sothebys hikes buyers fees restitution battle franz marc painting

Sotheby's has increased its buyer's premiums globally, with the new fee structure taking effect on February 13. The changes mean buyers of lower-value lots will pay higher rates, with the premium for works sold in New York for up to $2 million rising from 27% to 28%. This move follows similar adjustments by rivals Christie's and Phillips, as auction houses seek to bolster revenue during a prolonged art market downturn. Sotheby's also recently raised $900 million through art-backed loans via securitization.

What Does a Booth Cost at a New York Art Fair?

Hyperallergic surveyed 13 New York art fairs about their booth pricing, revealing a wide range of costs from $3,500 at NADA Projects to over $105,000 for large booths at Frieze. The article details specific pricing tiers at Frieze ($31,977–$105,717), NADA ($3,500–$11,000), and Independent ($110 per square foot), noting that Frieze has kept 2025 prices for its 2026 edition and that NADA's costs have remained stable since 2022. The investigation also highlights the debut of the Sherman Family Foundation Acquisition Fund at Frieze and the partnership between Independent and the Henry Street Settlement.

Rare Keith Haring Self-Portrait and Other Intimate Works Go on View in NYC

A collection of intimate works by Keith Haring, including a rare self-portrait, a painted crib, and personal letters, has gone on view at Sotheby's Breuer building in New York City. The works were gifted by Haring to his childhood best friend and fellow artist, Kermit Oswald, over the course of their friendship from 1977 to 1989. The free public exhibition precedes a series of three auctions beginning May 14, with highlights including the self-portrait estimated at $3–5 million and a crib-and-dresser set expected to fetch $250,000–350,000.

Art Problems: How Do I Get Gallery Representation?

Art Problems: How Do I Get Gallery Representation?

Paddy Johnson, in a Hyperallergic advice column, demystifies the process for artists seeking gallery representation. She explains that galleries primarily seek artists with proven sales records to mitigate their own high financial risks, such as exorbitant rent and operational costs. Johnson advises artists to build this track record independently by selling work themselves or securing spots in low-pressure group shows, then aggressively promoting those exhibitions to demonstrate market potential to dealers.

Nicole Kidman's Billion-Dollar Breakfast at Christie's

Christie's held a record-setting evening sale on May 18, 2025, that generated over $1 billion, featuring a promotional video starring Nicole Kidman. Jackson Pollock's drip painting "Number 7A, 1948" sold for $181.2 million, nearly tripling the artist's previous auction record, while Constantin Brancusi's bronze bust "Danaïde" (c. 1913) fetched $107.6 million, becoming the second most expensive sculpture ever sold. The works came from the collection of late magazine magnate S.I. Newhouse, and a Rothko from Agnes Gund's collection also set a new artist record at $98.4 million.

In Surprising Twist, ADAA Art Fair Will Now Benefit the Whitney Museum

The Art Dealers Association of America (ADAA) has named the Whitney Museum of American Art as the new philanthropic beneficiary of its annual fair at the Park Avenue Armory. This decision follows the ADAA's abrupt termination of a 30-year partnership with the Henry Street Settlement, a social services nonprofit that relied on the fair's preview gala for approximately $1 million in annual unrestricted funding. The new event, rebranded simply as the ADAA Fair, will direct its gala proceeds toward the Whitney’s educational and artistic programming.

Sotheby’s Auction Raises Funds for Yale MFA Scholarships

The Yale School of Art is partnering with Sotheby’s to host an auction benefiting scholarships for its Master of Fine Arts program. The 13 lots, including works by Howardena Pindell, Josef Albers, Richard Prince, Mickalene Thomas, Do Ho Suh, and Barkley L. Hendricks, will be sold as part of Sotheby’s Contemporary Day Auction in New York on May 15. Estimates range from $5,000 to $700,000. Dean Kymberly Pinder, who has raised $13 million toward debt-free graduation since 2021, stated the auction supports a larger initiative to ensure MFA students graduate without debt.

Ax Swings Following Artsy/Artnet Consolidation as Top Reporters Are Laid Off

Major layoffs have hit Artnet and Artsy following their consolidation under the UK-based investment firm Beowolff Capital. The staff reductions occurred just one day after the merger announcement and include the departure of veteran Artnet News reporters Sarah Cascone and Eileen Kinsella, who both served the publication for over a decade. As part of the restructuring, Artnet will also shutter its German entity, while Andrew Russeth has been tapped to serve as interim editor.

What Can $500 Buy at the Affordable Art Fair?

A reporter set a $500 budget to explore the Affordable Art Fair in Chelsea, discovering that at that price point, collectors must focus on very small-scale works. The search yielded options like miniature pet portraits, tiny tulle and resin wall hangings, food-themed art, and small abstract paintings, though these pieces were often overshadowed by more prevalent, flashy pop art clichés that dominate the fair's visual landscape.