gund (a Rothko estimated at $80 million), and the late dealer Marian Goodman (a Gerhard Richter estimated at $50 million). Sotheby’s counters with a Rothko from the collection of the late Robert Mnuchin (estimated at $100 million) and works from David and Shoshanna Wingate, including a Giacometti sculpture. The article also reveals previously unnamed consignors for top lots, such as collector John Sayegh-Belchatowski for a $45 million Basquiat and the Moore family for an Elizabeth Peyton painting.
Christie’s has announced that it will auction works from the personal collection of the late legendary dealer Marian Goodman during its May marquee sales in New York. The collection is headlined by seven paintings by Gerhard Richter, including the iconic 1982 work *Kerze (Candle)*, which carries an estimate of $35 million to $50 million. The total group of works from Goodman’s Manhattan home is expected to realize approximately $65 million.
Art Basel Paris opened its VIP preview on Wednesday, following a new invite-only preview called Avant Première on Tuesday. Major galleries reported strong sales, including Hauser & Wirth's $23 million Gerhard Richter abstract, the highest reported sale at the fair. Other notable sales included Julie Mehretu's $11.5 million painting at White Cube, a $4.7 million Bruce Nauman neon at Hauser & Wirth, and a $2.5 million Marlene Dumas painting at David Zwirner. Dealers noted that the staggered two-day opening helped spread out crowds and allowed collectors to return for the official VIP day, with many describing the fair as the most successful edition in Paris to date.
Art Basel 2025 in Switzerland, now in its 55th edition, opened with 289 exhibitors amid a soft and unpredictable art market. Major sales included a Ruth Asawa sculpture for $9.5 million at David Zwirner, a Gerhard Richter painting for $6.8 million, and a Keith Haring from 1983 for $3.5 million at Gladstone. The top reported sale was David Hockney's 'Mid November Tunnel' (2006) for $13-17 million at Annely Juda Fine Art. Hauser & Wirth headlined with a moody Mark Rothko from the early 1960s, while galleries adopted strategies of offering wide price ranges and diverse styles to hedge against market uncertainty.
Tina Kim Gallery has announced U.S. representation of the estate of Kim Lim, the British Singaporean sculptor and printmaker. The gallery will debut Lim's work at Art Basel in June, followed by a solo exhibition in New York in spring 2027—the first solo presentation of her work in the United States. Axel Vervoordt Gallery will continue to represent the artist's estate.
Austrian art dealer Thaddaeus Ropac is opening a new gallery in Milan, his seventh location, despite initial concerns over Italy's high value-added tax (VAT) on art, which was Europe's highest at 22 percent. The Italian government slashed the VAT to 5 percent in June after pressure from art market players, making it the lowest in the EU. The gallery, spanning over 3,000 square feet in the 18th-century Palazzo Belgioioso, opens on September 20 with a show featuring Georg Baselitz and Lucio Fontana, followed by exhibitions of Valie Export and Ketty La Rocca. Elena Bonanno di Linguaglossa will serve as executive director.
Hong Kong's major auction houses—Christie's, Sotheby's, and Phillips—concluded their March sales series with strong results, demonstrating resilience in the Asian art market. The sales were characterized by a high sell-through rate, robust bidding, and a notable shift towards collecting driven by deep knowledge and passion rather than pure speculation.
Art Basel 2025 opened on June 17 with its VIP preview at Messeplatz in Basel, Switzerland, under intense heat. The 55th edition of the fair features 289 galleries from 42 countries, including 19 newcomers, and introduces a new Premiere section for mid-sized galleries showing recent works. Despite a challenging art market, the VIP day saw packed booths, international crowds, and strong sales of six- and seven-figure works, with dealers expressing optimism. The fair also includes returning sections like Statements and Feature, plus Art Basel Unlimited for monumental works, alongside concurrent events such as Liste Art Fair and museum shows by Jordan Wolfson and Steve McQueen.
Sotheby's May 2026 auctions in New York generated $433.1 million in sales over under three hours, a 132.7 percent increase compared to the same period last spring, despite offering fewer lots. This strong performance signals a top-heavy recovery in the art market after three years of contraction. Separately, the Neue Galerie will merge with the Metropolitan Museum of Art in 2028, and Art Dubai continues despite disruptions from the U.S.-Iran war.
A Frida Kahlo painting, *El Sueño (La Cama)* (1954), sold at Sotheby’s New York for $54.7 million, setting a new auction record for the most expensive artwork by a female artist. The article, using data from the Artnet Price Database, lists the ten most expensive women artists at auction, including Lee Krasner ($11.6 million for *The Eye is the First Circle*), Jenny Saville ($12.4 million for *Propped*), Marlene Dumas ($13.6 million for *Miss January*), and Agnes Martin ($18.7 million for *Grey Stone II*).
The article recounts the author's experience at Art Basel Miami Beach 2025, beginning with a moment of reflection on the beach before the fair week's chaos. Three veteran attendees—an artist, an advisor, and a gallery owner—chose to skip the event this year, citing lackluster parties, declining collector interest in Miami compared to Paris, and poor sales attrition. Despite these doubts, the fair saw strong sales, with Hauser & Wirth reporting a 40% increase in the first three hours, and a new digital art sector boosting optimism. Pop-up exhibitions, like "The Body is The Body" at the Rice Hotel, were highlights, while Vanity Fair's party remained the most coveted invite.