Veteran Advisor Patti Wong on How the Auction Market Is Recalibrating

Veteran art advisor Patti Wong, who left Sotheby's after three decades to start her own firm, analyzes a significant recalibration in the auction market. She notes a new discipline among auction houses and buyers following the frothy post-pandemic years, with houses becoming more selective, relying heavily on third-party guarantees, and facing greater buyer scrutiny on provenance and estimates. She also highlights the industry's expansion into new geographies like Saudi Arabia and new categories like luxury goods.

Two Monet Paintings, Unseen for a Century, Resurface at Auction

Two significant paintings by Claude Monet, unseen by the public for over a century, are being offered at auction by Sotheby's Paris. The works, *Les Îles de Port-Villez* (1883) and *Vétheuil, Effet du Matin* (1901), have been held in private collections for 115 and over 100 years respectively, with the former last exhibited in the early 20th century at Paul Durand-Ruel's New York gallery. Their combined estimates make them the most valuable Monet paintings to appear at auction in France since 2001.

Miart Turns 30 With a Bigger, Bolder Edition in Milan

Miart, Milan's international modern and contemporary art fair, is launching its 30th-anniversary edition in a new, larger venue, the Allianz MiCo South Wing. The 2026 edition, themed "New Directions: Miart, but different," will host 160 galleries from 24 countries across three levels, featuring sections like Emergent for new voices, Established for historical dialogue, and a special film project called Movements.

Dark Mode: Inside the Art Market’s Private Auction Playbook

A secret, invitation-only auction for a single Andy Warhol portrait of Brigitte Bardot was held at a private bar in New York on November 19, 2025, during the major public auction week. Organized by the online platform Fair Warning and presided over by former Christie's auctioneer Jussi Pylkkänen, the event attracted elite collectors and resulted in a $16.7 million sale, making it the most expensive Warhol of the season.

The Big Ideas Driving Art Paris This Year

Art Paris 2026 will take place from April 9–12 at the Grand Palais, featuring two major curated themes: "Babel – Art and Language in France," guest-curated by Loïc Le Gall, and "Reparation," curated by Alexia Fabre. The fair will include roughly 165 galleries, with sectors like Promises for emerging artists, Solo Show for monographic presentations, and French Design Art Edition.

This Small Dorothea Tanning Painting Sold for $120,000 per Square Inch—and Set a New Record

Dorothea Tanning's small 1942 Surrealist painting, 'Children's Games,' sold for £3.8 million ($5 million) at Christie's London, nearly quadrupling its low estimate. With fees, the final price reached $6.26 million, setting a new auction record for the artist and achieving a remarkable price of approximately $120,000 per square inch.

A New Brooklyn Art Fair With a Global Outlook Debuts This Spring

A New Brooklyn Art Fair With a Global Outlook Debuts This Spring

A new art fair called Conductor: Art Fair of the Global Majority will hold its inaugural edition in Brooklyn from April 30 to May 3, 2026. Organized by Powerhouse Arts, it will feature 27 galleries and 17 special projects, bringing together artists and galleries from Africa, Latin America, Asia, the Caribbean, the Middle East, Oceania, and Indigenous nations.

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Van Doren Waxter in New York is hosting "Portraits," a solo exhibition dedicated to the late American abstract painter Jackie Saccoccio. The show features five paintings and seven works on paper that showcase Saccoccio’s mature style, characterized by a physically demanding process of dragging, pressing, and dripping paint. These works bridge the gap between gestural abstraction and the psychological depth of traditional portraiture, drawing inspiration from both Abstract Expressionism and Roman Baroque aesthetics.

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The U.K. government has placed a temporary export bar on Howard Hodgkin’s painting "Mrs Acton in Delhi" (1967–71) following its record-breaking £1.7 million sale at Bonhams. The move by the Department for Culture, Media, and Sport is intended to provide British institutions or domestic collectors the opportunity to match the price and keep the work within the country. The painting is considered a national treasure due to its aesthetic importance and its role in documenting Hodgkin's transition from Pop art to his signature emotive abstraction.

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Kenny Schachter explores the existential threat posed by the rapid advancement of Artificial Intelligence and its projected impact on the global economy by 2028. Citing the Citrini Report, he highlights a future of mass unemployment among white-collar professionals—the primary demographic for art consumption—who account for over 50% of discretionary spending in the U.S. As tech leaders like Jack Dorsey begin significant workforce reductions attributed to AI, the financial foundation of the art market appears increasingly precarious.

ACA Galleries Presents 100 Years of Black Art

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ACA Galleries in New York is hosting "Continuum: Over 100 Years of Black Art," an expansive group exhibition running through March 7, 2026. The show features a diverse array of media—including painting, sculpture, textiles, and collage—by more than a dozen pioneering Black artists. Spanning from the 19th century to the present day, the exhibition highlights key figures such as still-life painter Charles Ethan Porter, collagist Romare Bearden, and contemporary textile artist Helen McBride Richter.

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María Berrío’s mixed-media masterpiece "La Cena" (2012) is returning to the auction block at Christie’s post-war and contemporary day sale on May 17. The work, which draws inspiration from Da Vinci’s "The Last Supper" and features Berrío’s signature intricate collage style, is being sold by New York collector Dow Kim. Kim acquired the piece just two years ago for $1.56 million, significantly exceeding its initial estimate.

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Chinese authorities have concluded a major investigation into the Nanjing Museum, revealing decades of alleged mismanagement and corruption that led to nationally significant artworks being funneled into the private market.

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The Mayor Gallery in London is celebrating its centenary with a three-part exhibition series revisiting its history. The second part, 'Celebrating 100 years – Part 2: European Art,' is on view through February 20, 2026, showcasing post-war European artists from movements like ZERO, Arte Povera, and Concrete art, including works by Armando, Lucio Fontana, François Morellet, and Man Ray.

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Galerie Michael Haas in Berlin is presenting "André Thomkins: Lackskins," a focused exhibition on the Swiss artist's experimental technique developed in the 1950s. Thomkins (1930–1985) created these works by dripping varnish onto water and transferring the floating pigment to paper, a process blending controlled manipulation with chance. The show, running through March 6, 2026, highlights a body of work rediscovered only in the last 15 years, including pieces like "Astronauten" (1962).

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The Winter Show at New York's Park Avenue Armory features a standout booth by the gallery French and Company, presenting a darkly themed collection. The eclectic offerings include Old Master still lifes by Willem Kalf and Willem Claesz Heda, a Victorian ceramic peacock, a 1979 painting by Susan Rothenberg, and a "horror wall" with works like Pasko Vucetic's *Hatred and Madness* and Wilhelm Trübner's *A Gorgon's Head*, all curated by the gallery's Henry Zimet.

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A new financial consultancy called Artist Money Matters has launched in London, specifically designed to serve artists. Founded by artist and former finance executive Victoria Helena, the firm offers services including pricing advice, contract review, tax preparation, cash-flow planning, and guidance on grants and studio sustainability. It aims to provide artists with the business tools often missing from their education.

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A surge of gallery exhibitions in New York this January focuses on deceased artists and estates, including shows for Marcia Marcus at Olney Gleason, Hung Liu at Ryan Lee, and Lynn Geesaman at Yancey Richardson. This trend reflects a broader shift toward historical reappraisals, with young dealers increasingly taking on artist estates and museums doubling their share of solo shows for dead artists from 18% in 2019 to nearly 50% in 2025.

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A growing number of art fairs and galleries are publicly announcing a 'strategic pause'—a hiatus from their regular exhibition schedules to reassess their models. This week, Vienna's Spark Art Fair invoked the phrase to take a year off, following Berlin dealer Mehdi Chouakri's decision to suspend his gallery's exhibition program after 30 years. Last July, ADAA's Art Show coined the term when it announced a year-long break to reimagine the New York fair, and Taipei Dangdai in Taiwan followed suit days later. In December, an unprecedented number of galleries skipped Art Basel Miami Beach. The trend reflects a broader shift in the art world's willingness to openly acknowledge the need for rest and reinvention.

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Warren Isensee's new paintings at Miles McEnery Gallery in Chelsea, New York, explore optical structure with loosened rules, where warm and cool tones trade dominance across repeating frameworks. On view through February 14, 2026, the exhibition is the artist's third solo outing with the gallery and includes a fully illustrated publication with an essay by Stephen Westfall. The works interrupt their own logic, introducing irregular breaks that reroute the eye, creating a test of looking rather than a display of visual effects.

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Nahmad Contemporary is presenting a new exhibition at Tarmak22 in Gstaad, Switzerland, focusing on Pablo Picasso's 1963–65 series 'Le Peintre et Son Modèle' ('The Painter and His Model'). The show features 14 paintings that explore the artist's gaze, power dynamics, and the relationship between painter and sitter. Uniquely, British supermodel Naomi Campbell contributes her personal reflections on the works, drawing from her own experience of being photographed and observed throughout her career.

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French artist Claire Tabouret is presenting her full-scale maquettes for Notre-Dame Cathedral's new stained glass windows at the Grand Palais in Paris, in an exhibition titled "In a Single Breath." The six windows, each over 20 feet tall, were selected by a committee from over 100 submissions last December, replacing 19th-century designs by Eugène Viollet-le-Duc. The project has sparked controversy: conservation group Sites and Monuments launched a petition with over 328,000 signatures and a legal case arguing the replacement violates the 1964 Venice Charter and French historic monuments law. A Paris administrative court ruled in favor of the state in late November, but the group plans to appeal. Tabouret's designs are now being fabricated by the historic Atelier Simon-Marq glass workshop.

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Gustav Klimt's portrait of Elisabeth Lederer topped the list of the most expensive artworks sold at auction in 2025, achieving $236.3 million at Sotheby's New York on November 18—far exceeding its $150 million estimate and setting a new record for the artist. The painting came from the collection of the late Leonard Lauder, who died in June at age 92. Other top lots included two more Klimts from Lauder's collection, a newly offered Basquiat, and a record-setting Frida Kahlo work, alongside notable sales by van Gogh, Rothko, Mondrian, Monet, and Picasso, with many of the highest prices achieved during the blockbuster November auctions at Sotheby's and Christie's.

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Soho Beach House in Miami has reoriented its art collection around photography in late 2025, featuring works by established figures like Isaac Julien, JR, Laurie Simmons, Marilyn Minter, and Ming Smith alongside emerging artists such as René Matić, Caroline Allison, and Walead Beshty. The rehang, overseen by chief art director Kate Bryan, spans polaroids, performance-derived imagery, collage, and cameraless prints, with a focus on artists who use photography as a tool for broader inquiry.

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A new exhibition titled “Drop, Cloth,” co-curated by Glenn Adamson and Severin Delfs, explores how contemporary artists have reimagined drapery over the past 50 years. The show features 30 works by 25 artists, spanning two Chelsea galleries—Hollis Taggart (through January 10, 2026) and Susan Inglett Gallery (through January 30, 2026). Works range from Sam Gilliam’s seminal *Little Dude* (circa 1972) to recent pieces by Kennedy Yanko, Jenny Morgan, and Chellis Baird, alongside historical pieces by Nina Yankowitz, Lynda Benglis, and Rosemary Mayer. The exhibition traces a lineage of drapery as both subject and material, including shaped canvas, paint skin, ceramic, metal, embroidery, and weaving.

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Artissima, Italy's only contemporary art fair, closed its 32nd edition on November 2, 2025, at the Oval Lingotto Fiere in Turin, drawing 34,500 visitors and 176 galleries from 36 countries. Directed by Luigi Fassi for the fourth year, the fair ran from October 30 to November 2, featuring 63 monographic presentations and 26 first-time exhibitors. The edition introduced a new 5% VAT rate on artworks in Italy, awarded 13 prizes including the new Vilnius Residency Prize, and saw the Fondazione Arte CRT Acquisition Fund acquire 26 works for GAM Torino and Castello di Rivoli, marking its 25th anniversary. Special projects included "From Japan: Anonymous Art Project" and a film screening by Basim Magdy at Parco Michelotti.

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Artnet News critic Ben Davis presents his annual "art words of the year" for 2025, a curated list of terms that capture prevailing moods and ideas in the art world. The list includes "antimemetics" (from writer Nadia Asparhouva and internet fiction), "cyniserity" (coined by art writer David Colman to describe Anne Imhoff's work), "delightmare" (a horror-adjacent feeling linked to overconsumption and AI art, exemplified by Beeple's Art Basel installation), "elite capture" (from philosopher Olúfẹ́mi O. Táíwò's book, now a tool for critiquing identity politics in art), and "K-shaped" (an economic term describing divergent recovery, applied to gallery closures versus record auction sales).

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The Guggenheim Bilbao has canceled its planned expansion in the Urdaibai Biosphere Reserve, a UNESCO-designated site in Spain's Basque country, citing territorial, urban planning, and environmental constraints. The project, first announced in 2022, faced fierce opposition from activists, environmental groups like Greenpeace, and over 1,000 Basque creatives who signed a petition. The expansion would have included a facility in Guernica and a net-zero exhibition space in Murueta, but legal disputes and public pressure led the museum's Board of Trustees to terminate the plan. Local group Guggenheim Urdaibai Stop celebrated the decision as a victory and plans a festival in February 2026 to mark the project's demise.

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Artnet News rounds up the standout auction moments of 2025, highlighting both triumphs and disappointments. M.F. Husain's *Untitled (Gram Yatra)* (1954) smashed expectations at Christie's, selling for $13.8 million—more than double the artist's previous record and the first South Asian Modern work to exceed $10 million. In contrast, Piet Mondrian's *Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue* (1922) fell short of its $50 million estimate at Christie's, missing the artist's auction record, while Alberto Giacometti's *Grande tête mince* (1955) failed to sell at Sotheby's despite a $70 million asking price, underscoring market volatility.