Arne Glimcher’s $50M Pollock Falls Flat in Sotheby’s Private Auction—and More Art Industry News

Sotheby's attempted a private auction of Jackson Pollock's "Number 19, 1951" at its Manhattan headquarters on June 2, with an asking price of $50 million, but the sale collapsed due to insufficient bidders. The work was owned by Pace Gallery founder Arne Glimcher, and Sotheby's star auctioneer Oliver Barker was flown in from London for the event. In other news, Pace Gallery downsized by cutting 50 artists and laying off 50 staff, Sotheby's London announced a Lewis Collection sale headlined by a Modigliani estimated at over £45 million, and Freeman's appointed Muys Snijders as CEO. The British Art Fair returns to Saatchi Gallery in September, and Art Basel released its "Basel Exclusive" artist list.

Sotheby’s Quietly Tried to Sell Arne Glimcher’s Pollock for $50 M.—It Didn’t Go as Planned

Sotheby's secretly organized a private auction for Jackson Pollock's "Number 19, 1951," owned by Pace Gallery founder Arne Glimcher, with an asking price of $50 million. The sale was held at the Breuer Building in Manhattan with unusual secrecy, including flying in star auctioneer Oliver Barker from London and sending a recorded pitch to prospective buyers. However, Sotheby's could not secure enough bidders, and the auction was ultimately called off; the painting's current whereabouts remain unclear.

Nazi-looted Georg Kolbe fountain breaks German artist's auction record

A fountain by German sculptor Georg Kolbe, titled *Tänzerinnen-Brunnen* (Dancer’s Fountain), sold for a record €4 million (with fees) at Villa Grisebach’s summer auction in Berlin on June 4. The work had been in the collection of the Georg Kolbe Museum since the 1970s, but after a research project initiated in 2024, the museum deaccessioned and restituted it to the descendants of its original commissioner, Heinrich Stahl, a prominent Jewish community member murdered in the Theresienstadt ghetto. The fountain, commissioned in 1922, features a bronze dancer and limestone figures of Somali men, reflecting colonial representational conventions. The sale broke Kolbe’s previous auction record of €1.4 million, also set at Grisebach last year.

‘Scandalous’ $60 Million Modigliani Nude Headlines Sotheby’s Lewis Collection Sale

Sotheby's announced that Modigliani's 'Nu assis au collier' (1917), estimated at £45 million ($60.6 million), will headline the single-owner auction of portraits from British billionaire Joe Lewis's collection. The painting, one of only seven full nudes from Modigliani's scandalous 1917 solo show that was shut down by police for indecency, returns to auction for the first time in over 30 years. Sotheby's specialist Oliver Barker noted rising interest in Modigliani, citing Johnny Depp's 2024 biopic and a new catalogue raisonné by Marc Restellini. The work last sold in 1995 for $12.4 million and will be offered on June 24, with public viewing in London from June 10–23.

Pace Gallery Downsizes, Cutting Artists and Staff

Pace Gallery, a major force in the contemporary art market, is cutting approximately 50 artists and estates from its roster of over 130 names and laying off about 50 of its 250 staff members. CEO Marc Glimcher announced the downsizing, citing a broken gallery model and a prolonged downturn in the market for contemporary art. The gallery plans to focus on around 80 artists going forward, dropping names such as Keith Coventry, Glenn Kaino, teamLab, and John Gerrard, while retaining recent additions like Anicka Yi and the estate of Constantin Brancusi. Pace will continue to participate in major art fairs, including Art Basel in Switzerland.

Emily Sargent’s Watercolors Arrive at Auction After Decades Hidden in a Trunk

A cache of 19 watercolors by Emily Sargent, the sister of famed painter John Singer Sargent, is heading to auction at Dreweatts in Newbury, England, on July 7, with an upper estimate of £102,000 ($137,000). The works were discovered in a forgotten trunk in 1998 by a descendant, and over a third of the original 440 watercolors have since been donated to major U.S. and U.K. museums. The sale also includes seven works by John Singer Sargent, bringing the total estimate to £489,000 ($658,000). Emily Sargent, who suffered from a childhood spinal injury, began painting in her 30s and traveled extensively with her brother, producing accomplished watercolors that showcase her skill with composition and light.

Citing “Unfixable” Gallery Model, Pace Makes Deep Cuts to Artist Roster, Staff

Pace Gallery has cut fifty artists from its roster of 135 and eliminated fifty of its 250 staff, according to a New York Times report. The layoffs were announced before staff were notified, with a town hall scheduled for the following morning. CEO Marc Glimcher stated that the current gallery model is "unfixable" and that Pace is returning to its roots by focusing on around 80 artists, including an intergenerational mix. Among the dropped artists are Glenn Kaino, Keith Coventry, John Gerrard, TeamLab, and several others, while the gallery retains its blue-chip status alongside Gagosian, Hauser & Wirth, and Zwirner.

Templon Gallery Shutters New York Branch

Templon Gallery has closed its New York branch in Chelsea, becoming the latest international dealer to downsize its presence in the city amid a prolonged art market downturn. The Paris-based gallery, founded in 1966 by Daniel Templon, opened its 6,500-square-foot space in 2022 but decided to leave after the landlord demanded a substantial rent hike as the lease neared renewal. Mathieu Templon, who oversaw the New York operation, said the gallery was paying $55,000 a month and that the increase was unsustainable. The closure follows similar moves by London-based galleries Stephen Friedman and Timothy Taylor, which also shuttered New York locations after expanding during the post-pandemic boom.

Undersung Surrealist Maria Martins’s Market Is Finally Catching Up

On May 14, Rago Wright auction house sold Maria Martins's bronze sculpture *Impossible* (1946) for $3.17 million with fees, far surpassing its presale estimate of $150,000–$200,000 and shattering the Brazilian Surrealist's previous auction record. Martins, who died in 1973, had only 22 works appear at auction since 2003, with most sales occurring in 2025. The sculpture, considered her most important work, exists in three iterations, with one at MoMA in New York and another at the Museum of Modern Art in Rio de Janeiro. The sale attracted a dozen phone bidders, nine absentee bidders, and three online bidders.

A Kennedy-connected Stiehl box and a pair of Van Huysum still-lifes: our pick of the June auctions

The article highlights four notable lots coming up for auction in June 2025. These include a rare gold and hardstone 'Steinkabinett' box by Christian Gottlieb Stiehl from the collection of Maurice Tempelsman (Sotheby's, New York), two Jan van Huysum still-life paintings estimated at around £3 million each (Christie's, London), a Maynard Dixon painting from actress Diane Keaton's collection (Bonhams, New York), and a William Morris glass hanging from the estate of Tina Hills (Phillips, New York). Each piece has a distinctive provenance, from historical royal ownership to celebrity collecting.

Comment | As Pace slashes business, could shrinking be the next growth model?

Pace Gallery is cutting its workforce from approximately 250 to 200 staff and dropping up to 50 of its 135 artists, including teamLab, David Goldblatt, and Grada Kilomba. CEO Marc Glimcher described the current mega-gallery model as “unfixable,” citing unsustainable expansion and rising primary market costs. The gallery will maintain its global presence across seven locations, though it has not confirmed any space closures. This move follows the closure of Tiwani Contemporary in London and Lagos, whose founder Maria Tanava cited rising operational costs and market uncertainties.

Mega Gallery Pace is Dropping Some 50 Artists, 50 Staff in ‘Model Correction’

Pace Gallery, a mega gallery with seven locations worldwide, is laying off approximately 50 staff members and dropping about 50 artists from its roster. CEO Marc Glimcher announced the gallery will refocus on 85 artists, down from 135, calling it a "model correction" and a return to the gallery's roots. The news was first reported by the New York Times, though Pace sources said the story ran early, causing confusion among staff. Artists now missing from the gallery's website include Keith Coventry, TeamLab, John Gerrard, and Glenn Kaino, who expressed that the gallery's model was "optimized for a vision of the art world that never materialized."

La galerie Pace réduit drastiquement la voilure

Pace Gallery CEO Marc Glimcher announced a major restructuring in the New York Times, cutting 50 artists from its roster (reducing from 135 to 85) and laying off 50 staff members. The mega-gallery, which operates in six countries and seven cities, aims to refocus on established blue-chip artists like Julian Schnabel, David Hockney, and Pablo Picasso, while dropping less familiar names such as teamLab, Keith Coventry, and John Gerrard. Artist Glenn Kaino confirmed his departure, citing a divergence in vision.

Private Jackson Pollock Auction Falls Apart at Sotheby’s: Report

Sotheby’s attempted a private auction for Jackson Pollock’s *Number 19, 1951* on June 2 in New York, with an asking price of $50 million. The painting is owned by Pace Gallery founder Arne Glimcher. The sale failed after the auction house could not attract enough bidders, and Sotheby’s chairman Oliver Barker reportedly sent a video to prospective buyers noting Glimcher’s reluctance to sell. The auction was called off entirely, marking what sources describe as Sotheby’s first significant attempt at a private auction.

Almine Rech now represent Keita Morimoto

Almine Rech has announced representation of Japanese artist Keita Morimoto in New York and Paris. Morimoto, born in Osaka in 1990, immigrated to Canada in 2006 and earned his BFA from OCAD University. Now based in Tokyo, he is known for night cityscapes and portraits that blend Baroque lighting, American Realism, and pre-modern Genre Painting. His inaugural solo exhibition with the gallery took place in New York in 2025, and his work will be shown at Art Basel in Switzerland in June 2025, with a solo exhibition planned for Almine Rech Paris in 2027. The gallery also noted recent institutional acquisitions of his work.

Pace Cuts 50 Workers and 50 Artists, Citing a “Broken” Gallery Model

Pace Gallery has laid off 50 staff members and cut 50 artists from its roster, reducing its artist representation by 30% and its workforce by about 20%. CEO Marc Glimcher described the move as a "model correction," stating that the current gallery model is "broken" and "unfixable." The cuts come amid ongoing market uncertainty and the collapse of crypto-backed art ventures, in which Pace was an early participant. Affected artists include French photographer JR, painter Damian Loeb, media artist Rafael Lozano-Hemmer, and the estates of Richard Avedon and Keith Sonnier. The gallery declined to comment on specific staff cuts or provide a list of affected artists, leading to confusion among employees.

Mass Cuts at Pace Gallery

Pace Gallery has laid off 50 workers and cut 50 artists from its roster, representing about a fifth of its staff and a third of its artists. CEO Marc Glimcher described the move as a “model correction,” stating that “the current gallery model isn’t only broken, it’s unfixable.” The cuts come just years after the gallery opened a $100 million flagship building in Manhattan’s Chelsea neighborhood and positioned itself as a leader in the crypto art space.

Now even the mega galleries are in crisis. Pace Gallery cuts both staff and artists from its stable: "The system no longer works"

Ora entrano in crisi anche le mega gallerie. Pace Gallery taglia sia staff che artisti della scuderia: “Il sistema non funziona più”

Pace Gallery, one of the world's largest and most influential art galleries, has announced a major downsizing: it will cut 20% of its staff (50 out of 250 employees) and reduce its artist roster by 50, from 130 to approximately 80 represented artists and estates. CEO Marc Glimcher stated that the current gallery model is not just in crisis but "impossible to repair," citing excessive commercialization, corporate impersonality, and unsustainable overhead from multiple global locations and dozens of art fairs. The cuts come amid a broader 2025 downturn for commercial galleries, contrasting sharply with recent high-value auction sales in New York, highlighting a disconnect between the primary and secondary markets.

Fountain from Kolbe Museum auctioned for four million euros

Brunnen aus Kolbe Museum für vier Millionen Euro versteigert

A bronze and travertine fountain by German sculptor Georg Kolbe, titled "Tänzerinnen-Brunnen" (Dancer Fountain, 1922), was auctioned at Grisebach in Berlin for €4 million, far exceeding its estimate of €1–1.5 million. The fountain, which stood in the garden of the Georg Kolbe Museum, had been restituted to the heirs of Heinrich Stahl, a Jewish insurance director who was murdered in the Theresienstadt concentration camp. Stahl had commissioned the work from Kolbe for his villa; the family was forced to sell the property under value during the Nazi era. The museum returned the piece to the heirs, who then chose to sell it at auction. The buyer's identity was not immediately disclosed, and it remains unclear whether the fountain will remain on public view.

"Das gesamte Galeriewesen ist zu groß geworden"

The Pace Gallery is cutting 50 jobs and dropping 50 artists, a move the New York Times calls perhaps the clearest sign yet of a fundamental shift in the art market. CEO Marc Glimcher says the entire gallery system has become too big, too commercial, too impersonal, and too entrepreneurial. The cuts represent about 20% of Pace's workforce. Meanwhile, a new wave of artist agents is emerging, offering career planning, museum introductions, and estate management as galleries struggle with rising costs, falling attendance, and a turbulent market. Former gallerist Jon Horrocks calls this a 'zeitgeist moment,' and consultant Allan Schwartzman notes that galleries have become more transaction-focused since the pandemic, while artists seek strategic guidance.

$3.7 million Cecily Brown painting to lead upcoming Christie’s London sale.

Cecily Brown's painting *The Haunter* (2010) will lead Christie's Post-War to Present sale in London on June 25th, with an estimate of £2.2 million–£2.8 million ($2.95 million–$3.76 million). The work has been held in the same private collection since 2011. The auction coincides with a major exhibition of Brown's work at London's Serpentine Galleries. In November 2025, a new auction record was set for Brown when her painting *High Society* (1997–98) sold for a higher sum.

Call my agent: why artist management companies are making a comeback

Artist management companies are making a comeback as the traditional gallery model faces upheaval. Recent launches include Cristopher Canizares's Artist Legacy Bureau (after leaving Hauser & Wirth), Dina Mostovaya's Sensity Studio in London, Julia Bassiri's Art+Mgmt in Miami, Anne Verhallen's KUNST Agency, Spencer Young in New York, and Jon Horrocks's agency focused on museum partnerships. These agents operate without physical spaces, keeping overheads low, and offer sliding-scale fees for services like career development, estate planning, and museum acquisitions.

Jurassic Art—5 Artworks That Bring Dinosaurs Back to Life

Artnet News highlights five artworks from the Artnet Gallery Network that creatively reimagine dinosaurs, ranging from Scott Daniel Ellison's ghostly sauropod painting to Christian Voigt's eerie dinosaur photograph, The Connor Brothers' ironic text-and-image piece, M.C. Escher's optical illusion dragon, and Jean-Michel Basquiat's Pez Dispenser featuring a T. Rex. The article notes the enduring cultural fascination with dinosaurs, citing the $6.6 billion box office of Jurassic Park and Jurassic World films and the upcoming Sotheby's auction of a T. Rex fossil expected to fetch $20–$30 million.

Nora Turato creates three exclusive editions for Monopol

Nora Turato schafft drei exklusive Editionen für Monopol

Nora Turato, a Croatian-born artist known for her intense, language-driven performances, has created three exclusive screenprints on Plexiglas for Monopol magazine and Zurich-based Edition VFO. The editions explore the heart as an empty yet charged symbol, featuring the speculative text "I could be, I could live, I could love." Turato, who studied art in Amsterdam and typography in Arnhem, has exhibited at major institutions including MoMA in New York, the Secession in Vienna, and the Stedelijk Museum in Amsterdam.

A Drawn Letter for the Rubenshuis

Une lettre dessinée pour le Rubenshuis

The Rubenshuis in Antwerp has acquired a rare double-sided sketch by Peter Paul Rubens, consisting of a draft letter written in September 1607 to the painter Cristoforo Roncalli (known as il Pomarancio) on one side, and a quick drawing of three men in antique tunics on the other. The sheet was exhibited at TEFAF Maastricht in March by the London gallery Day & Faber, and was purchased by the King Baudouin Foundation, which has deposited it at the Rubenshuis. The museum is currently closed for renovation until at least 2030.

FAD NEWS: Pace Gallery to cut around 50 Artists & 50 staff in major restructuring

Pace Gallery is undergoing a major restructuring that will see approximately 50 artists dropped from its roster and around 50 staff positions eliminated, as first reported by The New York Times. The move represents one of the most significant recalibrations among the world's mega-galleries, with Pace leadership describing it as a strategic effort to create a more sustainable business model amid rising operational costs and a softer global art market. The gallery plans to focus more intensively on a smaller group of artists while streamlining internal operations, marking a notable shift for a gallery that has spent much of the last decade expanding internationally.

Two Sales at Sotheby's Paris

Deux ventes chez Sotheby's Paris

Sotheby's Paris is holding two sales in June 2026: a live auction on June 9 and an online sale running through June 10. The live sale features two notable 17th-century French paintings with unusually low estimates: a portrait of Sister Angélique Arnauld by Philippe de Champaigne (estimated €60,000–80,000), a previously unseen autograph replica of a work in the Louvre, and a portrait of Nicolas de Brisacier by Nicolas Mignard. The Champaigne portrait is particularly significant due to the sitter's role as abbess of Port-Royal and the artist's connection to Jansenism.

Is the Mega-Gallery Model Collapsing?

Pace Gallery, a leading mega-gallery, announced it will cut its workforce from approximately 250 to 200 employees and drop as many as 50 of its roughly 135 represented artists. This restructuring signals a potential crisis in the mega-gallery model. Separately, Sotheby's will auction a "scandalous" Modigliani nude, estimated at $60 million, from the collection of billionaire Joe Lewis, while the Artnet Price Database reports that Asia's fine art auction market is undergoing a sharp recalibration, with regional price disparities at their widest in a decade.

Is Betting on the Art Market a Terrible Idea?

Prediction market platform Kalshi has launched a section dedicated to art markets, allowing users to bet on outcomes such as whether Andy Warhol will break his auction record this year or if Gustav Klimt's "Portrait of Gertrud Loew" (1902) will sell for more than $40 million at Sotheby's. The platform, regulated by the US government, positions itself as a democratizing force that lets retail investors speculate on an otherwise inaccessible asset class, though trading volumes have been modest compared to other markets like celebrity wedding bets. Competitor Polymarket has hosted similar predictions for years but lacks a dedicated art betting product and is unregulated.

Follower of Hieronymus Bosch Painting Sells for Over 10 Times High Estimate in Strong Week for Old Masters in New York

A small painting of hell by a follower of Hieronymus Bosch sold for $537,600 at Sotheby’s in New York, more than ten times its high estimate of $30,000–$50,000, after a six-minute bidding war among ten bidders. The result came during a strong week for Old Masters sales, with Christie’s Old Masters and 19th Century Paintings sale totaling nearly $7 million (89% sell-through rate) and Sotheby’s similar sale reaching $6.4 million (92% sell-through rate). Other standout lots included Francesco Glielmo’s *Elijah and the Angel* ($114,300 against a $15,000–$20,000 estimate), Aert van der Neer’s moonlit landscape ($120,650), and a drawing by Giulio Benso ($53,760, over 13 times its estimate).