Sotheby's May 2026 auctions in New York generated $433.1 million in sales over under three hours, a 132.7 percent increase compared to the same period last spring, despite offering fewer lots. This strong performance signals a top-heavy recovery in the art market after three years of contraction. Separately, the Neue Galerie will merge with the Metropolitan Museum of Art in 2028, and Art Dubai continues despite disruptions from the U.S.-Iran war.
The inaugural HIVE Art Fair in Seoul, opening May 21 at COEX Magok, is testing an alternative business model that eliminates fixed booth fees. Instead, galleries can choose which services and installations to pay for through a "selective purchase system," with the fair relying on ticket sales, corporate partnerships, and promotional lounges for revenue. The fair features 48 galleries (36 South Korean, 12 international) and 158 artists, with no overlapping artists between galleries, and will display exhibition titles and curatorial statements alongside gallery names.