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.
Philanthropist Jennifer Gilbert is consigning a selection of blue-chip postwar artworks to Sotheby’s this spring to fund Lumana, a new arts nonprofit in Detroit. The auction highlights include Joan Mitchell’s 'Loom II', estimated at $5 million to $7 million, and a significant target-style painting by Kenneth Noland that could set a new auction record for the artist. The collection also features works by George Rickey and Harry Bertoia, emphasizing a cohesive blend of midcentury abstraction and design.
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.
Galerie Gmurzynska is relocating its New York operations to the historic Fuller Building at 595 Madison Avenue later this month. The gallery, which had been at 43 East 78th Street since 2018, will inaugurate its new space on September 16 with an exhibition of works by Joan Miró and Roberto Matta. The Fuller Building, an Art Deco landmark built between 1928 and 1929, was once a major hub for New York galleries, housing such notable dealers as Pierre Matisse, Charles Egan, André Emmerich, and Marlborough-Gerson.
Jennifer Gilbert, the Detroit-based entrepreneur and philanthropist, is auctioning a selection of Modernist masterpieces from her private collection to fund Lumana, a new nonprofit arts organization. The sales, scheduled for May and June at Sotheby’s New York, include high-profile works by Joan Mitchell and Kenneth Noland, with an overall fundraising goal exceeding $10 million.
Clearing, the influential New York and Los Angeles gallery that launched the careers of many prominent artists, will close both locations. Founder Oliver Babin announced the closure on August 7, citing crushing overhead costs—rent, shipping, and art fair expenses—that outpaced declining revenue. The gallery opened in 2011 in Bushwick, later moved to the Bowery in Manhattan in 2023, and expanded to Brussels and Los Angeles. Babin described the decision as inevitable, noting that the gallery had been kept alive by hope but now faces no viable path forward. The closure follows a wave of US gallery shutdowns this summer, including Kasmin, Venus Over Manhattan, and Tim Blum’s spaces.
As the art market continues to experience softer demand for a third summer, galleries in the US and the Americas are rethinking the traditional August break. Dealers like Wendi Norris (San Francisco), Omayra Alvarado-Jensen (Instituto de Visión, Bogotá and Manhattan), Pali Kashi (Europa, New York), and Davida Nemeroff (Night Gallery, Los Angeles) describe varied approaches: some remain open to meet traveling collectors, others close for weeks to regroup, and many launch offsite pop-ups to maintain momentum. There is no industry consensus, with decisions shaped by geography, cultural heritage, and collector migration patterns.