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The Armory Show's VIP preview day on Thursday saw long queues and a cautiously upbeat mood at the Javits Center, despite a shaky art market marked by gallery closures and fair cancellations. Dealers reported serious interest and solid sales, including a $1 million work at Galleria Lorcan O’Neill, a Kehinde Wiley painting for $265,000 at Sean Kelly, and a Kennedy Yanko sculpture for $150,000 at James Cohan. The highest-priced work, Alex Katz's 1962 painting *October 2*, was listed at $1.2 million but remained unsold. The fair attracted major collectors like Don and Mera Rubell and institutional figures such as Thelma Golden and Scott Rothkopf, with the Presents section for emerging galleries also seeing brisk sales.

One of Van Gogh’s greatest watercolours could achieve a record price

Sotheby's New York will auction Vincent van Gogh's watercolor *The Harvest in Provence* (June 1888) on May 19, with an estimate of $25–35 million. The work, larger and more elaborate than a related watercolor at Harvard, was created just days before van Gogh's celebrated oil painting of the same scene. It is signed and titled, suggesting the artist considered it a finished piece rather than a mere study, and he sent it to his brother Theo before completing the oil version.

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The Peter Hujar Archive and Foundation has left Pace Gallery and will now be jointly represented by New York-based gallery Ortuzar and Fraenkel Gallery in San Francisco. The archive will continue working with Mai 36 Galerie in Zürich and Maureen Paley in London on select projects. Ortuzar founder Ales Ortuzar expressed deep personal excitement about representing Hujar, who will be the first photographer the gallery has represented since its founding in 2018. The gallery plans two concurrent exhibitions this spring: a recreation of Hujar's 1986 show at Gracie Mansion and a group show featuring artists from his circle.

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Rebecca Salsbury James, an artist who mastered reverse painting on glass and colcha embroidery, is gaining renewed attention. Born in 1891 in London to parents involved in the Buffalo Bill Wild West Show, she later moved to Taos, New Mexico, where she lived until her death in 1968. She was married to photographer Paul Strand, a close friend of Georgia O'Keeffe, and exhibited at Alfred Stieglitz's gallery. Recent milestones include her inclusion in the 2025 Site Santa Fe International, a new acquisition by the Georgia O'Keeffe Museum, and a record auction price for her work at Christie's in 2016.

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The article examines the posthumous market resurgence of painter Robert Colescott, who died in 2009. After his commercial profile faded, Los Angeles dealer Tim Blum and his gallery Blum & Poe began working with the artist's estate in 2017, staging five solo shows and rescuing a disorganized estate with works stored in shipping containers in Arizona. Major auction prices followed, including a record $15.3 million for 'George Washington Carver Crossing The Delaware' in 2021. In 2024, after Blum & Poe closed, Gladstone Gallery took over representation. A current exhibition at the Tacoma Art Museum, 'The One-Two Punch: 100 Years of Robert Colescott,' runs through March 29.

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Italy's largest contemporary art fair, Artissima, opened its 32nd edition in Turin's Oval Lingotto arena with 176 international galleries from 36 countries. The fair is the first major international art event in Italy since the government slashed VAT on art sales from 22% to 5% in July, a move long sought by galleries and dealers. Early sales included works by João Gabriel, Silvia Capuzzo, and Simon Pasieka, and the fair attracted top curators like Hans Ulrich Obrist and Massimiliano Gioni, as well as prominent Italian collecting families. However, some gallerists noted a lack of American collectors, echoing trends seen at Art Basel in Switzerland.

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Art advisor Naomi Baigell recalls that when she managed Prudential's corporate art collection in the late 1980s and 1990s, executives refused to hang textile works by Colombian-born artist Olga de Amaral, preferring abstract paintings instead. Now 93 and still working, Amaral is experiencing a major market and institutional renaissance: the Institute of Contemporary Art in Miami is hosting a solo show of her work (through October 12), her pieces are included in MoMA's "Woven Histories" exhibition, and she has been represented by Lisson Gallery since 2019. In 2025, her auction performance has been stellar, with a new record of $1.16 million set in May for *Imagen perdida 27* (1996) at Phillips New York, and total sales of $4.07 million as of June.

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The article examines the growing role of artist estates in the art market, particularly for smaller and emerging galleries. While mega-galleries like Hauser & Wirth have long profited from managing blue-chip estates, a new wave of smaller galleries is now turning to overlooked and under-researched artists who died without established legacies. These galleries invest in building archives, cultivating institutional relationships, and reintroducing artists to contemporary audiences, often at more accessible price points with significant room for growth. Examples include Gunia Nowik Gallery working with the estate of Polish artist Krzysztof Jung and Gianni Manhattan representing Estonian sculptor Anu Põder.

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Gagosian Gallery will once again represent Jeff Koons, the star sculptor who left the mega-gallery to join Pace in 2021. The announcement completes a return that began in May with a solo presentation at Frieze New York, where Koons showed three sculptures from his “Hulk Elvis” series. Koons had also been represented by David Zwirner at the time of his departure from Gagosian, but he does not appear to have rejoined Zwirner. Reports indicate that Koons split with Pace after a costly Meissen-inspired sculpture series required $50–100 million in investor support, which fell through when additional funds were needed.

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L.S. Lowry's painting *Going to the Mill* (1925) sold for just over £800,000 ($1 million) at Mall Galleries in London on May 2, after being acquired in 1926 for only £10. The sale underscores Lowry's enduring market appeal, though it falls short of his auction record of £5.6 million set in 2011 for *The Football Match*. The article profiles Lowry, a 20th-century British painter known for his bleak industrial cityscapes filled with anonymous figures, and explores why he remains a beloved but often overlooked figure in the art world.

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The article examines the growing financialization and opacity of the fine-art auction market, highlighting how auction houses like Christie's and Sotheby's have made it increasingly difficult for outsiders to understand true demand for individual lots. It details how buyer's premiums, guarantees, and irrevocable bids (third-party guarantees) obscure the actual bidding dynamics, with only a small group of wealthy financiers and intermediaries having clear insight into the market's inner workings.

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Artnet News profiles five ultra-contemporary artists working in China today, highlighting their practices amid shifting cultural narratives, economic pressures, and technological change. Featured artists include Xia Yu, known for tempera paintings of everyday life, and Ye Linghan, who creates monumental "data portraits" from smartphone screenshots. The article details their backgrounds, notable exhibitions, market prices, and upcoming projects, emphasizing their growing appeal to collectors and curators.

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New York galleries are rethinking the traditional summer group show, moving away from ambitious, canon-redefining exhibitions toward more pragmatic, relationship-driven presentations. Dealers and advisers note that these shows now serve primarily to maintain gallery visibility during the slow August season, test emerging artists, and foster networking. The article highlights examples like "Open Eyes" at A Hug from the Art World, curated by 14-year-old Luke Newsom, which balances playfulness with serious curation, featuring works by KAWS, Urs Fischer, and Raymond Pettibon.

Zurich’s Galerie Philipp Zollinger Closes After 7 years

Galerie Philipp Zollinger in Zurich is closing after seven years, as announced by founder Philipp Zollinger on Instagram. Citing continued global instability and a lack of conditions necessary to sustain the gallery, Zollinger explained that despite his willingness to invest further, the market no longer supports growth. The gallery focused on Swiss and Scandinavian artists working in three-dimensional media, along with artists from Southeast Asia and the United States. Its final exhibition, a dual presentation of Renée Levi and Theo Eble, closed on April 18 at Galerie Mueller in Basel. The closure follows a previous move from a nomadic operation to a physical space on Rämistrasse, which shut in fall 2025 due to an unstable art market and shifting collecting trends.

In the frame: photography comes to the fore at Frieze London and beyond

Photography takes center stage at Frieze London and across the city, with major exhibitions of Lee Miller at Tate Britain, Wolfgang Tillmans at Maureen Paley, Arthur Jafa at Sadie Coles, and Marina Abramović stills at Saatchi Yates. At Frieze Masters, Pace Gallery dedicated its booth to Peter Hujar, selling six prints on opening day at prices from $25,000 to $45,000. Commercial galleries like Gagosian and David Zwirner are investing heavily in photography, with Zwirner bringing Diane Arbus to London for the first time in a UK commercial context.

Gladstone now represent The Estate of Anna Zemánková

Gladstone Gallery has announced its representation of The Estate of Anna Zemánková, a self-taught Czech artist known for her influential abstract works that explore psychological and spiritual realms. The gallery will collaborate with Cavin-Morris Gallery and plans to present a solo booth of Zemánková's work at TEFAF New York from May 14–19, 2026, following a spring 2025 exhibition in New York featuring her botanical drawings and works on paper. Zemánková, a key figure in Art Brut, created untitled, biomorphic works rooted in the subconscious, often compared to artists like Kunz and Hilma af Klint.

‘I rely heavily on instinct’: entertainment mogul Hassan Smith on the art he collects and why

Entertainment executive and art collector Hassan Smith, manager to John Legend and advisory board member for the Atlanta Art Fair, shared insights into his collecting philosophy ahead of Frieze Los Angeles. His extensive collection spans art history from Rembrandt and Picasso to contemporary Black masters like Sam Gilliam, Rashid Johnson, and Deborah Roberts. Smith recently added a large-scale painting by Patrick Eugène to his holdings, noting that he relies on a mix of instinct and professional networking to make quick acquisition decisions.

Frida Kahlo: Auction Record and Gender Gap in the Contemporary Art Market

Frida Kahlo's self-portrait *El sueño (La cama)* (1940) sold for $54.7 million at a Sotheby’s auction in New York, setting a new record for the artist and the highest price ever paid for a work by a female painter. The sale, which exceeded pre-auction estimates of $40–50 million, briefly appeared to signal progress in the art market's gender dynamics.

A Tale of Two Cities: Spring Auctions in Hong Kong and Shanghai

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.

How NADA is Cultivating the Next Generation of Collectors Through Salons

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The New Art Dealers Alliance (NADA) has launched a new initiative called NADA Collects, a series of salons and educational events designed to demystify the art-buying process. Through gallery walks, dinners, and informal Q&A sessions, the program addresses the intimidation factor that often prevents potential buyers from entering the contemporary art market. By fostering a space where "no question is too dumb," NADA aims to bridge the gap between galleries and a new generation of collectors who may feel alienated by the perceived elitism of the art world.

New York gallery Kasmin will close this autumn as leadership launches new venture, Olney Gleason

The Chelsea gallery Kasmin will close this autumn after 35 years of operation, transitioning into a new venture called Olney Gleason. The new gallery will be led by Kasmin president Nick Olney and senior director Eric Gleason, both longtime employees who say the move aligns with the wishes of the late founder Paul Kasmin. Olney Gleason will continue working with an unspecified number of artists and estates from Kasmin's roster, including François-Xavier and Claude Lalanne, Lee Krasner, and Jackson Pollock's estate, and will open a flagship space in Chelsea with an inaugural show this autumn.

Top Phillips rainmakers Cheyenne Westphal and Jean-Paul Engelen to leave auction house

Two top executives at Phillips auction house, global chairwoman Cheyenne Westphal and president of the Americas Jean-Paul Engelen, are stepping down. Westphal, who joined Phillips from Sotheby's in 2016 and has been called the most powerful woman in contemporary art, plans to start her own business working directly with private collectors and artists. Engelen is moving to Acquavella Galleries in New York. Their departures follow the resignation of executive chairman Ed Dolman in December and deputy CEO Amanda Lo Iacono at the end of last year, marking a significant leadership exodus.

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Artnet's Price Database reveals signs of recovery at the top end of the art market in 2025, following three years of contraction. The article highlights gains in high-value sales, exemplified by Gustav Klimt's "Bildnis Elisabeth Lederer" pictured at Sotheby's Marquee Sales Series in New York. It also notes a growing trend of small and emerging galleries working with artists' estates, and reports that roughly half of art-backed loans by non-bank businesses defaulted in 2024.

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François-Xavier Lalanne’s copper sculpture-bar 'Hippopotame Bar' sold for $31.4 million at Sotheby’s in New York, more than tripling its $7–10 million estimate after a 26-minute bidding war among seven bidders. The work, commissioned in 1976 by patron Anne Schlumberger and unique in its copper execution, set a new auction record for the artist and became the most expensive work of design ever sold at auction. The sale capped a year of strong performance for Lalanne’s hybrid animal-furniture works, which have consistently outperformed expectations even in a tougher art market.

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Tamara de Lempicka's portrait of her lover, *La Belle Rafaëla* (1927), sold for £7.47 million ($10.05 million) at Sotheby's London Modern and Contemporary Evening Sale on June 24. The work, estimated at £6–9 million, hammered just above its low estimate to a buyer in the room. It had last appeared at auction in 1985, when it sold for $242,000, then a record for the artist. The painting depicts Rafaëla, a sex worker Lempicka encountered in Paris's Bois de Boulogne, who became her lover and muse.

Nastaran Mir Sadegh | Untitled (2025) | For Sale

Nastaran Mir Sadegh's painting "Untitled" (2025) is listed for sale at US$2,500 through Sahar K. Boluki Gallery in Toronto. The work, an acrylic on canvas measuring 76 × 59 cm, is hand-signed by the artist and includes a certificate of authenticity. Mir Sadegh, an Iranian artist born in 1985 and based in Tehran, holds a bachelor's degree in Fine Art from Art University of Tehran. Her exhibition history includes shows in Toronto, Tehran, Dubai, and at institutions such as the Tehran Museum of Contemporary Art and Saba Cultural Institute. The listing appears on Artsy, with shipping available within Canada and internationally.

Aboriginal art returns to Sotheby’s New York two years after pioneering dealer Tim Klingender's death

Two years after the death of pioneering Aboriginal art dealer Tim Klingender in a boating accident, his widow Skye McCardle-Klingender is organizing a multi-owner auction at Sotheby’s New York on 20 May. The sale includes 65 lots from Klingender's personal collection and other owners, featuring works by leading Aboriginal artists such as Emily Kam Kngwarray, Ginger Riley Munduwalawala, Rover Thomas, Mick Namarari Tjapaltjarri, and Richard Bell. McCardle-Klingender is working with former National Gallery of Australia curator Wally Caruana to assemble the auction, which aims to continue Klingender's legacy of elevating Indigenous Australian art on the global stage.

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Artnet News reports on how the recent art market downturn has severely impacted working artists, particularly those reliant on mid-tier galleries. Following a three-year contraction driven by higher interest rates and reduced spending, many galleries have closed or cut costs, leading to fewer exhibitions, delayed payments, and precarious incomes for artists. Some have been dropped by their galleries, while others have taken on second jobs or shifted toward corporate-sponsored public commissions. The article includes data showing low median earnings for artists in the U.S., Germany, and the U.K., and quotes gallerist Facundo Argañaraz on the stigma artists face when pivoting careers.

Why former Sotheby's chief executive Tad Smith is bullish on blockchain art

Former Sotheby's CEO Tad Smith, who led the auction house from 2015 to 2019, has emerged as a prominent supporter of blockchain art. The article traces his connection to artist Robert Alice, who first encountered Smith while working as a porter at Sotheby's. Alice, a pioneer in NFT art, sold the first NFT through a major auction house at Christie's in 2020. Now, his blockchain-based painting BLOCK 1 (24.9472° N, 118.5979° E) from the Portraits of a Mind series is being offered at Sotheby's with an estimate of $600,000 to $800,000. Smith, who owns another work from the series, is not the consignor or guarantor but expresses hope the sale will promote Alice's work, Bitcoin, and Sotheby's, particularly among younger generations.

Top auction houses draw Southeast Asia’s elite art buyers

Auction houses Sotheby's, Christie's, and Bonhams are seeing a surge in participation from wealthy Southeast Asian collectors, particularly Millennials and Gen Z. Elaine Holt of Sotheby's Asia reports significant growth in collector activity from the region, with strong bidding at recent Hong Kong sales. Christie's Asia-Pacific president Francis Belin notes Southeast Asia is now the firm's third-largest buying market in Asia-Pacific, led by Singapore and Indonesia, with notable increases from Vietnam. Bonhams' managing director for Asia, Julia Hu, reports a 67% year-on-year rise in Southeast Asian auction spending. Younger buyers are driving demand, with Millennials and Gen Z accounting for 37% of Bonhams' Hong Kong buyers and 40% of Sotheby's Hong Kong marquee sales. A Renoir painting sold for $23.56 million to a collector in their 30s, highlighting youthful buying power.