Mathieu Borysevicz, founder of Shanghai's Bank gallery, launched a six-month pop-up on New York's Lower East Side earlier this year, aiming to introduce his program to new audiences amid growing Asian art interest in the city. By mid-summer, however, Borysevicz observed a sharp market downturn as collectors withdrew, reflecting a broader trend of gallery closures, lawsuits, and fair cancellations that have marked a turbulent period for the art world.
The article reports on the rapid expansion of the Gulf art scene, with a packed calendar of events from November to March including Abu Dhabi Art, the Diriyah Contemporary Art Biennale, Noor Riyadh, Desert X AlUla, Art Basel Qatar, Art Dubai, and the Sharjah Biennial. Institutional buying is surging as Abu Dhabi prepares to open its Guggenheim, Qatar Museums acquires for the Art Mill, and Saudi Arabia buys for multiple planned museums. The number of collectors is also growing, driven by a "Covid bounce" of high-net-worth individuals relocating from Europe and India to tax-efficient Dubai and Doha, with 6,700 millionaires moving to the UAE in 2024 alone.
Art Collaboration Kyoto announced 72 exhibitors for its fifth edition, with 25 first-time participants. Patti Wong, former Sotheby's executive, launched New Perspectives Art Partners with Ed Dolman, Brett Gorvy, and others. Art Fair Tokyo's 20th edition saw sales of ¥2.86 billion, down 10% from last year. Lisa Horikawa and Mizuki Takahashi were appointed co-curators of Japan's pavilion at the Venice Biennale. The Sharjah Art Foundation named Angela Harutyunyan and Paula Nascimento curators of the 17th Sharjah Biennial. YDP, a new non-profit space in London, will open with a solo show by Duan Jianyu. At Sotheby's London, Yu Nishimura's painting sold for £292,100. Hong Kong collector Adrian Cheng resigned from New World Development's board.
Art Basel Hong Kong 2026 drew 91,500 visitors and featured 240 galleries at the Convention and Exhibition Centre, alongside over 100 galleries at Art Central, three new boutique fairs, four new art spaces, multiple auction previews, and dozens of institutional shows and gallery openings. Despite a challenging 2025 that saw mega-galleries Pace and Perrotin close their Hong Kong spaces and auction results hit an eight-year low, blue-chip galleries reported strong sales, including David Zwirner’s USD 3.8 million sale of Liu Ye’s "Snow White" (2006) and Hauser & Wirth’s USD 2.95 million sale of a Louise Bourgeois work. The prevailing sentiment among collectors and gallerists was cautious optimism, with the phrase "Are you surviving?" overheard frequently.
Sotheby's London contemporary evening sale on Tuesday brought in nearly £62.5 million ($84 million), within its pre-sale estimate of £55 million to £74 million. The 48-lot sale achieved an 83% sell-through rate, with five works selling for over £5 million each, led by Tamara de Lempicka's 'La Belle Rafaëla' (1927) at £7.4 million and Pablo Picasso's 'Nu assis dans un fauteuil' (1964–65). The auction saw strong bidding for a Basquiat work on paper, 'Untitled (Indian Head)', which sold for £5.4 million, and a standout result for Yu Nishimura's 'through the snow' (2023), which tripled its high estimate at £230,000.
Le marché asiatique porte Art Basel Hong Kong
Art Basel Hong Kong 2026 concluded with strong attendance and significant sales, demonstrating the fair's central role in the Asian art market. The event attracted over 91,000 visitors and featured 240 galleries, with a strong presence from the Asia-Pacific region, Europe, and the United States. Major international galleries like Gagosian, Hauser & Wirth, and David Zwirner reported multimillion-dollar sales of works by artists such as Louise Bourgeois, Liu Ye, and Marlene Dumas, alongside notable transactions for works by Tracey Emin and Antony Gormley.
Sotheby's Hong Kong sold 125 works from Japan's Okada Museum of Art in a white-glove auction on Saturday, netting $88 million (plus fees). The sale set auction records for Japanese artists Kitagawa Utamaro and Hokusai, with Utamaro's *Fukagawa in Snow* fetching $7.1 million and Hokusai's *The Great Wave Off the Coast of Kanagawa* selling for $2.8 million. The collection was sold by museum founder Kazuo Okada, an 83-year-old billionaire, to settle a $50 million legal bill stemming from a long-running feud with casino magnate Steve Wynn. Okada's law firm, Bartlit Beck, successfully pursued the fee in binding arbitration after Okada contested the amount.
Sotheby's will auction Maurizio Cattelan's solid gold toilet sculpture, *America* (2016), during its evening sale of contemporary art in New York on 18 November. Bidding starts at approximately $10 million, based on the current market value of the 18-karat gold used in the work. The piece, a fully functioning toilet modeled after a standard Kohler design, will be on view at Sotheby's Breuer Building from 8 to 17 November, though visitors will not be allowed to use it. This is the only surviving edition; another was famously stolen from Blenheim Palace in 2019 and believed melted down.
Christie's and Sotheby's held their spring marquee auctions in Hong Kong and Shanghai, timed to coincide with Art Basel Hong Kong for the first time. Christie's evening sale of 20th and 21st century art in Hong Kong achieved HKD 560 million (USD 72 million) with a 95% sell-through rate, led by Jean-Michel Basquiat's *Sabado por la Noche (Saturday Night)* (1984) at HKD 112.6 million. Other highlights included a new artist record for Zhang Enli's *Intimacy* (2002) at HKD 23.4 million, and strong sales for works by Yayoi Kusama, Zao Wou-Ki, and Adrian Ghenie, though most lots sold near their low estimates.
The Museum of Modern Art (MoMA) in New York has acquired eight CryptoPunks and eight Chromie Squiggles for its permanent collection, donated by multiple collectors including ARTnews Top 200 Collector Ryan Zurrer and others. The works, both generative NFT projects on the Ethereum blockchain, were added through MoMA's Media and Performance department and will be displayed alongside new media art. CryptoPunks, launched by Larva Labs in 2017, are considered the first major NFT collection, while Chromie Squiggles were created by Erick Calderon (Snowfro) as the first project on ArtBlocks.
Bob Ross paintings shattered auction records at Bonhams New York's American Art Online auction (July 28–August 7, 2025). Two mountain landscapes by the beloved "The Joy of Painting" host sold for $95,750 and $114,800, with the latter more than doubling its high presale estimate. The previous record of $69,300 had been set just weeks earlier at Eldred's auction house for a painting originally purchased for $250 at a PBS auction in the 1980s.
Sotheby’s June Modern and contemporary art evening sale in London netted £50.8m (£62.5m with fees) from 48 lots, with an 87% sell-through rate, falling below the pre-sale estimate of £55.2m to £81.1m and marking a 25% decrease from last year’s equivalent sale. The top lot was Tamara de Lempicka’s *La Belle Rafaëla* (1927), which sold for £6.1m (£7.4m with fees), while a Jenny Saville drawing *Mirror* (2011-12) achieved an auction record for the artist at £1.7m (£2.1m with fees). Several high-profile works were passed, including Egon Schiele’s *Portrait Study (Head of a Girl, Hilde Ziegler)* and Barbara Hepworth’s *Vertical Forms*, reflecting cautious bidding in a bearish market.
Three original paintings by beloved American television icon Bob Ross were auctioned at Bonhams on Tuesday, selling for a combined total of $600,000. The works—Cliffside (1990), Home in the Valley (1993), and Winter's Peace (1993)—were among the top lots in a California and Western art sale. Proceeds from this and future sales of 30 Ross canvases will benefit American Public Television, a nonprofit syndicator affected by federal budget cuts. The idea originated with Joan Kowalski, president of Bob Ross Inc., after earlier Ross paintings sold well above estimates at Bonhams.
Bonhams has been consigned to sell 30 original paintings by beloved American artist and TV host Bob Ross, with an estimated total value of $850,000 to $1.4 million. The works are being sold on behalf of American Public Television (APT), which will direct all net proceeds to support APT and PBS public television stations affected by federal funding cuts. Three paintings—Winter’s Peace (1993), Home in the Valley (1993), and Cliffside (1990)—will be offered on November 11 in Los Angeles, with the remaining 27 offered in auctions next year in New York, Boston, and Los Angeles.
Foundation, a prominent Ethereum-based NFT marketplace that launched during the 2021 digital art boom, has announced it will shut down following a failed acquisition by the digital art company Blackdove. CEO Kayvon Tehranian confirmed that the platform has entered a one-year wind-down phase, urging users to migrate their assets as no other viable buyers exist in the current market. The closure follows the collapse of a deal that was intended to provide long-term stewardship for the platform, which had facilitated over $230 million in sales since its inception.