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.

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Art Basel Miami Beach 2025 has introduced significant changes to its floor plan, including a shift in shared booth arrangements. In the Nova section for young galleries, only two galleries—Isabel Aninat and Espacio Valverde—are sharing a booth, while the main sector now features multiple pairings, such as Andrew Kreps with Anton Kern, March with Parker, and Galatea with Isla Flotante. The Positions sector for solo presentations has moved to a regular gallery booth area, replaced by the new Zero 10 initiative for digital art. The map reflects a reduced footprint for the main sector, possibly responding to a volatile market for contemporary art.

Cecily Brown: ‘I was too shy to talk to all these super cool kids like Sarah Lucas and Damien Hirst’

Cecily Brown is preparing for her first major museum exhibition in her native London at the Serpentine Gallery, titled 'Picture Making'. The show features new and old paintings, monotypes, and drawings inspired by Kensington Gardens, marking a significant return for the artist who left for New York in the 1990s. Despite her commercial success with Gagosian and inclusion in major museums, she expresses nervousness about the critical reception.

Gagosian to Open New Upper East Side Gallery with a Duchamp Show, a Rarity in a Commercial Setting

Gagosian is set to inaugurate a new ground-floor gallery space at 980 Madison Avenue on Manhattan’s Upper East Side with a major exhibition of Marcel Duchamp opening April 25. The show features rare replicas of the artist’s most famous readymades, including the 1964 versions of 'Fountain' and 'Bicycle Wheel,' the latter of which is noted as the only version not currently held by a museum. The exhibition returns Duchamp to the same building where he showed with Cordier & Ekstrom Gallery in 1965 and coincides with a major retrospective at the Museum of Modern Art.

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A Reuters investigative report has claimed to unmask the anonymous street artist Banksy, identifying him as Robin Gunningham (who later changed his name to David Jones). The report justifies the disclosure by citing public interest in how the artist has monetized his mystique and details the inner workings of his professional circle. Meanwhile, the art world faces several institutional shifts, including the resignation of Richard Grenell from the Kennedy Center amid a legal battle over renovations, and calls for the resignation of Italy’s Venice Biennale representative over Russia's potential return to the exhibition.

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The art world is mourning the loss of influential sculptor Thaddeus Mosley, who passed away at age 99. Known for his monumental yet graceful abstract works crafted from salvaged wood, Mosley gained significant critical acclaim late in his career for his mastery of weight and space. His death leads a series of industry updates, including the passing of Malaysian artist chi too and sculptor Ken Turnell, alongside a controversial report that the Department of Government Efficiency (DOGE) allegedly used AI to target National Endowment for the Humanities grants for cancellation.

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The Los Angeles art scene is navigating a complex recovery as it prepares for Frieze Los Angeles 2026. The city is grappling with the lingering trauma of devastating wildfires that destroyed significant private collections, alongside economic instability caused by massive layoffs in the entertainment industry and recent political unrest. This combination of environmental and financial crises has led to a notable market downturn, resulting in the closure of several high-profile galleries including Blum, Tanya Bonakdar, and Sean Kelly.

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ART SG concluded its 2026 edition at Singapore’s Marina Bay Sands with steady sales and a reported attendance of 43,000 visitors. While the fair lacked the million-dollar trophy sales seen in previous years, blue-chip galleries like Thaddaeus Ropac and White Cube reported significant transactions, including a £475,000 Raqib Shaw painting and a sell-out presentation of Lee Bae works by Johyun Gallery totaling $2.76 million. The event also featured a strategic partnership with S.E.A. Focus, integrating the boutique fair into the main hall to highlight regional talent.

Somerset's Unlikely Contemporary Art Scene Is a Welcome Departure From the UK's London-Centric Thinking

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Hauser & Wirth's Somerset gallery, established in 2014 in the rural town of Bruton, has transformed the local area into a significant contemporary art destination. The gallery complex, featuring exhibition spaces, a restaurant, meadow, and educational programs, has catalyzed gentrification and attracted other galleries, trendy hotels, and high-end amenities to a formerly unremarkable settlement.

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Marian Goodman, the revered art dealer known for her steadfast commitment to artists and resistance to market trends, died at 97 in a Los Angeles hospital. She opened her eponymous gallery in 1977 in Midtown Manhattan with a show of Marcel Broodthaers, and over five decades represented major figures including Gerhard Richter, Julie Mehretu, William Kentridge, and Steve McQueen. Goodman began her career by founding Multiples in 1965 to publish affordable editions, and she famously kept her gallery on 57th Street while peers moved to SoHo and Chelsea.

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Timo Kappeller has joined Pace Gallery as a senior director in New York, focusing on sales and artist relationships, starting January 20. He arrives from The Campus, a collaborative exhibition space in upstate New York, and previously held senior roles at Hauser & Wirth and Andrew Kreps, with early career experience at Documenta and KW Institute for Contemporary Art in Berlin. His hiring follows several high-profile departures from Pace, including senior vice president Jessie Washburne-Harris to White Cube and artist Yoshitomo Nara to David Zwirner.

new museum sets reopening date in march phillips to sell ex us ambassador to denmarks collection morning links for january 13 2026 1234769584

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.

us artists are increasingly self funding institutional projects diriyah contemporary art biennale names artists morning links for january 7 2025 1234769026

The article reports that US artists are increasingly expected to self-fund institutional projects, as illustrated by Dominican American artist Lucia Hierro's 7.5-foot chair commission. Fabrication costs exceeded the museum's budget, forcing her to seek grants from a residency program's fund, which had only $125,000 available against $1.8 million in applicant requests. Separately, over 65 artists have been announced for the third edition of the Diriyah Contemporary Art Biennale in Saudi Arabia, titled "In Interludes and Transitions," with artistic directors Nora Razian and Sabih Ahmed emphasizing locally rooted histories. Other news includes artist Thomas McKean using cut-up MetroCards for sculptures, Kenny Schachter reporting a van Gogh private sale above $190 million, an Iron Age carnyx discovery in Norfolk, and critic Ben Luke's critique of uninspired contemporary painting at recent art fairs.

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The US government selected artist Robert Lazzarini and curator John Ravenal to represent the United States at the 2026 Venice Biennale, coinciding with the 250th anniversary of America's founding. However, negotiations with a partner institution collapsed within three weeks, and the commission was withdrawn before any public announcement, leaving the international art world questioning who will ultimately represent the country. In other news, the original cover photograph for David Bowie's album *Aladdin Sane* sold for £381,400 at Bonhams London, setting a new auction record. Gagosian has teamed up with filmmaker Wes Anderson to recreate Joseph Cornell's New York studio in Paris for an exhibition titled "The House of Utopia Parkway: Joseph Cornell's Studio Reimagined by Wes Anderson." The long-anticipated opening of the Grand Egyptian Museum has reignited calls for the British Museum to repatriate the Rosetta Stone, and a Denver-based cryptocurrency entrepreneur has unveiled a plan to build a 450-foot-tall statue of Prometheus on Alcatraz Island.

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This ARTnews industry moves column reports several key personnel and representation changes in the art world. Christine Sun Kim has joined Gallery Hyundai, a Seoul-based gallery, and will show at Art Basel Miami Beach. Yoshitomo Nara has moved to David Zwirner while maintaining his relationship with Pace. John Tain has been named Director of Curatorial Affairs at the Carnegie Museum of Art, and Galatea now represents Gabriella Marinho. Chris Sharp has added the duo CrossLypka to his roster. Separately, climate activist Timothy Martin received an 18-month prison sentence for damaging a Degas sculpture at the National Gallery of Art, and the Philadelphia Museum of Art faces turmoil after a rebranding backlash that led to director Sasha Suda's dismissal.

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David Zwirner gallery announced it will now officially represent Japanese artist Yoshitomo Nara, with his first solo exhibition planned at Zwirner's New York space. The representation deal was brokered through Nara's international agent Joe Baptista and his Equivalence Art Agency. Baptista was previously a partner at Pace Gallery, Nara's longtime representative, and his departure from Pace had not been publicly announced. Nara was also long represented by Blum Gallery, which closed earlier this year after its final Nara show in Los Angeles. Pace Gallery CEO Marc Glimcher expressed surprise but said Pace will continue to have a relationship with the artist.

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Kerry James Marshall's paintings are being offered at Frieze London, with two major works on view at different galleries. Alexander Gray Associates presents Marshall's 1992 painting *A Woman with a Heart of Gold* for $2.9 million, a collage-like work that critiques racial fantasies in mass-market romance. David Zwirner shows the 1990 painting *A Little Romance* priced at $3.2 million, depicting a dreamy reclining figure. Meanwhile, the Royal Academy's exhibition “Kerry James Marshall: The Histories” has drawn enthusiastic repeat visits from dealers and auction-house figures, generating significant buzz during Frieze week.

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Frieze has announced plans to launch a new art fair in Abu Dhabi in partnership with the Department of Culture and Tourism, converting the existing Abu Dhabi Art into a Frieze-branded franchise by 2026. This follows a previously reported but unrealized deal between Abu Dhabi and Art Basel, which instead chose to launch a fair in Qatar. Meanwhile, a new London art space called Ibraaz, funded by Swiss Tunisian banker Kamel Lazaar and focused on global majority arts, will open October 15. Gagosian also announced Jeff Koons's return to the gallery with a solo show titled "Porcelain Series." Additionally, the Robert Rauschenberg Foundation is selling the artist's Florida compound due to hurricane damage, and Pepperdine University closed an exhibition early after artists withdrew works over alleged political censorship.

Go Time! Gagosian Christens New Madison Avenue Space With Duchamp Readymades

Larry Gagosian is set to inaugurate a newly overhauled ground-floor gallery at 980 Madison Avenue on April 25, marking a major expansion within his long-time New York headquarters. The debut exhibition features the iconic readymades of Marcel Duchamp, including a rare version of 'Bicycle Wheel' and 'Fountain.' This move follows a period of uncertainty for the dealer after Bloomberg Philanthropies acquired the building, prompting Gagosian to invest significant resources into securing and transforming the street-level space.

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The print market is experiencing a significant resurgence, defying the broader contraction seen in the global art market. Recent events like the IFPDA Print Fair in New York reported record-breaking attendance of 21,000 visitors, while auction data shows that over 54,000 print lots were sold in 2024—the highest volume in a decade. While total sales value dipped slightly, the decline was far less severe than the 27 percent drop seen in the general fine art sector.

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The art market is gearing up for a high-stakes spring season with major estate collections from S.I. Newhouse and Robert Mnuchin slated for auction at Christie’s and Sotheby’s, collectively valued at over half a billion dollars. Meanwhile, London’s spring marquee sales showed strong momentum, with Christie’s and Sotheby’s reporting significant year-over-year increases in their evening sale totals, despite a more modest performance from Phillips.

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Frieze Los Angeles 2026 opened amid concerns over the city's cooling art market, following a wave of gallery closures and a shift toward nomadic dealer models. Despite the economic downturn and the lingering shadow of previous regional fires, the fair week saw a resurgence of energy with 32,000 attendees and significant blue-chip sales, including a $3.75 million Ed Ruscha at Gagosian and a $2.8 million Njideka Akunyili Crosby at David Zwirner. The week was characterized by a mix of high-end commerce at the Santa Monica Airport and grassroots vitality at satellite events like Felix and the newly launched Post-Fair.

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A flurry of art fair activity across Asia marked the early weeks of 2026. Art Basel's inaugural Qatar edition broke format with single-artist presentations, focusing on MENASA artists and discreet institutional buying. The India Art Fair in New Delhi saw strong sales for local galleries like Vadehra Art Gallery and DAG, while international fairs also took place in Indonesia and the Philippines. New events like Pavilion Hong Kong were announced, and Tokyo Gendai confirmed its return.

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A flurry of art fair activity across Asia marked the early weeks of 2026. Art Basel's inaugural Qatar edition broke format with single-artist presentations, focusing on MENASA artists and discreet institutional buying. The India Art Fair in New Delhi reported strong sales for local and international galleries, while new fairs launched in Jakarta, Manila, and Hong Kong. Tokyo Gendai announced its return, and Art Basel's digital platform Zero 10 expanded to Hong Kong.

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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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This week's art industry roundup covers major developments across auctions, galleries, and institutions. Christie's will auction René Magritte's 'Les grâces naturelles' (ca. 1961) as the star lot of its Art of the Surreal evening sale in London on March 5, with an estimate of £6.5–9.5 million. Zona Maco in Mexico City has announced 241 exhibitors for its 22nd edition, including a new section called Forma. The London Art Fair reported strong sales for British women abstract painters, while Vienna's Spark Art fair canceled its 2025 edition for a strategic pause until 2027. In gallery news, Amy Sherald signed with Creative Artists Agency, and several other artist-gallery representation changes were announced. The U.K. government pledged £1.5 billion to support cultural organizations from 2025 to 2030, and Tarek Atoui was named the next Turbine Hall commission artist at Tate Modern.

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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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Jeff Koons has returned to Gagosian in New York with his "Porcelain Series," on view through February 28, 2026, marking his first exhibition with the gallery after four years with Pace. The show features hyper-polished porcelain sculptures and paintings that reference historical European porcelain workshops such as Sèvres, Meissen, and KPM Berlin, as well as 16th-century prints. Koons discusses the high-low dialogue of porcelain, its ties to readymade objects and Duchamp, and his use of advanced scanning and fabrication techniques to transform humble figurines into luxury art.

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Kenny Schachter's column reports on the fallout at Michael Werner Gallery following the departure of star artist Peter Doig. Co-owner Gordon VeneKlasen is accused of expensing luxury items—including private jets, Hamptons helicopter rides, and even a solo helicopter trip for his Labrador Retriever—while the gallery faced financial strain. The partnership is dissolving, with VeneKlasen moving to Los Angeles to open his own gallery and listing his West Village home for $20 million. Meanwhile, Schachter also notes Pace Gallery's financial troubles, with founder Arne Glimcher stepping in to stabilize operations.

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Art Basel Miami Beach opened its VIP preview on Wednesday with strong early sales, including multiple seven-figure deals. Major galleries like Hauser & Wirth, White Cube, Gladstone, and Pace reported significant sales, with a $3.9 million George Condo painting leading the pack. The fair introduced a new digital-art section called Zero 10, featuring works by Beeple, which drew large crowds. Collectors such as Craig Robins, Mera and Don Rubell, Norman Braman, and Beth Rudin DeWoody were among the early attendees, and the event featured high-profile works by Jeff Koons and Maurizio Cattelan.