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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.

France Passes Landmark Restitution Law for Looted Art

France has passed a landmark restitution law for looted art, marking a significant shift in the country's approach to addressing Nazi-era confiscations and colonial-era acquisitions. The legislation establishes a legal framework for returning artworks and cultural objects to their rightful owners or heirs, streamlining a process that previously required case-by-case parliamentary approval. This law is expected to accelerate the return of thousands of items held in French museums and public collections.

Artist Foundations’ Net Worth Has Nearly Tripled to $9 B., Led by Cy Twombly Foundation’s $1.5 B. in Art and Assets

New research from the Aspen Institute’s Artist-Endowed Foundation Initiative (AEFI) reveals that artist-endowed foundations in the U.S. now control roughly $9 billion in assets, nearly triple the $3.5 billion reported in 2011 and up 17% from $7.7 billion in 2018. The Cy Twombly Foundation leads with $1.5 billion in art and assets, followed by foundations for Alexander Calder, Joan Mitchell, Helen Frankenthaler, and Robert Rauschenberg, each holding over $500 million. The data, drawn from public tax forms, shows that just five of roughly 500 foundations account for more than half the total, with most established by postwar American artists born before 1931.

Eyes Wide Open! Kenny Schachter Dishes on Delinquent Dealers, Secret Deals, and That Other ‘Salvator Mundi’

Kenny Schachter offers a sardonic, first-person account of the spring 2025 art season in New York, weaving together observations from auctions, art fairs, and gallery openings. He notes brisk business at Sotheby's and Phillips, citing specific sales like James Ensor's tiny "Still life with Stingray" ($140,800) and Georgia O'Keeffe's double-sided "Maple Leaves and Flowering Cactus" ($1.68 million). Schachter also recounts his experience at Larry Gagosian's new Madison Avenue gallery, where security guards outnumbered the artworks, and reflects on the broader economic climate, including a tax lawyer moonlighting as a 3-D printer for his own sculpture project. He contrasts the wealthiest collectors—one driving a Lamborghini but staying at a Holiday Inn Express—with dealers wearing grim faces at TEFAF, painting a picture of a bifurcated art economy.

Wet Paint Does Frieze Week: The Dinosaur Dealer Downtown, David Zwirner Tribeca, and More Juicy Art-World Gossip

Artnet News' gossip column 'Wet Paint' covers the opening week of Frieze New York, beginning with the group show 'Statics of an Egg' at David Zwirner's newly renamed Tribeca gallery (formerly 52 Walker). Curated by Martin Germann, the exhibition features Japanese artists gathered by Yu Nishimura and Kenji Ide, with Nishimura's painting 'in waiting' highlighted. The column also reports on a private party at the River art-world hangout and a visit to Amanita gallery for 'A Land Before Time: Three Dinosaurs and a Gondola,' which includes a John Chamberlain sculpture. Notable attendees include artists Sasha Gordon, Olivia van Kuiken, Calvin Marcus, and Josh Smith, as well as dealers Marlene Zwirner and Matthew Brown.

The Venice Biennale’s Polite Fiction of Being ‘Above the Market’ Is Wearing Thin

The 61st Venice Biennale is underway, with art world figures flocking to Venice for the opening. While the Biennale is officially a non-selling curatorial platform, commercial interests are increasingly visible: galleries are funding artists' projects to recoup investments, auction houses like Christie's are hosting private selling exhibitions (including a 'Ghost Pavilion' at the Ca' Dario Palazzo), and fashion houses such as Bottega Veneta and Chanel are sponsoring events. Sotheby's has pulled support for the U.S. Pavilion, which is now crowdfunding, while Frieze is bankrolling the British Pavilion for a second time.

Rare early photographs reveal lost sites featured in Van Gogh’s paintings

Two rare photographic albums taken by art critic Gustave Coquiot in 1922 have been acquired by the newly established Van Gogh Academy in Auvers-sur-Oise, France, and are now on display. The images capture many of the sites in Arles that Vincent van Gogh painted in the late 1880s, including the Yellow House, the Langlois Bridge, and the Rhône riverbank. Several of these locations were later destroyed during World War II or by modernization, making Coquiot's photographs valuable historical records of Van Gogh's original subjects.

Esther fair goes out on top

The Esther art fair, a satellite of Frieze New York, opened its third and final iteration at Estonian House on East 34th Street. Founded by Estonian gallerists Olga Temnikova and Margot Samel, the fair eschews conventional stands, instead arranging 22 participating galleries and three bespoke projects throughout the historic Beaux-Arts building’s basement, salons, and upper floors. Highlights include sold-out presentations at Adams and Ollman and Management, works by Katja Novitskova, Jill Goldstein, and Elīna Vītola, and a special project by Darja Popolitova and Madlen Hirtentreu turning beauty-industry equipment into installations. Gallerists praised the cooperative atmosphere, contrasting it with larger, more institutionalized fairs.

New £5.5m record for Islamic glass leads London sales

The spring Islamic and Indian art auctions in London, held at Sotheby's and Christie's in late April, achieved strong results despite geopolitical tensions. Sotheby's Arts of the Islamic World & India sales totaled £14.8m, while Christie's Art from the Islamic and Indian Worlds sale and the Mary and Cheney Cowles collection brought in £17.6m. The top lot was a rare 14th-century Mamluk gilded glass bowl from the Toledo Museum of Art, which sold for £5.5m—a new auction record for Islamic glass. Other highlights included a 17th-century Mughal astrolabe that sold for £2m at Sotheby's, setting a record for an Islamic scientific instrument, and strong sales of Iznik ceramics from two old English collections.

Loïc Gouzer’s Auction Platform Fair Warning to Sell Major Banksy at Tiffany’s Flagship Store

Loïc Gouzer's auction platform Fair Warning will sell Banksy's *Girl and Balloon on Found Landscape* from the 'Crude Oils' series in an invitation-only live auction at Tiffany & Co.'s Fifth Avenue flagship store on May 20. The work, which carries a $13 to $18 million estimate, modifies a thrifted landscape painting with the artist's signature red heart-shaped balloon. It will be publicly viewable in the store before the sale.

Peter Doig, Tracey Emin, and More Sign Letter Defending Southbank Centre Chair

A letter signed by environmental activist Greta Thunberg and artists Tracey Emin and Peter Doig is circulating in support of Misan Harriman, chair of London's Southbank Centre. The letter defends Harriman against what it calls a "dishonest smear campaign" by the Telegraph and other right-wing outlets, which accused him of promoting conspiracies and comparing Reform Party voters to Nazis. The controversy stems from Harriman's social media comments about a knife attack on Jewish men and a video referencing Susan Sontag and Kurt Vonnegut on the Holocaust, which critics say minimized antisemitism or drew inappropriate parallels. Harriman denies making such analogies, and 70,000 people have complained to media watchdog Ipso, while 15,000 signed the letter.

Nan Goldin will present major London exhibition at the Hayward in 2026.

American artist and activist Nan Goldin will present a major exhibition titled "You Never Did Anything Wrong" at London's Hayward Gallery from November 24, 2026, through March 7, 2027. This marks her first institutional presentation in the U.K. since 2002 and will conclude the Southbank Centre's 75th anniversary year.

Hayward Gallery announces major Nan Goldin exhibition.

The Hayward Gallery in London has announced a major solo exhibition of American artist and activist Nan Goldin, titled "You Never Did Anything Wrong." Running from 24 November 2026 to 7 March 2027, the show will mark Goldin's first institutional exhibition in the UK since 2002, featuring her intimate photographs and slideshows that document personal relationships, addiction, and queer communities over five decades. The exhibition rounds off the Southbank Centre's 75th anniversary year and includes works such as "Flowers with cup and Gaja" (2024) and "Diana in the bath" (2024).

Thousands Decry Right-Wing “Smear Campaign” Against Misan Harriman

Over 97,000 people have filed complaints with the UK's Independent Press Standards Organisation against right-wing news outlets, including the Telegraph, for articles characterizing Misan Harriman's social media posts as antisemitic. Harriman, a photographer, human rights activist, and chair of London's Southbank Centre, has rejected the accusations, stating he has long championed marginalized communities and that the backlash stems from his criticism of Israel's actions in Gaza. An open letter supporting Harriman has been signed by 245 figures, including Tracey Emin, Greta Thunberg, and Mark Ruffalo, while the Telegraph published two articles scrutinizing his Instagram activity, prompting calls from Labour MP David Taylor for his removal from the board.

Canadian Masterworks Lead Heffel’s Spring Sales

Heffel Fine Art Auction House will hold its Spring Auction on May 21, 2026, featuring two sessions: Post-War & Contemporary Art and Old Master, Impressionist, & Modern Art. The sale, held in Toronto and online, includes works by Canadian masters such as Alex Colville, Jean-Paul Riopelle, Guido Molinari, and E.J. Hughes, with top estimates reaching up to $1.75 million CAD for Hughes' 'Coastal Boats Near Sidney, BC'.

A mind-bending Spaniard, an imagistic Puerto Rican and a lush Latvian – the week in art

This week's art roundup from The Guardian features a major exhibition on Spanish painter Francisco de Zurbarán at the National Gallery in London, described as a mind-bending and revelatory show with loans from the Prado and other top museums, positioning him alongside Goya and Picasso. Other highlights include Gilbert & George's tribute to their late homeless friend at their London centre, outdoor sculptures by Lynn Chadwick at Houghton Hall, thickly built-up paintings by Angel Otero at Hauser & Wirth Somerset, and abstract works by Latvian sculptor Daiga Grantina at Warwick Arts Centre. The article also covers a new Banksy statue in central London depicting a man marching with a flag, and a Masterpiece of the Week feature on Guido Reni's 'Saint Mary Magdalene'.

‘Harlem has always been evolving’: inside the Studio Museum’s $160m new home

The Studio Museum in Harlem is set to inaugurate its new $160 million, purpose-built home on Manhattan’s 125th Street. Designed by Adjaye Associates in collaboration with Cooper Robertson, the 82,000-square-foot facility nearly doubles the museum's previous exhibition space and replaces a repurposed 1914 bank building that lacked essential infrastructure like loading docks and large elevators. This milestone marks the first time in the institution's history that it will operate out of a structure specifically designed to support its mission of championing artists of African descent.

Frieze New York 2026 Reports Major Sales and Acquisitions

Frieze New York 2026 closed its 15th edition at The Shed on May 17, drawing 25,000 visitors from 75 countries and featuring 68 galleries from 26 countries. The fair reported strong sales across market levels, including seven-figure transactions such as El Anatsui's *LuwVor I* sold by White Cube for $2.2 million and Georg Baselitz's *Stunde der Nachtigall* sold by Thaddaeus Ropac for €1.4 million. The inaugural Sherman Family Foundation Acquisition Fund enabled acquisitions by the Brooklyn Museum and the Baltimore Museum of Art, with works by Bettina, Reika Takebayashi, Seba Calfuqueo, and Joanne Burke. Several galleries, including Johyun Gallery and James Cohan, reported sold-out or near-sell-out booths.

SWANSEA: British Art Show 10 confirmed for Glynn Vivian next year — the only Welsh stop on a national tour featuring artists from Tracey Emin to Grayson Perry

Swansea has been confirmed as the only Welsh stop on the British Art Show 10 national tour, with the exhibition taking place at the Glynn Vivian Art Gallery from February 12 to May 16, 2027. Titled 'A Chorus of Strangers,' the show will also feature venues including the new home for Elysium Gallery and potentially Y Storfa, and will explore themes of Moments of Being, Ways of Living, and States of Nature across various media. Curated by Ekow Eshun, the tour launches in Coventry in October 2026 before visiting Swansea, Bristol, Sheffield, and Newcastle-Gateshead.

What am I bid for a blown-up van? The bizarre art auction aiming to build an eco power station in Reform-held Clacton

Artists Hilary Powell and Dan Edelstyn are auctioning off their work from the past 15 years this Saturday to raise at least £250,000 for a community-led renewable power station in Clacton, the constituency of Reform UK leader Nigel Farage. The auction, which will be conducted by former YBA Gavin Turk, includes a gold Ford Transit van wreckage containing fake banknotes that the pair blew up in 2019 as part of their film *Bank Job*, now reconstituted as a mobile sculpture. An online auction runs until 31 May, but currently only £750 has been raised.

Tate Britain previews new garden at RHS Chelsea Flower Show

Tate Britain is previewing its new garden at the 2026 RHS Chelsea Flower Show, offering a sneak peek of the forthcoming Clore Garden designed by Tom Stuart-Smith and scheduled for completion in 2027. The show garden features Barbara Hepworth's 1949 sculpture *Bicentric Form*, the first work Tate acquired by the artist, alongside Mediterranean plants adapted to London's warming climate, a wildlife pond, and recycled materials from the Millbank site. After the show, the garden will be relocated to Tate Britain.

Market Outlook for New York’s May Sales

New York's May sales season is underway with over $1.8 billion worth of art heading to auction at major houses including Sotheby's, where a monumental Rothko consigned by Robert Mnuchin is expected to fetch $70–100 million. Frieze New York opens at the Shed with 68 galleries, half of them local. Other notable developments include a major Banksy work hitting the auction block with one of its highest estimates ever, and the estate of sculptor Robert Therrien leaving Gagosian after nearly 30 years to join David Zwirner.

Claude Monet’s Market Triumph: 12 Record‑Smashing Paintings That Define an Era

Claude Monet's market dominance is analyzed through twelve record-breaking paintings sold at auction over the past decade, led by *Meules (Haystacks)* (1890), which achieved $110.7 million at Sotheby's New York in 2019—a record for any Impressionist work. The article highlights key sales including *Le Bassin aux Nymphéas* (1919) at $80.45 million, *Nymphéas* (1906) at $54 million, and *Le Pont du chemin de fer à Argenteuil* (1873–74) at $41.4 million, tracing how Monet's serene yet radical landscapes have consistently commanded top prices across Christie's and Sotheby's.

Museum acquisitions round-up: a rediscovered work by Rosso Fiorentino, a circular painting by Salman Toor and 16th-century gold goblet

The Art Newspaper reports on three notable museum acquisitions: a rediscovered Renaissance painting by Rosso Fiorentino acquired by the Metropolitan Museum of Art, a 16th-century silver gilt goblet by Hans Rappolt I acquired by the Siegerland Museum, and a circular painting by Salman Toor donated to the National Gallery of Art. The Rosso Fiorentino work, 'Madonna and Child with Saint John the Evangelist' (1512/13), was thought lost for centuries and was identified after cleaning revealed a hidden figure. The goblet, made around 1581, is a rare example of Nuremberg goldsmithing and was supported by a €75,000 donation from the German Federal Cultural Foundation. The Toor painting, 'Wandering Beggars' (2022), is the first by the artist to enter the NGA's collection, donated by the Bronzini-Vender family.

Tefaf restoration award goes to 500-year-old Medici tapestry

Tefaf has awarded its Museum Restoration Fund prize to the Minneapolis Institute of Art (MIA) for the restoration of a 500-year-old Medici tapestry, "The Meeting of Dante and Virgil" (circa 1547-49). The €25,000 grant will support cleaning, consolidation, and lining of the 5.3-meter-high work, which has not been displayed in over 60 years due to severe damage including silk weft loss and open slits. The conservation will be carried out by the Midwest Art Conservation Center, and the tapestry is expected to go on public view at MIA this summer.

Titian's ‘Bacchus and Ariadne’ to get a refresh with bank conservation grant

Bank of America’s annual art conservation program has awarded grants to 18 projects this year, including the restoration of Titian’s *Bacchus and Ariadne* (1520-23) at the National Gallery in London. The painting will be removed from display next month for conservation work that involves placing it on a new fabric support and repairing paint loss. Other funded projects include Rembrandt’s *The Night Watch* at the Rijksmuseum, bronze palms at the Arc de Triomphe in Paris, *Gaki Zōshi* at the Tokyo National Museum, Matisse’s *La Négresse* at the National Gallery of Art in Washington, DC, and works at the Museo de Arte de Lima and the Montreal Museum of Fine Arts.

La grande fiera TEFAF si tiene a New York da 10 anni. Come sarà l’edizione 2026?

TEFAF New York returns to the Park Avenue Armory from May 15–19, 2026 (with a collector preview on May 14), marking the fair's tenth anniversary. The 2026 edition will host 88 top international galleries from 15 countries across four continents, offering museum-quality selections of modern and contemporary art, jewelry, antiques, and design. Highlights include Andy Warhol's Mao (1973) at ML Fine Art, Cecily Brown's Functor Hideaway (2008) at Berggruen Gallery, and a 2026 work by Minjung Kim at Voena. The fair also extends into the Armory's historic period rooms, and the TEFAF Museum Restoration Fund will support the conservation of a Medici tapestry owned by the Minneapolis Institute of Art.

New fund helps museums make purchases at Frieze New York

The Sherman Family Foundation Acquisition Fund has launched at Frieze New York, providing $50,000 annually to help US museums acquire works from the fair's Focus section, which features solo stands by galleries under 12 years old. In its first year, the Baltimore Museum of Art acquired works by Reika Takebayashi, Seba Calfuqueo, and Joanne Burke, while the Brooklyn Museum acquired two works by Bettina (Bettina Grossman). Each artist also receives an unrestricted $5,000 award.

Coco Fusco and Jeffrey Gibson’s Public Lectures, Free Admission at MCA Denver, and More: Industry Moves for May 13, 2026

This week's art industry moves include Coco Fusco and Jeffrey Gibson being named speakers for Johns Hopkins University's Sam Gilliam Lecture Series, with free talks scheduled in Washington, D.C. Other notable developments: MCA Denver received a $1 million gift from the Precourt Foundation for free youth admission through 2031; Xavier Hufkens now represents painter Richard Aldrich; Galatea will represent the estate of Brazilian self-taught painter Grauben do Monte Lima; Green Art Gallery added Sharjah-based artist Fatma Al Ali; Chris Sharp Gallery now represents sculptor Richard Rezac; and the Oakland Museum of California received a ceramics gift and $1 million endowment from the Brian and Edith Heath Foundation. Additionally, a Banksy painting from the "Crude Oils" series is estimated at $18 million for an upcoming Fair Warning auction at Tiffany & Co.

Tuan Vu Paints Vietnam Through the Haze of Memory and Imagination

Self-taught Vietnamese artist Tuan Vu presents his solo exhibition "Annam" at Kristin Hjellegjerde Gallery in Berlin, featuring paintings that blend memory, imagination, and history. The show includes works such as *Tranquil South* (2026), *A Usual Day* (2026), and *The Official Portrait* (2026), which explore Vu's childhood recollections of Vietnam and the country's colonial past. Vu, who relocated from Ho Chi Minh City to Quebec, Canada, for his studies and now resides there, uses the exhibition's title to reference the term used for Vietnam during Chinese and French colonial periods, highlighting the distance and interpretive nature of memory.