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Hauser & Wirth's UK subsidiary reported an 87% decline in pretax profit for 2024, falling to $1.6 million from $12.5 million the previous year, as revenue dropped by more than half to $91.4 million. The gallery attributed the downturn to a sharp fall in secondary-market sales, which can fluctuate significantly based on a few high-value transactions. The UK entity represents only a small portion of the gallery's global business, which the founders said remained aligned with the prior year's successful performance. Separately, the gallery's hospitality arm, Artfarm Group, posted a wider pretax loss of $24 million despite a 16% rise in turnover.

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Phillips’s Modern and Contemporary art evening sale in New York on Wednesday achieved $67.3 million, a 24.4% increase over last year’s total but far below the $154.6 million record set in 2023. The 33-lot sale landed at the top end of its pre-sale estimate, with Francis Bacon’s *Study for Head of Isabel Rawsthorne and George Dyer* (1967) selling for $16 million as the top lot. Notably, the auction included dinosaur bones for the first time—a juvenile triceratops skeleton nicknamed Cera—which proved a lucrative draw, while a painting by rising British artist Jadé Fadojutimi and a gold nugget called “The Thunderbolt” both failed to sell. Only one new artist record was set, for Firelei Báez at $645,000.

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The article examines the meteoric rise and current cooling of the market for Labubu, the Nordic fanged monster character created by artist Kasing Lung. After a decade of slow development, Labubu exploded in popularity through Chinese toy blind-box manufacturer Pop Mart, leading to record auction sales in 2025. Yongle Auction in Beijing organized the world's first themed Labubu sale, where a mint-green sculpture sold for RMB 1.242 million and a painting, 'Pure' (2021), fetched RMB 1.61 million, setting successive records. The frenzy attracted a diverse range of buyers, from streetwear collectors to traditional ceramics enthusiasts, many of whom share their purchases on social media platforms like Douyin.

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Christie’s held a doubleheader evening sale on May 12, 2025, featuring its regular 20th-century art auction and the Riggio collection. The various-owners sale achieved $216.9 million in total sales after fees, a 52% decline from the $413 million equivalent sale the previous year. The top lot was Claude Monet’s *Peupliers au bord de l’Epte, crépuscule* (1891), which sold for $42.9 million with fees. The sale had a 94% sell-through rate, with 34 of 36 lots sold and none bought in. Notable moments included a new auction record for Dorothea Tanning at $2.3 million and a strong result for Remedios Varo’s *Revelación* (1955) at $6.22 million.

Gulf art market feels the force of Middle East conflict

The ongoing conflict in the Middle East, involving the US, Israel, and Iran, has disrupted the Gulf region's art market. Key events like Art Dubai have been postponed, and the inaugural Frieze Abu Dhabi faces uncertainty, as the area's stability—crucial for attracting international dealers and auction houses—is now in question.

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A rare juvenile Ceratosaurus fossil sold for $30.5 million at Sotheby's New York, far exceeding its $6 million presale estimate after a six-minute bidding war. The 154-159 million-year-old specimen, discovered in 1996 at Wyoming's Bone Cabin Quarry, contains 139 original bone elements and stands over 6 feet tall. Sotheby's stated the buyer plans to loan the fossil to an institution.

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Sotheby's London held a 'white glove' sale of 126 one-of-a-kind ceramics by Pablo Picasso, all from the collection of his granddaughter Marina Picasso. The auction achieved a 100% sell-through rate, generating £12.3 million ($19.4 million), with the top lot—a painted goat-shaped vase titled *Cabri* (circa 1947)—selling for £485,000, nearly quadrupling its estimate.

Overdue payments to artists, landlords and workers at a popular gallery reflect pressures squeezing the dealer sector

The Hole, a prominent gallery with locations in New York and Los Angeles, is facing significant financial distress characterized by shuttered spaces and mounting legal disputes. Following a period of rapid expansion fueled by the 2021–2023 art market boom, the gallery has permanently closed its West Hollywood location and is currently facing multiple lawsuits from Manhattan landlords alleging over $180,000 in unpaid rent and taxes. Founder Kathy Grayson attributes the crisis to a sharp decline in sales starting in late 2023, which has left the gallery struggling to pay artists, staff, and creditors.

Christie’s to hold its first South Asian Modern art sale in London in seven years

Christie's auction house is launching a major sale titled 'Sublime Shadows' in London on June 11, featuring 93 works of South Asian Modern and contemporary art from an anonymous private collection. This marks the auction house's first dedicated South Asian Modern art sale in London since 2019, highlighting a surge in market activity and curatorial interest for the category.

Rare Complete Triceratops Skeleton Snags $5.5 Million at Auction

A 66-million-year-old Triceratops skeleton, nicknamed Trey, sold for $5.55 million at the online auction platform Joopiter. The fossil, excavated in 1993, had been on continuous public display at the Wyoming Dinosaur Center for three decades and represents the first dinosaur skeleton sold by Joopiter, a platform founded by Pharrell Williams.

Meet 14 Women Shaping India’s Booming Art Scene

Artsy profiles 14 influential women who are shaping India's rapidly evolving art market, including Nita Mukesh Ambani, Jaya Asokan, Shireen Gandhy, and others. The article highlights their roles as founders, directors, collectors, and patrons, with a focus on the upcoming 17th edition of the India Art Fair, which will feature a record 135 exhibitors. Each woman is described as contributing to the growth of galleries, auction houses, biennales, and cultural institutions across the country.

Ten Highlights From New York’s Spring Marquee Auctions

New York's spring marquee auctions are set for May 2025, with Christie's, Sotheby's, and Phillips presenting strong lineups after a 25% drop in total public sales in 2024. Highlights include the $250 million Leonard and Louise Riggio collection at Christie's, featuring Piet Mondrian's *Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue* (est. $50 million), and Alberto Giacometti's *Grande tête mince* (est. over $70 million) at Sotheby's. Other top lots include Lucio Fontana's *The End of God*, Jean-Michel Basquiat's *Baby Boom*, a Rothko from the Bass mansion, Claude Monet's *Crepuscular Peupliers*, Olga de Amaral's evening sale debut, a trove of 40 Roy Lichtenstein works, and an Ed Ruscha piece. The sales test market resilience amid supply constraints and a cautious art market.

The extraordinary boom in modern Indian art

Despite a general art market downturn, modern Indian art auctions have seen extraordinary demand. Over the past two weeks, sales at Christie’s in New York, Saffron Art in New Delhi, Pundole’s in Mumbai, and Sotheby’s in London all sold out. Sotheby’s London sale raised £19 million, more than five times its estimate, led by record-breaking works from Francis Newton Souza, including *Houses in Hampstead* (1962) sold for £5.6 million and *Emperor* (1957) sold for £5.2 million. The article traces Souza’s rebellious career, from his expulsion from school in Mumbai for pornographic graffiti, to his founding role in the Progressive Artists’ Group, his struggles in England and the US, and his eventual death in 2002 with little recognition.

India’s art market sees major resurgence in 2025; M F Hussain’s work breaks record

India's art market experienced a major resurgence in 2025, driven by record auction sales for modernists like M.F. Husain, Tyeb Mehta, and V.S. Gaitonde. Husain's 'Gram Yatra' became the first Indian painting to sell for over USD 10 million, setting a new benchmark. The boom is fueled by India's strong economy, rising private wealth, digital platforms, and increased global recognition. The India Art Fair in Delhi and the launch of India Art Fair Contemporary in Mumbai highlighted strong sales, with galleries selling 90% of their stands on preview day. A reduction in India's goods and services tax on art from 12% to 5% further boosted the market, while independent reports estimate Indian art auctions reached Rs 2,456.7 crore, up over 20% from the previous year.

The Art Market Year in Review

The art market experienced a turbulent 2025, beginning with a 12% decline in sales from 2024, following a 3% drop in 2023, as reported by the Art Basel and UBS Global Art Market Report. Major auction houses Christie’s, Sotheby’s, and Phillips saw average sales fall 6% in the first half of the year. However, the market rebounded by autumn, with strong sales at London and Paris art fairs and a 15% year-on-year increase in auction sales at the three main houses by December, according to Pi-eX. Key events included Sotheby’s failed sale of Alberto Giacometti’s *Grand tête mince* in May, followed by a record-breaking $236 million sale of Gustav Klimt’s *Portrait of Elisabeth Lederer* in November, and a $31.4 million record for François-Xavier Lalanne’s *Hippopotame Bar*.

NADA Miami and Untitled Art Test the Temperature of the Mid-Tier and Emerging Markets

NADA Miami and Untitled Art opened on December 2, 2024, in Miami Beach, both targeting the mid-tier and emerging art markets. The fairs saw strong early sales and a predominantly American and local audience, with fewer European and Asian collectors than in previous years. Dealers reported a rebound in market confidence, with sales activity signaling a recovery in the mid-career and emerging segments, though not reaching the frenzy of earlier boom periods. The fairs also showcased a shift away from bright figuration and identity politics toward deeper reflections on reality, mediatization, and materiality.

India’s art market is fast growing—is it also maturing?

The third edition of Art Mumbai (13-16 November) saw strong sales and record auction prices for Indian Modernists, including MF Husain's *Gram Yatra* (1953) becoming the first Indian painting to sell for over $10 million. The fair, held amid surging private wealth in India, featured leading contemporary galleries reporting up to 90% sales on opening day, with works priced from $1,000 to $300,000. A recent reduction in India's goods and service tax on art from 12% to 5% has further boosted the market.

Digital art is going mainstream

Digital art has achieved mainstream acceptance in the art world, ranking third in total spending among high-net-worth collectors after painting and sculpture, according to The Art Basel and UBS Survey of Global Collecting 2025. Over half of the 3,100 respondents purchased a digital artwork in 2024 or 2025, and the average share of digital art in collections rose from 3% in 2024 to 13% in 2025, signaling a maturation beyond the NFT boom of 2022. Art Basel is launching a new section called Zero 10 at Miami Beach 2025, featuring 12 exhibitors including AOTM, bitforms gallery, and Pace Gallery, with an interactive installation by Beeple. Major museums like MoMA, Tate Modern, and Centre Pompidou have hosted significant digital art exhibitions, further boosting collector confidence.

How the wealth transfer from Boomers to their children will shake up the art market

The article examines how the transfer of wealth from Baby Boomers to younger generations is reshaping the Australian art market. As Boomers downsize or pass away, their tightly held collections—featuring artists like Grace Cossington Smith, Howard Arkley, and Brett Whiteley—are entering auction houses, creating rare buying opportunities. Meanwhile, younger collectors (Gen X, Millennials, Gen Z) face economic uncertainty, leading to a softening in the ultra-contemporary market and a decline in NFTs. New models of online and agency representation are bypassing traditional galleries, and galleries themselves are undergoing generational change, with some closing and others like Ames Yavuz and D'Lan Contemporary expanding.

Working as an Artist in Hong Kong (Michelle Fung)

Michelle Fung reflects on the realities of working as an artist in Hong Kong, dispelling the romantic myth of the bohemian artist. She describes the city's high cost of living, lack of affordable studio space, and the need for artists to take on multiple jobs—from teaching to selling secondhand handbags—to survive. Fung notes that while Hong Kong offers a vibrant art scene with over 70 galleries and a dozen museums, most artists cannot rely on gallery sales alone. She also critiques the Hong Kong Arts Development Council's grant system, which covers project expenses but provides minimal artist fees, contrasting it with more generous systems in Canada and the Netherlands.

Max Mara will stage next cruise show in Shanghai’s Long Museum West Bund - FashionNetwork

Max Mara has announced that its next cruise show, the Resort 2027 collection, will take place at the Long Museum West Bund in Shanghai on June 16, 2026. The event will also mark the opening of a public exhibition titled 'The Max,' curated by French fashion expert Olivier Saillard, celebrating the brand's 75th anniversary. The show continues Max Mara's tradition of staging cruise collections in museums, following previous shows at Berlin's Neues Museum and Venice's Doge Palace.

Bank of America ArtTactic Art Market Report 2026 Trends

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The US art market experienced a 23 percent increase in auction sales in 2025, reaching approximately $3.17 billion according to a joint report by Bank of America and ArtTactic. This growth was not fueled by a rise in general demand but was instead driven by high-value estate consignments, a return to established historical artists, and a heavy reliance on financial guarantees. The data indicates a shift away from the speculative flipping of 'wet paint' contemporary works, which saw negative returns for pieces held for less than five years.

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Christie's 21st-century evening sale in New York on Wednesday night totaled $96.5 million, surpassing last year's $80.3 million, though the auction was characterized by caution, few fireworks, and a reduced number of lots. The headline event was Marlene Dumas's painting *Miss January* (1997) selling for $13.6 million with premium, setting a new auction record for a living female artist. The work, estimated at $12–18 million, was guaranteed and sold to a client bidding through Christie's deputy chairman Sara Friedlander; Miami collectors Don and Mera Rubell were the consignors. Other notable results included new records for Simone Leigh, Emma McIntyre, and Louis Fratino, while the top lot was Jean-Michel Basquiat's *Baby Boom* (1982) at $23.4 million. Four of 43 lots were withdrawn, and several works failed to sell, including an Ellsworth Kelly canvas with a $2 million low estimate.

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Christie’s 21st-century art sale on Wednesday achieved $96.5 million in total sales, a 20 percent increase over the same sale last year. The auction featured 43 lots, with four withdrawn before the sale, and a sell-through rate of 83.7 percent (92.3 percent after withdrawals). The top lot was Jean-Michel Basquiat’s *Baby Boom* (1982), which sold for $23.4 million. The sale was heavily supported by guarantees—24 lots were guaranteed, including 18 with third-party guarantees—accounting for 75 percent of the total presale low estimate. Auctioneer Yü-ge Wang faced cautious bidding, prompting playful remarks as collectors tested lower increments.

‘Barbara Windsor smacked our bottoms!’ Pet Shop Boys on showstopping visuals, horrified bosses – and snubbing the queen

The Pet Shop Boys have released a comprehensive 600-page visual monograph titled 'Pet Shop Boys: Volume,' documenting over 40 years of their aesthetic evolution. The book explores the duo's collaboration with high-profile artists, photographers, and directors including Wolfgang Tillmans, Alasdair McLellan, Derek Jarman, and long-time designer Mark Farrow. It highlights how Neil Tennant and Chris Lowe utilized the music industry's 1980s boom to treat pop music as a 'Gesamtkunstwerk' (total work of art), merging avant-garde fashion, minimalist graphic design, and cinematic music videos.

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Artist Andrea Fraser has launched a site-specific sound installation titled "Down the River" at the Whitney Museum of American Art’s new Renzo Piano-designed building. The project features audio recorded at Sing Sing Correctional Facility, played within the museum’s massive, empty 18,200-square-foot fifth-floor gallery. By piping the sounds of cell doors, inmate voices, and prison intercoms into the pristine museum space, Fraser physically links the acoustics of confinement with the architecture of elite cultural institutions.

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Tobias Berger, a veteran curator who held senior roles at Hong Kong’s M+ and Tai Kwun, has transitioned from the public sector to lead two new private initiatives: Serakai Studio and the Tanoto Art Foundation. Ahead of Art Basel Hong Kong, Berger is launching "Gold," an experimental salon space in Wong Chuk Hang that merges contemporary art with design and fashion. These roles mark a shift toward agile, privately funded cultural models that prioritize regional focus and experimental programming over the bureaucratic structures of large public museums.

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Hundreds of items from filmmaker David Lynch’s personal estate are being auctioned by Julien’s in Los Angeles, with online bidding already exceeding $56,000. The nearly 450 lots include movie props, musical gear, Polaroids, and more, spanning Lynch’s career. Top-performing items include his personalized director’s chair (bidding at $15,000), a red curtain from Twin Peaks ($2,750), a photo of a nuclear explosion from Twin Peaks: The Return ($6,000), a personal 35mm print of Eraserhead ($7,000), a vintage boomerang sofa ($4,500), and a signed Man Ray photograph ($3,500). The sale also features musical instruments from his home studio, such as a custom five-neck Ferrington guitar and a Roland synthesizer. The auction officially ends on June 18 and is held in collaboration with Turner Classic Movies.

Big prices, bigger confidence: Inside Indian art’s breakout era

The Indian art market is experiencing a significant boom, characterized by record-breaking auction prices for established masters like SH Raza and MF Husain, and growing international visibility for contemporary artists at biennales and fairs. A new generation of high-net-worth collectors is driving this growth, building collections with greater intent, knowledge, and personal connection rather than pure speculation.

What’s on now at San Francisco museums, January 2026

A roundup of current and upcoming exhibitions at San Francisco museums in January 2026 highlights several shows closing soon, including "Manet and Morisot" at the Legion of Honor and "Suzanne Jackson: What is Love" at SFMOMA, both ending March 1. New exhibitions opening include "The art of Cece Carpio" at SOMArts on Jan. 30, and "Trina Michelle Robinson: Open Your Eyes to Water" at 500 Capp Street and Root Division in February. The de Young Museum features "Boom and Bust: Photographing Northern California" and artist Rose B. Simpson's show "LEXICON," part of the newly opened galleries dedicated to Arts of Indigenous America. The Museum of the African Diaspora presents "Unbound: Art, Blackness and the Universe" and "Continuum: MoAD Over Time," while the Asian Art Museum hosts "Jitish Kallat: Covering Letter (Terranum Nuncius)."