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.

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.

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.

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.

India Surges Ahead as Asia’s Art Market Splinters

Asia's fine art auction market generated $2.2 billion in total sales in 2025, a sharp decline from its $5.4 billion peak in 2021, while lot volume remained steady at roughly 61,000 works sold per year. The average hammer price has more than halved to $36,000, and the five major regions—China, India, Japan, Korea, and Southeast Asia—have diverged into distinct market trajectories. India has emerged as the standout performer with a median hammer price of $10,864 and a sell-through rate of 89 percent, while Mumbai-based auction house AstaGuru grew revenue by 138 percent and opened a London outpost. Christie's New York set records with a $13.4 million sale of a work by modernist M.F. Husain and will hold its first London sale of South Asian modern and contemporary art in seven years.

Roy Lichtenstein | Roy Lichtenstein - "I Know How You Made Me Feel, Bra… (1987) | For Sale

Artsy lists for sale a 1987 work by Roy Lichtenstein titled "I Know How You Made Me Feel, Bra…" from the artist's late-career series. The piece is being offered through the online marketplace, with no specific price or seller details disclosed in the snippet.

Une femme au balcon pour Carnavalet

The Musée Carnavalet in Paris has acquired a painting by Gustave Surand titled "Vue sur Les Halles ; côté du pavillon de la boucherie" (1890), depicting a woman on a balcony overlooking the now-demolished Les Halles market pavilions. The work was preempted at a Beaussant-Lefèvre auction on June 5 for €15,000 (excluding fees), thanks to sponsorship from the Fondation La Marck.

Tbilisi’s defining art market moment

On April 27, Tbilisi hosted its first-ever international auction dedicated entirely to Georgian modern and contemporary art, organized by Hessink’s Fine Art Auctioneers at the Museum of Modern Art. The sale featured 90 works spanning the 20th century to today and achieved a rare "white glove" result, with every lot sold. The total hammer price reached €1,019,070, exceeding €1.3 million with premiums and taxes. Notable results included Alexander (Shura) Bandzeladze's "Dream of Noah" (1989) selling for €250,000, well above its estimate, and strong performances by Mamuka Tsetskhladze, Iliko Zautashvili, Vera Pagava, Lia Bagrationi, and Guela Tsouladze. Bidders participated from the United States, the Netherlands, Belgium, Australia, Spain, and Switzerland, both in person and via online platforms Drouot and Invaluable.

Templon ferme sa galerie à New York

Templon, the prominent French gallery, is closing its location in New York. The decision marks a strategic retreat from the American market as the gallery refocuses on its core operations in Europe.

The Crisis of the Mega-Gallery Model: From an Era of Expansion to an Era of Focus

Pace Gallery, one of the world's leading mega-galleries, is undergoing a major restructuring, cutting approximately 50 artists from its roster and 50 staff positions. CEO Marc Glimcher has publicly described the current gallery model as not merely "broken" but effectively "unfixable," a statement that has sent shockwaves through the global art world. The move represents a fundamental reassessment of the mega-gallery model that has dominated the art market for decades.

LOOK: Filipino contemporary art made a strong impression at Art Moments Jakarta 2026, with two Philippine galleries reporting sold-out exhibitions during the prestigious regional art fair held on June 4-7, 2026 at the Agora Ballroom of Agora Mall. | via Wendy

Filipino contemporary art made a strong impression at Art Moments Jakarta 2026, held June 4-7 at the Agora Ballroom of Agora Mall. Two Philippine galleries reported sold-out exhibitions during the prestigious regional art fair, highlighting the growing international demand for Filipino artists.