Contemporary Art Market Declines For Fourth Straight Year, as Old Masters and Impressionist Works Rebound: Art Basel UBS Report

Contemporary Art Market Declines For Fourth Straight Year, as Old Masters and Impressionist Works Rebound: Art Basel UBS Report

The contemporary art market has declined for the fourth consecutive year, with auction sales for postwar and contemporary works falling to $4.5 billion in 2025 from a peak of $8.5 billion in 2021. Simultaneously, the market has seen a significant rebound in more established categories, with auction sales of Impressionist and Post-Impressionist works rising 47% and Old Masters climbing 30% last year.

100 Masterpieces to See at the Art Institute of Chicago

The Art Institute of Chicago has released a curated guide to 100 essential masterpieces within its massive one-million-square-foot campus. The selection spans global art history, ranging from ancient Egyptian mummies and Greek statues to iconic American sculptures like Edward Kemeys’s bronze lions and Narcissa Niblack Thorne’s intricate miniature rooms. The list is designed to help visitors navigate the museum's vast collection by grouping works by their physical location within the galleries.

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Valentina Castellani, a veteran of Sotheby’s and Gagosian, is releasing a new book titled 'Trading Beauty: Art Market Histories from the Altar to the Gallery'. The publication aims to fill a pedagogical gap Castellani discovered while teaching at New York University, providing a comprehensive chronological overview of the art market from the Renaissance to the post-pandemic era. Published by Gagosian and distributed by Rizzoli, the book features a cover by Maurizio Cattelan and an introduction by Massimiliano Gioni.

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The New Museum in New York will reopen on March 21 after a two-year closure, following a major expansion designed by OMA’s Shohei Shigematsu with Rem Koolhaas that adds 60,000 square feet, nearly doubling exhibition space. The reopening weekend offers free admission and features new commissions by Tschabalala Self, Klára Hosnedlová, and Sarah Lucas, along with the inaugural exhibition “New Humans: Memories of the Future” showcasing over 200 artists. Separately, Phillips will auction the collection of former US Ambassador to Denmark John L. Loeb Jr., comprising the largest private trove of Danish art, with highlights by Vilhelm Hammershøi, Bertha Wegmann, P. S. Krøyer, and Anna Ancher, expected to exceed $12 million.

More Than 300 Yayoi Kusama Works Take Over a German Museum

The Museum Ludwig in Cologne has launched a major retrospective of Yayoi Kusama's work to mark its 50th anniversary. The exhibition features over 300 pieces, including sculptures, paintings, and installations, and spans her entire career from a childhood drawing to a newly commissioned Infinity Room. It also debuts several works in a museum setting and spreads beyond the gallery walls to the museum's roof.

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The Metropolitan Museum of Art has partnered with Lego to release a $249.99 building set recreating Claude Monet's 1899 painting 'Bridge Over a Pond of Water Lilies.' The kit, containing 3,179 pieces, is the most expensive in Lego's Art series and launches March 4. The museum is also releasing a podcast hosted by curator Alison Hokanson to accompany the set.

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Marian Goodman, the revered contemporary art dealer who built one of the most influential galleries of the past half-century, died in Los Angeles on Thursday at age 97. Goodman launched Marian Goodman Gallery in New York in 1977 after 15 years running an editions business, and over six decades she championed a roster of challenging artists including Gerhard Richter, John Baldessari, Julie Mehretu, Tacita Dean, and Pierre Huyghe. Her gallery operated on West 57th Street in Manhattan with branches in London and Paris, and she was awarded the Commandeur of the Ordre des Arts et des Lettres and the Légion of Honor by France.

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Artnet News staff reflects on the most impactful stories of 2025, covering a wide range of topics from institutional shifts and devastating wildfires to market sensations and conceptual art. Key pieces include Ben Davis's analysis of the art world's 'post-woke' turn, Sarah Cascone's report on Los Angeles artists losing homes in the Eaton Fire, Katya Kazakina's tale of a David Hockney painting yielding a 7,000 percent return at Christie's, Andrew Russeth's coverage of Richard Prince's seven-hour deposition video, Kate Brown's profile of Friedrich Kunath, and Annie Armstrong's introduction of the 'red-chip' art market driven by hype and crypto.

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German artist Gerhard Richter has opened a major monographic exhibition at the Fondation Louis Vuitton in Paris, titled simply “Gerhard Richter.” The show features approximately 270 artworks, making it nearly three times larger than his 2020 retrospective at the Met Breuer in New York. Curated by former Tate director Nicholas Serota and Dieter Schwarz, former director of Zurich’s Kunstmuseum Winterthur, the exhibition is arranged chronologically to trace the evolution of Richter’s diverse oeuvre—from photo paintings and abstractions to Strip artworks and recent drawings. Highlights include early works like *Tisch (Table)* (1962), his first photo painting, and *Verkündigung nach Tizian (Annunciation after Titian)* (1973), created after his Venice Biennale debut.

The $53 M. Wingate Collection Comes to Sotheby’s, Led by a $25 M. Giacometti

The collection of modern and contemporary art assembled by David and Shoshanna Wingate over seven decades will be sold at Sotheby's in New York and London on May 19 and 20. The sale, comprising over 50 works by artists like Alberto Giacometti, Mark Rothko, and Wassily Kandinsky, is estimated to fetch between $37 million and $53 million, led by Giacometti's sculpture "La Clairière (Composition avec neuf figures)" with an estimate of $18 million to $25 million.

A Duchamp Retrospective at MoMA Presents an Artist Who Challenged the Very Definition of Art

The Museum of Modern Art (MoMA) has launched a major retrospective of Marcel Duchamp, marking the first comprehensive North American survey of the artist’s work in over 50 years. Co-organized with the Philadelphia Museum of Art and the Centre Pompidou, the exhibition traces Duchamp’s evolution from his early Cubo-Futurist paintings to his revolutionary "Readymades" and optical experiments. The show features seminal works such as Nude (Study), Sad Young Man on a Train and explores his various personas, including his female alter ego, Rrose Sélavy.

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The Louvre was forced to close on Monday after staff launched strike action demanding urgent building renovations, improved security, increased staffing, and protesting a planned 45% ticket price increase for non-EU visitors. The strike follows a turbulent period for the museum, including a daylight theft of French crown jewels worth $102 million, a water leak damaging hundreds of documents, and safety concerns closing galleries. Meanwhile, Banksy's Walled Off Hotel in Bethlehem has reopened for the first time since 2023, after closing following the Hamas attacks of October 7, 2023, and the ensuing Israel-Hamas war. The hotel, which opened in 2017, sits opposite the West Bank barrier and features original Banksy works, positioning itself as a cultural platform for peace and Palestinian artists.

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The article provides a comprehensive guide to essential acronyms used in the art world, explaining what each abbreviation stands for and its significance. It covers organizations like AAM (American Alliance of Museums), AAMD (Association of Art Museum Directors), and ADAA (Art Dealers Association of America), as well as art fairs such as ABMB (Art Basel Miami Beach) and ARCO (Arte Contemporáneo in Madrid). It also includes advisories like AIG (Art Intelligence Global), historical galleries like AIR (Artists in Residence), and defunct fairs like FIAC (Foire Internationale d'Art Contemporain), offering context on their origins and current relevance.

14 Must-See Museum Shows in New York This Spring

New York museums are launching a significant slate of spring exhibitions, featuring major retrospectives and thematic surveys. Highlights include "Noguchi's New York" at the Noguchi Museum, exploring the sculptor's unrealized urban projects; "Raphael: Sublime Poetry" at the Metropolitan Museum of Art, a comprehensive look at the Renaissance master; and "Gothic by Design: The Dawn of Architectural Draftsmanship," also at the Met, focusing on medieval architectural drawings.

Are We Too Reverent of Marcel Duchamp?

The Museum of Modern Art has launched a major retrospective of Marcel Duchamp, co-organized with the Philadelphia Museum of Art. The exhibition tracks the artist's evolution from his early Cubist experiments and the scandal of 'Nude Descending a Staircase' to his radical invention of the readymade, exemplified by the infamous urinal, 'Fountain'. The show presents a comprehensive look at 'The Duch' through a reverential, church-like atmosphere, concluding with his later years as a dapper, enigmatic figure of the avant-garde.

Megamurals, Guerrilla Girls and something rotten in the Oval Office – the week in art

The Guardian's weekly art roundup highlights several exhibitions, including Wilhelm Sasnal's politically charged paintings at Sadie Coles HQ in London, a Joan Eardley retrospective in Edinburgh, and a Guerrilla Girls show in East Sussex. It also reports on Art UK's digitization of over 6,700 UK murals, the theft of Impressionist paintings from an Italian museum, and the discovery of a stolen ancient gold helmet.

Collaborations: Robert Rauschenberg, Laurie Anderson, Trisha Brown, and Merce Cunningham at BAM

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The Brooklyn Academy of Music (BAM) is hosting "Dancing with Bob," an international tour celebrating the centennial of Robert Rauschenberg’s birth. The program features restagings of seminal avant-garde dance collaborations, most notably the 1983 masterpiece "Set and Reset," which combined the choreography of Trisha Brown, the music of Laurie Anderson, and the visual design of Rauschenberg. The tour also includes a rare professional restaging of the 1977 piece "Travelogue," a collaboration between Rauschenberg and Merce Cunningham.

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London’s Courtauld Gallery will open two new contemporary art galleries at its Somerset House campus, funded by a £10 million ($13.8 million) gift from the Blavatnik Family Foundation. The top-floor spaces, originally built as a display area for the Royal Society in the 18th century, are expected to debut in 2029. The donation brings the foundation’s total support for the Courtauld to £20 million ($27.5 million), following earlier backing for the museum’s 2021 renovation. The new galleries will be programmed in part by students in the Courtauld’s curating master’s program and will host exhibitions connecting historical and contemporary art.

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Christie’s announced a projected sales total of $2.1 billion for the first half of 2025, matching its H1-2024 figure. While art categories like Impressionist, modern, and Old Masters saw modest growth—Old Masters sales rose 15% to $55 million—luxury categories (handbags, watches, cars, jewelry) surged nearly 30% to $468 million, now accounting for 22% of the total. Notable sales included René Magritte’s *La reconnaissance infinite* (1933) for £10.3 million and Piet Mondrian’s *Composition with Large Red Plane, Bluish Grey, Yellow, Black, and Blue* (1922) for $46.7 million. Guaranteed lots remained low at 1.5%, and the sell-through rate held steady at 88%.

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Christie's, Sotheby's, and Phillips reported their first-half 2025 auction sales, with Christie's leading at nearly $1.5 billion (down 1.9% year-over-year), Sotheby's at $1.2 billion (down 14%), and Phillips at $190.1 million (down 24.5%). The top lot was Piet Mondrian's *Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue* (1922), sold for $47.6 million from Len Riggio's collection. Separately, the British Museum announced its inaugural ball on October 18, promoted by director Nicholas Cullinan, and Sotheby's opened its first public art exhibition in Abu Dhabi featuring works by van Gogh, Kahlo, and others. UNESCO launched a Virtual Museum of Stolen Cultural Objects, and Heritage Auctions sold part of Guillermo del Toro's "Bleak House" collection for $1.65 million.

Australia Is Getting Its First Major Takashi Murakami Retrospective

The Art Gallery of New South Wales in Sydney will host Australia's first major Takashi Murakami retrospective, opening in December 2026. Titled simply "Takashi Murakami," the exhibition spans 30 years and features 150 works, including paintings, sculptures, video, and large-scale installations. It will occupy part of the gallery's Naala Badu building and will debut new works created specifically for the show in the vast Nelson Packer Tank space.

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Artnet and Morgan Stanley have released a comprehensive analysis of the photography auction market spanning 2005 to 2024. The report reveals that while the volume of photography lots sold has more than doubled over two decades, the total annual sales value has remained largely stagnant, rising from $113.4 million in 2005 to $116.9 million in 2024. When adjusted for inflation, this represents a significant 36.7 percent decline in market value, with average prices for photographs dropping by over 50 percent during the same period.

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Artist Amy Sherald has been named one of TIME magazine’s 2026 Women of the Year, a distinction honoring her leadership and commitment to equity. The recognition follows Sherald's high-profile decision to withdraw her solo exhibition, "American Sublime," from the National Portrait Gallery in Washington, D.C., after the institution attempted to censor or alter the presentation of her painting 'Trans Forming Liberty' (2024) due to political pressure. The Baltimore Museum of Art subsequently stepped in to host the show, where it has since shattered all-time attendance records for the institution.

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Artnet Pro's 'The Asia Pivot' newsletter previews the 2026 Asian art market, highlighting a hopeful recovery after signs of improvement in late 2025. Key events include Art SG in Singapore (hosting S.E.A. Focus for the first time), the inaugural Art Basel Qatar in February, and Art Basel Hong Kong in March. Auction houses will align spring sales with these fairs. The article also notes regional shifts: South Korea's Art Asia partners with KINTEX for a new fair in India, Hong Kong's Kwai Fung Hin opens in Singapore, and Shanghai's Antenna Space expands to Hong Kong. Japan's Prime Minister Sanae Takaichi meets with artist Takashi Murakami to promote culture abroad, while geopolitical tensions with China threaten cultural exchanges.

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The article reports on the upcoming Art Basel in Miami Beach and the improved mood in the art market, driven by strong auction results. Sotheby's emerged as the clear winner over Christie's in the fall 2024 auctions, achieving over $2.2 billion in total sales across Sotheby's, Christie's, and Phillips. Key consignments included the Leonard Lauder Collection, featuring a record-making Klimt, a Frida Kahlo that became the highest-selling work by a woman artist, and Maurizio Cattelan's golden toilet. The article credits Sotheby's move into the Breuer building—formerly home to the Whitney, the Met, and the Frick—for enhancing the presentation and aura of the previews.

Paying tribute to storied printmaker Kenneth Tyler at the IFPDA Print Fair

The International Fine Prints and Drawings Association (IFPDA) Print Fair at the Park Avenue Armory is honoring the legacy of master printer Kenneth E. Tyler. A central highlight of the event is the presentation by the National Gallery of Australia (NGA) of a new three-volume catalogue raisonné documenting Tyler Graphics from 1986 to 2001. The 94-year-old Tyler, a foundational figure in American printmaking, collaborated with titans of Modern art including Robert Rauschenberg, Helen Frankenthaler, and Roy Lichtenstein across his storied career at Gemini GEL and Tyler Graphics.

Revealed: the amazing frame once created for Van Gogh’s Sunflowers

A long-lost, custom-designed Art Deco frame for Vincent van Gogh's painting "Three Sunflowers" has been identified through archival research. The frame, which featured a dark lacquer finish, randomly placed gold circles, and angled outer edges, was commissioned by the Parisian couturier and collector Jacques Doucet shortly after he acquired the painting in 1912. Its existence was pieced together from a 1930s interior photograph, a 1967 family snapshot, and a frame sold at Sotheby's in 1989, allowing for a digital reconstruction of the complete artwork.

Duchamp in New York

The Museum of Modern Art (MoMA) has launched a major solo exhibition dedicated to Marcel Duchamp, marking the artist's first comprehensive survey in New York City in over 50 years. The exhibition explores Duchamp’s revolutionary impact on modern art, featuring iconic works and archival materials that trace his history from the 1913 Armory Show to his later years in New York. The opening is complemented by a broader "Duchamp spring" in the city, including a forthcoming exhibition of his readymades at Gagosian.

‘The original triple threat’: two exhibitions celebrate Marilyn Monroe as creative pioneer

The British Film Institute (BFI) and the National Portrait Gallery have announced two major exhibitions to celebrate the centenary of Marilyn Monroe’s birth. The BFI will host a two-month film season titled 'Marilyn Monroe: Self Made Star,' featuring a comprehensive look at her filmography and a theatrical re-release of her final film, *The Misfits*. Simultaneously, the National Portrait Gallery will present 'Marilyn Monroe: A Portrait,' an exhibition exploring her influence on visual culture through works by artists like Andy Warhol and Richard Avedon, including rare photographs taken just before her death.

Christie’s to Offer $35 M. Renoir Painting Owned by Whitney Family For Nearly a Century

Christie's will auction Pierre-Auguste Renoir's 1876-77 painting 'La femme aux lilas (Portrait de Nini Lopez)' in its 20th Century Evening Sale on May 18, with an estimate of $25 million to $35 million. The work has been owned by the Whitney Payson family since 1929 and is being sold from the collection of the late Lorinda Payson de Roulet, daughter of the original buyers, Joan Whitney Payson and Charles Payson.