Rare ‘Ocean Dream’ Diamond Sells for Record $17.3 Million at Christie’s

A rare 5.5-carat blue-green diamond known as the 'Ocean Dream' sold for $17.3 million at Christie’s Geneva jewelry sale, setting a record for a fancy vivid blue-green diamond at auction. The sale far exceeded its presale estimate of $9 million to $13 million after a 20-minute bidding battle. In other auction news, Sotheby’s New York sold over $433 million worth of art in its contemporary art sales, including 11 pieces from the Robert Mnuchin collection. Meanwhile, London’s Wellcome Collection agreed to return around 2,000 sacred Jain manuscripts to the Jain religious community under a new restitution framework, acknowledging they were acquired unethically. Several art fairs were announced, including Zero 10 curated by Trevor Paglen at Art Basel in Switzerland, CAN Art Fair Ibiza’s fifth edition, and Art-o-rama’s 20th edition in Marseille. Notable gallery news includes the bankruptcy and closure of French gallery Air de Paris after 36 years, and Carine Karam becoming director of Opera Gallery’s New York outpost. Hong Kong’s M+ and Paris’s Centre Pompidou announced a multi-year strategic alliance, and New York’s Frick Collection entered a three-year partnership with Louis Vuitton.

The Met and Neue Galerie Embark on Historic Merger

The Metropolitan Museum of Art and the Neue Galerie in New York have announced a historic merger set for 2028. The Met will acquire the Neue Galerie's Beaux-Arts mansion, renaming it the Met Ronald S. Lauder Neue Galerie (or Met Neue Galerie), while preserving its museum experience. The merger comes ahead of the Neue Galerie's 25th anniversary and its renovations from May to August 2026. Founder Ronald S. Lauder will remain involved, and the Met will supplement the Neue Galerie's programs, research, and digital initiatives. Major fundraising is underway, with the endowment target of $200 million already 80 percent met, supported by Lauder, his daughter Aerin Lauder Zinterhofer, and trustee Marina Kellen French.

Artists Spar Over Credit For A Dress Displayed In The Met’s ‘Costume Art’ Exhibition

London-based artist Anouska Samms has accused the Metropolitan Museum of Art's Costume Institute of exhibiting a dress that she claims is a counterfeit of her work in the ongoing "Costume Art" exhibition. The dress, titled Corpus Nervina 0.0, is credited solely to New York-based Israeli designer Yoav Hadari, but Samms alleges it closely resembles an earlier Nervina hair dress she co-developed with Hadari during their 2023 residency at the Lee Alexander McQueen Sarabande Foundation. Samms discovered the display via a social media post and has since spoken out, noting that a contract from their collaboration designated her as the sole owner of the intellectual property of the fabric. The Met has requested that the two parties resolve their dispute before the museum takes further action.

Expansion plans for Rome's Galleria Borghese draw fierce response

Rome's Galleria Borghese, a 17th-century villa museum housing masterpieces by Caravaggio, Bernini, and Canova, is facing controversy over a privately funded feasibility study for a potential expansion. Sponsored by Italian engineering firm Proger, the €900,000 initiative would fund an international architecture competition to explore adding exhibition and visitor space to the Villa Borghese Pinciana grounds. Museum officials cite operational constraints: the historic interiors limit access to 360 visitors per two-hour slot (about 4,000 daily), reservations require weeks of waiting, many works remain in storage, and accessibility is poor. Visitor numbers hit a record 630,760 in 2025, up from 506,000 a decade earlier. Preservation groups including Italia Nostra Roma and Amici di Villa Borghese have objected to any new construction in the sensitive historic landscape. Director Francesca Cappelletti emphasized at a May 18 press conference that no project exists yet and the museum is only beginning a study process, with a winner possible by year's end.

Prize commemorates Henrike Naumann – MMK takes over estate

Preis erinnert an Henrike Naumann – MMK übernimmt Nachlass

A new prize named after the late artist Henrike Naumann has been established by the Institut für Auslandsbeziehungen (ifa) and the Zeit Stiftung Bucerius, coinciding with her posthumous presentation at the German Pavilion of the Venice Biennale. The €15,000 Henrike-Naumann-Preis für Bildende Kunst, plus €5,000 in production funds, will be awarded regularly starting this year to early- to mid-career artists whose work engages with social transformation, political fault lines, or transnational contexts. Meanwhile, the Museum für Moderne Kunst Frankfurt (MMK) has acquired Naumann's estate, which will be catalogued and made publicly accessible to ensure her work receives long-term scholarly and curatorial attention.

The Met Will Expand by Merging With the Nearby Neue Galerie

The Metropolitan Museum of Art will acquire the Neue Galerie's Fifth Avenue building and its collection of 20th-century Austrian and German art, starting in 2028. The collection was built by cosmetics magnate Ronald S. Lauder, who founded the Neue Galerie in 2001.

The Raphaels, the Italian Gang and the Olive Oil Maker: The Spectacular Theft of 7 Paintings in Budapest During the Cold War

Les Raphaël, le gang italien et le fabricant d’huile d’olive : le spectaculaire vol de 7 tableaux à Budapest en pleine guerre froide

On November 5, 1983, thieves stole seven Renaissance masterpieces from the Museum of Fine Arts in Budapest, including two works by Raphael, two by Tiepolo, two by Tintoretto, and one by Giorgione, valued at $28 million. The heist was carried out by a small Italian gang from Reggio Emilia, who entered through a window using a scaffolding left by construction workers, leaving behind a screwdriver from the Italian brand USAG that the mastermind mistakenly thought would implicate American thieves. The operation was led by Ivano Scianti, with accomplices including Giordano Incerti, Graziano Iori, Giacomo Morini, and Carmine Palmese.