art market minute feb 23
The art market is witnessing a significant shift in the commercial viability and valuation of performance art. While the medium has been sold in various forms for years, its increasing presence at major art fairs and galleries suggests a new era where collectors are beginning to prioritize the documentation and rights to live works as legitimate assets.
Sotheby's Asia faces another leadership shake-up as Elaine Holt departs her role as chairman of modern and contemporary art in Asia after just one year. Jasmine Prasetio, Sotheby's managing director for Southeast Asia, will relocate to Hong Kong to serve as interim chair. Meanwhile, European galleries Meyer Riegger and Galerie Jocelyn Wolff are partnering to open a new space in Seoul called Meyer Riegger Wolff, led by Gala Musi, with an inaugural show during Frieze Seoul. Design Miami will make its Asian debut in Seoul, and London-based artist Firenze Lai has joined White Cube's roster. In Taiwan, the Taichung Green Museumbrary, designed by SANAA, is set to open in December, and the Gwangju Biennale Foundation has appointed Youn Bummo as its new president.
The article examines the meteoric rise and current cooling of the market for Labubu, the Nordic fanged monster character created by artist Kasing Lung. After a decade of slow development, Labubu exploded in popularity through Chinese toy blind-box manufacturer Pop Mart, leading to record auction sales in 2025. Yongle Auction in Beijing organized the world's first themed Labubu sale, where a mint-green sculpture sold for RMB 1.242 million and a painting, 'Pure' (2021), fetched RMB 1.61 million, setting successive records. The frenzy attracted a diverse range of buyers, from streetwear collectors to traditional ceramics enthusiasts, many of whom share their purchases on social media platforms like Douyin.
Christie’s is holding its 20th and 21st Century Art auctions in New York this November, featuring masterpieces by David Hockney, Mark Rothko, Pablo Picasso, Lucian Freud, and Richard Diebenkorn. The sales include works from distinguished private collections such as The Collection of Robert F. and Patricia G. Ross Weis, Elaine: The Collection of Elaine Wynn, the Edlis | Neeson Collection, and the Arnold and Joan Saltzman Collection. A free public exhibition runs from 7–20 November at Christie’s Rockefeller Center galleries, with live auctions on 18 and 20 November, including an Impressionist & Modern Works on Paper Sale and a Post-War & Contemporary Art Day Sale. Highlights include Edgar Degas’ pastel *Danseuses sur la scène* (c. 1879), a Joan Miró from 1942, and a Frida Kahlo painting with a storied exhibition history.
Sotheby's underperformed with the highly anticipated Saunders Collection of Old Masters, which was estimated at $80–120 million but sold for only $65.4 million, falling $14.6 million short of its low estimate. The sell-through rate was a dismal 58%, with 16 of 43 lots failing to sell in the standalone auction. Christie's also saw disappointing results, with a smaller sale totaling $6.89 million, 17% below its low target. The collection, amassed by the late banker Thomas A. Saunders III and his wife Jordan, was billed as the most valuable Old Masters collection ever to come to auction.
Maurizio Cattelan has launched a participatory artwork and sales campaign titled 'The Confessional,' where people can call a hotline to submit their sins for his consideration. Selected participants will be invited to a livestreamed event on April 23 where Cattelan, acting as a priest, will absolve them. The project is tied to the re-release of his controversial 1999 sculpture 'La Nona Ora,' a miniature wax figure of Pope John Paul II struck by a meteorite.
The Museum of Modern Art (MoMA) has acquired the 35 individual paintings, drawings, and video works that comprised Adam Pendleton's monumental installation *Who Is Queen?* (2019-21), which was on view in the museum's atrium from 2021 to 2022. The installation explored Pendleton's conceptual framework of "Black Dada," a term he first outlined in his *Black Dada Manifesto* (2008), and included works such as *Notes on the Robert E. Lee Monument, Richmond VA (Figure)* (2021), a film reflecting on the 2020 racial justice protests. The acquisition marks a significant institutional commitment to Pendleton's practice, which continues to evolve in his current exhibition at the Hirshhorn Museum and Sculpture Garden in Washington, DC.
Maurizio Cattelan ouvre une hotline pour nous absoudre de nos péchés par WhatsApp
Italian provocateur Maurizio Cattelan has launched "The Confessional," an international hotline allowing participants to confess their sins via WhatsApp, SMS, or voice notes from April 2 to April 22, 2026. This participatory performance culminates in a livestream on April 23, where Cattelan will personally grant absolution to selected participants. The project coincides with the release of a limited edition of 666 miniature replicas of his infamous 1999 sculpture, "La Nona Ora," which depicts Pope John Paul II being struck by a meteorite.
Un Rosso pour le Metropolitan
The Metropolitan Museum of Art in New York has acquired a painting by Rosso Fiorentino, a master of Italian and French Mannerism, after restoration revealed an earlier overpaint that had obscured the composition. The work, a Virgin and Child, now shows Saint John the Evangelist in the foreground at right, confirming it as an original by the artist.
The article highlights several notable artworks heading to auction and art fairs in September 2024. These include M.F. Husain's "Untitled (Horses)" (1971) at Christie's New York, estimated at $100,000–$150,000, following a record-breaking sale of another Husain work earlier this year. Also featured are Leonor Fini's embroidered cat mask (around 1960) at Weinstein Gallery during Independent 20th Century in New York, Dorothea Tanning's "Katchina and Her Soul" (1951) at Sotheby's London, and Alberto Giacometti's "Small Head of Elsa Schiaparelli" (around 1935) at FAB Paris.
TikTok Shop has launched a new "fine art" category within its collectibles section, allowing artists to sell original artworks directly through shoppable videos, photographs, and livestreams. The category debuted with a three-hour live sale by artist Sophie Tea, who created a series of 20 oil paintings titled *Bric-a-Brac* and sold them for £2,800 each. The sale faced technical glitches—items added to baskets were prematurely marked as sold, causing confusion—and required workarounds for TikTok's pricing caps, automatic discounts, and shipping policies.
The Houston Livestock Show and Rodeo School Art Auction set new records at its 2026 event, with student artworks attracting unprecedented bids from donor groups. The grand champion piece, a painting titled 'Between Boots and Moccasins' by Pasadena Memorial High School senior Joshua Washington, sold for a record $525,000, nearly doubling the previous year's top sale. The auction, held at NRG Arena, showcases artwork selected from a statewide competition involving over 200,000 students, highlighting the program's scale and impact on young Texas artists.
A rope used to pull down the statue of slave trader Edward Colston in Bristol during a 2020 Black Lives Matter protest, along with a Banksy T-shirt given to one of the 'Colston Four' defendants, is being auctioned by Auctioneum Ltd. The lot is expected to fetch between £10,000 and £15,000 in a specialist sale on December 29, 2025. The four protestors were acquitted of criminal damage in 2022 after a jury trial.