Artist Foundations’ Net Worth Has Nearly Tripled to $9 B., Led by Cy Twombly Foundation’s $1.5 B. in Art and Assets

New research from the Aspen Institute’s Artist-Endowed Foundation Initiative (AEFI) reveals that artist-endowed foundations in the U.S. now control roughly $9 billion in assets, nearly triple the $3.5 billion reported in 2011 and up 17% from $7.7 billion in 2018. The Cy Twombly Foundation leads with $1.5 billion in art and assets, followed by foundations for Alexander Calder, Joan Mitchell, Helen Frankenthaler, and Robert Rauschenberg, each holding over $500 million. The data, drawn from public tax forms, shows that just five of roughly 500 foundations account for more than half the total, with most established by postwar American artists born before 1931.

epstein files art deals loans llcs

Thousands of documents released by the U.S. Department of Justice reveal that convicted sex offender Jeffrey Epstein was the hidden architect behind billionaire Leon Black's multi-billion dollar art investment and financial strategy from 2012 to 2017. Epstein managed Black's vast collection, valued at $2.7 billion in 2016, setting up LLCs, negotiating loans and commissions with major auction houses and galleries, and deploying the art for tax and estate planning.

is dawn arriving for milans art scene

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.

middle east art fair race doha dubai and abu dhabi art basel

Art Basel has announced a surprise deal to launch a new art fair in Qatar next year, partnering with Qatar Sports Investments (QSI) and QC+, a subsidiary of Qatar's sovereign wealth fund and commercial arm of Qatar Museums. The fair will debut with around 50 galleries in Doha, intentionally smaller than Basel's other fairs, with a distinct character aimed at building a long-term, sustainable event. The deal comes after rumors that Basel might take over Abu Dhabi Art, and as the region's art scene intensifies, with Art Dubai recently poaching Basel's global head of gallery relations Dunja Gottwies as its new director.

kenny schachter new york fair auction recap

Kenny Schachter's article for Artnet News draws a parallel between President Jimmy Carter's 1977 energy-crisis plea to lower thermostats and the current art-market response to Trump-era tariff turmoil. He reports that the spring 2025 auction cycle generated $1.25 billion, continuing a decade-long decline from the 2014 peak, with bidders spending less and big-ticket sellers stuck. Schachter also promotes his own no-reserve auction, "Hoarder #6," scheduled for July 8–17 at Phillips, and critiques Trump's economic policies and crypto ventures, name-dropping Justin Sun as a major holder of $Trump tokens.

pace louise nevelson sculpture lawsuit

Days before a Louise Nevelson sculpture was to be auctioned at Sotheby’s in May 2022, Pace Gallery founder Arne Glimcher declared the work inauthentic, claiming it was assembled by the artist’s son, Mike, rather than by Nevelson herself. The consigner, the estate of collector Hardie Beloff, has now sued Pace Gallery in US District Court for Eastern Pennsylvania, alleging that Glimcher deliberately sabotaged the sale to protect Pace’s control over Nevelson’s market. The lawsuit centers on Glimcher’s call to Sotheby’s, where he warned the work would not be included in a forthcoming catalogue raisonné, and on a 1993 appraisal in which he had valued the same sculpture at $85,000 without questioning its authenticity.

Pace Gallery Takes Representation of Brâncuși Estate Ahead of $100 M. Sculpture Coming to Auction

Pace Gallery has taken global representation of Constantin Brâncuși's estate, announced hours before a $100 million Brâncuși sculpture, Danaïde (1913), goes to auction at Christie's. The sculpture comes from the collection of S. I. Newhouse and is among the most expensive works in New York's marquee sales. The announcement coincides with a major retrospective of the artist, organized by the Centre Pompidou, currently at the Neue Nationalgalerie in Berlin and heading to the Museum of Modern Art in New York later this year.

Ceramics Are Everywhere, in Museums, Galleries, and Fairs—Has the Market Caught Up?

Ceramics are experiencing a surge in visibility across museums, galleries, and art fairs in major US cities. The article catalogs numerous recent and upcoming exhibitions, including Kathy Butterly's sold-out show at James Cohan with pieces at $45,000 each, Nicole Cherubini's nearly sold-out show at Friedman Benda with prices up to $65,000, and Ruby Neri's work at Salon 94 peaking at $75,000. Other highlights include Ron Nagle at Matthew Marks, Theaster Gates' Gagosian show celebrating David Drake, NADA Ceramics in Tribeca, and ceramic presentations at Frieze Los Angeles, Post-Fair, Expo Chicago, and David Zwirner. Institutional shows include Toshiko Takaezu at Princeton University Art Museum and a ceramic collection at RISD Museum.

The Venice Biennale’s Polite Fiction of Being ‘Above the Market’ Is Wearing Thin

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.

jeffrey epstein leon black gagosian picasso sculpture

Newly released documents from the Department of Justice reveal that the late financier and convicted sex offender Jeffrey Epstein was deeply involved in facilitating major art transactions between mega-collector Leon Black and Gagosian gallery. The files detail Epstein's personal communications with Black's lawyers regarding the acquisition of Pablo Picasso's 1931 sculpture *Buste de Femme (Marie-Thérèse)*, a work that was the subject of a legal dispute before Black acquired it for over $115 million. Epstein also assisted in a complex $48 million swap of a Rothko painting for a Picasso through Gagosian in 2012.

kenny schachter aucton sales column

Kenny Schachter's column reveals that Jeff Bezos secretly bought Frida Kahlo's 1941 painting *Me and My Parrot* for over $130 million in a private auction hosted by Christie's in 2021, and that Mark Zuckerberg recently purchased René Magritte's 1964 painting *Le fils de l'homme* (The Son of Man) for roughly $150 million in another private treaty sale negotiated by Christie's. The article also discusses a new private auction Christie's is organizing for a major Magritte work valued north of $50 million, and critiques the growing influence of tech billionaires—the "Magnificent 7"—on the art market.

art basel miami beach 2025

Art Basel Miami Beach 2025 opened amid cautious optimism following the $2.2 billion New York auctions, with Google co-founder Sergey Brin and WhatsApp co-founder Jan Koum spotted in Miami. Dealers reported strong sales, including an $18.5 million Joan Mitchell painting at Gray purchased by dealer Lillian Heidenberg. The fair introduced a new digital art section, Zero 10, sponsored by OpenSea and curated by Eli Scheinman, aimed at attracting crypto-wealthy collectors and younger audiences. Meanwhile, Art Basel hired Elena Soboleva, formerly of David Zwirner, as global head of audience growth and intelligence to engage the next generation of collectors.

who was andrew crispo

Artnet News reports that David Hockney's 1968 double portrait *Christopher Isherwood and Don Bachardy* sold for $44.3 million at Christie's on November 17, becoming the artist's third-most expensive work at auction. The painting had previously failed to sell at Sotheby's in 1985, bought in at $570,000. Artnet's reporting revealed that the Christie's catalogue omitted the name of Andrew Crispo, a once-prominent New York dealer, from the painting's provenance. The article details Crispo's meteoric rise from a troubled youth in Philadelphia to a savvy art dealer who championed American Modernism, his important clients including Baron Hans Heinrich Thyssen-Bornemisza, and his dramatic fall due to tax fraud, a prison sentence, and the IRS seizure of his inventory.

jeffrey epstein emails leon black picasso gagosian

Newly released emails from convicted sex offender Jeffrey Epstein reveal that he discussed a plan by billionaire art collector Leon Black to purchase a Picasso painting from Gagosian gallery for $100 million. In a 2015 email to Melanie Spinella, a representative for Black, Epstein questioned the lack of a written contract for the overseas transfer, calling it 'fishy.' The emails also show Epstein advising Black on broader art purchasing strategies, including assigning agreements to family members, and offering opinions on Artspace, the online art marketplace acquired by Black's publishing house Phaidon.

vancouver art gallery and walker art center nan goldin

The Vancouver Art Gallery and the Walker Art Center have jointly acquired Nan Goldin's *Stendhal Syndrome* (2024), a slideshow-based video work with an original soundtrack. The acquisition was funded by the Curators’ Council Fund for Women Artists and the Jean MacMillan Southam Fund at the Vancouver Art Gallery. The work will make its Canadian debut at the Vancouver Art Gallery. First presented at Gagosian's New York gallery in September 2024 as part of Goldin's exhibition "You never did anything wrong," the piece pairs two decades of the artist's photographs with a personal voiceover, exploring the emotional power of art. It features images of classical, Renaissance, and Baroque masterpieces from institutions such as the Galleria Borghese, the Louvre, the Metropolitan Museum of Art, and the Prado, interwoven with portraits of Goldin's friends, family, and lovers.

auction jeffrey epstein art collection

Millea Bros. auction house in New Jersey has sold artworks and furnishings from the estate of convicted sex offender Jeffrey Epstein, generating approximately $100,000 in sales so far. The items, which include a sculpture by Arnaud Kasper and a plaster work by Tom Otterness, were photographed in Epstein's Upper East Side mansion by federal authorities. Sales began in June 2024, with a second round starting last week, though auction descriptions omit any mention of Epstein's identity, meaning buyers may unknowingly acquire pieces linked to the notorious figure. Proceeds go toward administering the estate, which must pay $121 million to the Epstein Victims' Compensation Program and has already disbursed over $50 million in direct settlements.

Contemporary Art Market Declines For Fourth Straight Year, as Old Masters and Impressionist Works Rebound: Art Basel UBS Report

Contemporary Art Market Declines For Fourth Straight Year, as Old Masters and Impressionist Works Rebound: Art Basel UBS Report

The contemporary art market has declined for the fourth consecutive year, with auction sales for postwar and contemporary works falling to $4.5 billion in 2025 from a peak of $8.5 billion in 2021. Simultaneously, the market has seen a significant rebound in more established categories, with auction sales of Impressionist and Post-Impressionist works rising 47% and Old Masters climbing 30% last year.

jack shainman gallery responds odili donald odita lawsuit

Jack Shainman Gallery has formally responded to a lawsuit filed by artist Odili Donald Odita, who accused the New York gallery of refusing to return his artworks. Odita, whose work has been shown at the Venice Biennale and who recently painted the atrium of the Museum of Modern Art, claimed the artworks were worth $1.12 million. In a late November filing, the gallery countered that it holds far less inventory than Odita alleges and that the artist still owes money for production costs. The gallery disclosed that it had paid Odita a monthly stipend starting in 2016—$14,000 per month at its peak—which stopped in 2024, and that Odita had received $586,000 in loans. The gallery claims it has the right to retain five works valued at $650,000, which were consigned to David Kordansky Gallery, and that Odita must repay over $292,000 in outstanding loans.

dog days art market

The article reports on a severe downturn in the art market during summer 2025, with gallery closures, declining auction sales, and widespread pessimism. Notable dealers Tim Blum and Adam Lindemann have shut their galleries, and a survey by France's Professional Committee of Art Galleries (CPGA) found 85% of respondents pessimistic about the sector's economic health, with turnover down 6% in 2024. The Art Dealers Association of America (ADAA) canceled its October Art Show in New York, and some dealers are considering small business loans to cover costs. Meanwhile, galleries like Goodman Gallery are embracing e-commerce to adapt.

sam gilliam foundation david kordansky gallery sued over disavowed drape painting

Drax Fine Art, LLC has filed a lawsuit against David Kordansky Gallery, the Sam Gilliam Foundation, and the late artist's widow Annie Gawlak, alleging they conspired to disavow and defame an authentic Sam Gilliam drape painting from 1972. Drax claims the work was acquired from Carl Solway Gallery in Cincinnati, installed in an architectural firm's lobby, and later purchased by Drax. The plaintiff seeks $6 million in damages, accusing the defendants of blocking an auction sale by claiming restoration efforts constituted irreparable damage. The defendants call the claims "absolutely frivolous," asserting the unsigned, undated piece does not conform to Gilliam's practice and may be a studio remnant.

the stakes are high for emerging galleries at frieze some are selling others arent as lucky

At Frieze London, emerging galleries in the Focus section face high financial pressure, with booth costs reaching £6,750 ($9,000). While some dealers reported strong sales—such as London's Ginny on Frederick, which sold out both works by Alex Margo Arden, and Brunette Coleman, which also sold out—others were reluctant to disclose results. Several unnamed dealers admitted to selling nothing or only a single work, highlighting a stark divide between success and struggle among smaller exhibitors.

why leonora carringtons otherworldly sculptures are generating interest and controversy

Leonora Carrington, the British-born Surrealist artist, has seen a dramatic revival of interest in her work, with her paintings breaking auction records and her sculptures gaining new attention. However, a bitter dispute has emerged between supporters of her later bronzes and critics questioning their legitimacy, complicating her legacy. Carrington lived most of her life in Mexico and died in 2011 at age 94, but her reputation has soared posthumously, marked by a 2015 retrospective at Tate Liverpool, her influence on the 2022 Venice Biennale, and a current retrospective traveling from Palazzo Reale in Milan to Musée du Luxembourg in Paris. Her painting *Les Distractions de Dagobert* (1945) sold for $28.5 million at Sotheby’s New York in May 2024, setting a record for a British-born female artist, while her wooden sculpture *La Grande Dame (The Cat Woman)* (1951) fetched over $11.4 million in November 2024.

marquee art sales fall 2025 christies sothebys phillips

Christie's, Sotheby's, and Phillips are holding their marquee fall 2025 sales in New York next week, with an unusually high volume of inventory. Christie's alone will offer 80 works on Monday night, and across the week 27 lots carry estimates above $10 million—a stark contrast to the tepid May sales. The season is top-heavy, with the $2 million–$5 million range considered the trickiest. Notable consignments include the estate of Leonard Lauder and the collection of Stefan Edlis and Gael Neeson, while many discretionary sellers remain absent. Day sales feature works with significant price drops, such as a Steve Parrino painting last sold for nearly $1 million now estimated at $300,000–$500,000, and an Avery Singer work that sold for $3 million in 2022 now estimated at $600,000–$800,000. Several pandemic-era speculative purchases are also returning to market at steep discounts.

sean combs sentencing art collection

Sean Combs, the rapper and record executive known as Diddy, was sentenced on Friday to 50 months in federal prison and fined $500,000 for two counts of transportation for prostitution. He was acquitted of racketeering and sex trafficking charges. The sentencing followed a trial that included testimony from his ex-girlfriend Cassie Ventura and an anonymous former employee alleging abuse. Combs apologized in court, calling his behavior "disgusting, shameful and sick." Judge Arun Subramanian noted that Combs's "immense financial resources enabled his crimes."

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The article examines the narrative that figurative painting died and made a comeback, arguing instead that it never truly disappeared. It traces the art market's pendulum swing from zombie formalism around 2014 to a surge in figurative painting by 2015, fueled by collectors seeking new, affordable works to flip quickly. The piece highlights emerging painters like Gina Beavers, Mira Dancy, Jamian Juliano-Villani, and Greg Parma Smith, and notes that the boom created auction stars whose prices later crashed, as reported in a 2024 New York Times article.

art basel 2025 sales report

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.

from the studio to the auction block morgan stanley

This article from Artnet News Pro analyzes how early auction market interest impacts the long-term prospects of contemporary artists, using data from Sotheby's, Christie's, and Phillips. It focuses on two categories: "Ultra-Contemporary" art (artists born 1975–present) and "Postwar and Contemporary" art (artists born 1900–1974). The study examines macro trends over the past 20 years and presents five case studies of living artists whose auction sales peaked at different points. Key findings show that from 2013 to 2021, sales of Ultra-Contemporary art grew by over 700%, from $91.4 million to $739.3 million, while sales for the older cohort peaked in 2014 at $6.95 billion, a modest 16% increase. The number of Ultra-Contemporary lots sold also surged by 250%.

Gulf art market feels the force of Middle East conflict

The ongoing conflict in the Middle East, involving the US, Israel, and Iran, has disrupted the Gulf region's art market. Key events like Art Dubai have been postponed, and the inaugural Frieze Abu Dhabi faces uncertainty, as the area's stability—crucial for attracting international dealers and auction houses—is now in question.

michael werner gordon veneklasen end gallery partnership

Michael Werner and Gordon VeneKlasen, partners at Michael Werner Gallery for 35 years, are dissolving their partnership at the start of next year. Werner will continue operating Galerie Michael Werner in Berlin, while VeneKlasen will launch a new international gallery called VeneKlasen, taking over the current New York, London, and Los Angeles locations. The changes take effect in February, with VeneKlasen announcing his program early next year.

labubu kasing lung art market

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.