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Billionaire hedge fund manager and prominent art collector Kenneth C. Griffin has issued a stark warning regarding the global economy, stating that a recession is inevitable if the Strait of Hormuz remains closed through the end of the year. Speaking at the Semafor World Economy summit, Griffin highlighted that the closure of this vital oil passageway has created energy shocks and treacherous conditions for central bankers, potentially forcing further interest rate hikes to combat inflation.

Emmanuel Di Donna Mounts Major Salvador Dalí Show as Final Exhibition in Madison Avenue Space

Emmanuel Di Donna is presenting a major Salvador Dalí exhibition, "Dalí: The Great Years, 1929–1939," at his Madison Avenue gallery from April 16 to June 13. The show features over two dozen paintings, sculptures, and works on paper from the artist's most formative decade, assembled with loans from major institutions like the Art Institute of Chicago and the Philadelphia Museum of Art. It will be the final exhibition in Di Donna's current space before he launches a new joint venture with Pace and David Schrader.

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The art world saw significant roster changes and leadership appointments this week, including Roberts Projects announcing representation of Esmaa Mohamoud and Cristin Tierney adding Debbi Kenote. Notable institutional moves include Charles Chemin being named Artistic Director of the Watermill Center and Julia Siemon stepping into a newly created Deputy Director role at the Bard Graduate Center. Additionally, the mid-season auction market showed unexpected strength, highlighted by Jeff Koons’s 'Winter Bears' selling for $7.6 million at Christie’s.

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Christie's London will auction a major collection of modern and contemporary art from Belgian collectors Roger and Josette Vanthournout during its March marquee sales week. The collection, estimated at £40 million ($53.8 million), spans six decades of collecting and includes works by René Magritte, Henry Moore, Pablo Picasso, Yayoi Kusama, Lucio Fontana, Agnes Martin, and Max Ernst. It will be offered across three sales: a March 5 evening sale, a March 6 daytime sale, and an online sale from February 25 to March 12. Highlights include Magritte's 'La plaine de l'air' (1940) and Moore's 'Goslar Warrior' (1973–74), each estimated at £3.5–5.5 million.

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The Princeton University Art Museum (PUAM) reopened after nearly six years, replacing its 1969 building with a 146,000-square-foot complex designed by Adjaye Associates. The new structure features nine interlocking modernist pavilions, a 40-foot mosaic by Nick Cave, and flexible spaces like a central hall convertible into a lecture hall. The museum's collection of 117,000 objects is installed with ahistorical juxtapositions, pairing works such as Andy Warhol's Blue Marilyn (1962) with a 14th-century Virgin and Child, and Titus Kaphar's To Be Sold (2018) with a George Washington portrait. The reopening follows controversy: David Adjaye stepped back from the project in 2023 after allegations of sexual misconduct, which he denied.

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Top 200 Collector Steven A. Cohen has been revealed as the consignor of Maurizio Cattelan's golden toilet sculpture, *America* (2016), which will be auctioned at Sotheby's on November 18. The work, made of 18-karat gold and weighing over 100 kilograms, was purchased from Marian Goodman Gallery in 2017. It will be displayed in a bathroom at Sotheby's Breuer Building before the sale, with a starting bid expected around $10 million based on the price of its weight in gold. The piece has a notable history: one version was exhibited at the Guggenheim Museum, offered to the Trump White House as a loan alternative to a van Gogh painting, and another was stolen from Blenheim Palace in 2019, making Cohen's the only extant version.

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The Smithsonian Institution, a government-funded museum network in Washington, D.C., was forced to close this weekend due to the ongoing government shutdown, marking another blow after repeated attacks by the Trump administration. The National Gallery of Art had already closed the previous weekend, while the Smithsonian had used its own funds to stay open until now. Separately, a traveling Ruth Asawa retrospective opening at New York's Museum of Modern Art on October 19 is reportedly the museum's largest show ever dedicated to a woman artist, featuring 376 works across 16,000 square feet, though MoMA has not officially confirmed this record. Other news includes a forgotten Paul Gauguin painting heading to auction at Artcurial, Sotheby's seeking third-party guarantees for three Klimt paintings from the Leonard Lauder collection, a reattributed Liotard portrait, and Chilean artist Cecilia Vicuña winning the 2025 Roswitha Haftmann Prize.

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Over 100 contemporary artists, including Jeff Koons, Paul McCarthy, Julie Mehretu, Camille Henrot, Claire Tabouret, and Julien Creuzet, were invited to create copies of masterpieces from the Louvre's collection. Their works are now on view in the exhibition "Copyists" at the Centre Pompidou-Metz, a satellite of the Pompidou in northeastern France. The show features reinterpretations of iconic paintings such as Eugène Delacroix's *Liberty Leading the People* (1830), Giovanni Bellini's *Portrait of a Man* (ca. 1475–1500), and Théodore Géricault's *The Raft of Medusa* (1818–19), among others. Co-curators Donatien Grau and Chiara Parisi emphasize that the exhibition is about the act of copying itself, not just the resulting copies, and that it creates a dialogue between contemporary artists and historical masters.

Paint Drippings: Art Industry News November 21

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The Philadelphia Museum of Art has appointed Daniel H. Weiss, former head of the Metropolitan Museum of Art, as its new director and CEO to provide stability following the controversial dismissal of Sasha Suda. The transition occurs amid a legal battle, with the museum filing court documents alleging Suda misappropriated funds and falsified records. Meanwhile, the auction market saw a historic moment at Sotheby’s, where Gustav Klimt’s 'Portrait of Elisabeth Lederer' sold for $236.4 million, setting a new record for the artist and becoming the most expensive Modern work ever sold at auction.

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Scottsdale Art Week is returning for its second edition from March 19–22, 2026, at the Westworld of Scottsdale. The fair will feature over 110 international and local galleries, showcasing a mix of blue-chip modern and contemporary works alongside historic, Indigenous, and Western art. This year's event includes partnerships with major regional institutions like the Phoenix Art Museum and the Denver Art Museum for a series of curated programs and panel discussions.

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STPI is launching the inaugural Print Show and Symposium Singapore during Singapore Art Week (January 22–31, 2026). The event will feature over 27 internationally acclaimed contemporary artists—including Jeff Koons, Louise Bourgeois, Takashi Murakami, and Do Ho Suh—showcasing their engagement with printmaking. A symposium titled "The Politics of Print: elephant in the room," curated by Stephanie Bailey, will bring together 25 curators, museum directors, and artists such as Michael Craig-Martin, Adele Tan, Sook-Kyung Lee, and Pinaree Sanpitak for six panels over two days.

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The article reports that the top tier of the art auction market rebounded strongly in 2025, with the ten most expensive lots totaling $757.1 million, a 48% increase from 2024. Gustav Klimt became the top-selling artist, driven by the sale of his *Portrait of Elisabeth Lederer* (1914–16) from the collection of the late Leonard Lauder, which was the most expensive artwork of the year. The rankings saw significant shifts: René Magritte, the top artist in 2024, fell to sixth place, while blue-chip names like Pablo Picasso, Andy Warhol, and Jean-Michel Basquiat strengthened their positions. Notably, no women or living artists appeared among the top 20 sellers in 2025, a reversal from the previous year when Yayoi Kusama and Joan Mitchell were present.

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Artnet News editors and journalists compiled their annual roundup of the best artworks seen in 2025, highlighting standout pieces from around the world. Among the featured works are Richard Serra's monumental steel sculpture "East-West/West-East" (2014) in the Qatari desert, Emma Ferrer's painting "You Will Return the Evil to Its Steppe (Homage to Josefa de Óbidos)" (2024) shown at New York's Sapar Contemporary, and Kerry James Marshall's "The White Queens of Africa: Colette" (2025) from his retrospective at the Royal Academy of Art. Each artwork is accompanied by a personal reflection from the journalist who encountered it.

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The article details the ongoing release of documents related to disgraced sex offender Jeffrey Epstein, revealing his extensive ties to prominent art world figures. Key connections include former MoMA chairman Leon Black, who paid Epstein tens of millions for tax advice and engaged in art transactions involving a Giacometti sculpture and a Cézanne watercolor; retail mogul and art collector Leslie Wexner; and artist Andres Serrano. It also highlights the story of artist Maria Farmer, who was assaulted by Epstein and Maxwell and faced threats against her art career when she tried to report them in the 1990s.

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The article reflects on the final 2025 edition of the Museum Artists list, which tracks the most exhibited artists in U.S. museums each quarter. The author notes that the top artists—such as Marie Watt, Jeffrey Gibson, and Rose B. Simpson—have remained consistent throughout the year, with a narrow band of stars appearing in many shows while a long tail of artists have limited visibility. Below the top 15, notable names include Julie Mehretu, Wangechi Mutu, and Jean Shin, with a cluster of older white female artists like Petah Coyne and Joyce Kozloff also gaining recognition.

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Artnet News has published a list of the ten most expensive female artists at auction, based on data from the Artnet Price Database. The article highlights recent record-breaking sales, including Frida Kahlo's *El Sueño (La Cama)* (1940), which sold for $54.7 million at Sotheby's, and Marlene Dumas's *Miss January* (1997), which realized $13.6 million at Christie's, making Dumas the most expensive living woman artist. The list features artists such as Rosemarie Trockel, Bridget Riley, Cindy Sherman, Vija Celmins, and Cady Noland, with auction records ranging from $4.9 million to $9.7 million.

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A Frida Kahlo painting, *El Sueño (La Cama)* (1954), sold at Sotheby’s New York for $54.7 million, setting a new auction record for the most expensive artwork by a female artist. The article, using data from the Artnet Price Database, lists the ten most expensive women artists at auction, including Lee Krasner ($11.6 million for *The Eye is the First Circle*), Jenny Saville ($12.4 million for *Propped*), Marlene Dumas ($13.6 million for *Miss January*), and Agnes Martin ($18.7 million for *Grey Stone II*).

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New York's spring auction season concluded with a dramatic five-day marathon across Sotheby's, Christie's, and Phillips, generating a combined $2.2 billion. Sotheby's led with $1.17 billion in total sales, fueled by Gustav Klimt's *Portrait of Elisabeth Lederer* (1914–16) from the estate of Leonard A. Lauder, which sold for $234.6 million—a single work accounting for 20% of Sotheby's total. Christie's followed with $962.6 million, and Phillips added $92.1 million. Notable highlights included Frida Kahlo's *El sueño (La cama)* (1940) achieving $54.7 million, a new record for the artist and the highest price for a female artist at auction in raw dollars, and a triceratops fossil named Cera selling for $5.4 million at Phillips.

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Carroll Dunham, a leading painter known for his psychologically charged works, has joined the fast-rising Matthew Brown gallery, which has locations in Los Angeles and New York. Dunham, 75, left Gladstone Gallery after nearly 20 years, citing a desire for change. His first solo show with Brown is scheduled for September 2026 in Tribeca. Dunham will continue to be represented by several established dealers including Galerie Max Hetzler, Blum, Eva Presenhuber, and Gerhardsen Gerner.

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Sotheby's London modern and contemporary evening sale brought in $85.7 million, down from $105 million last year, with highlights including a $10 million Tamara de Lempicka and a record $9.6 million auction result for Jenny Saville's drawing 'Mirror'. In other market news, a crowdfunding campaign raised over £100,000 to help Bristol Museum acquire a rediscovered J.M.W. Turner painting, and a Tiffany Studio window sold for $4.2 million at Christie's. Galleries announced new representation deals: James Cohan now represents Ranti Bam, Maruani Mercier represents Kate Gottgens, and Yancey Richardson represents Karen Gunderson; Ronchini gallery is moving to a new Mayfair location. Tate launched a £150 million endowment fund, the Louvre announced an international architectural competition to address overcrowding, the Uffizi imposed selfie restrictions after a tourist damaged a painting, the Cleveland Museum of Art acquired a rare Giambologna marble, and Italy's culture minister pledged support for the return of the Parthenon Marbles to Greece.

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Leonard A. Lauder, the billionaire art collector, philanthropist, and cosmetics magnate, has died at age 92. Lauder helped grow his mother Estée Lauder's namesake business into a global cosmetics empire, serving as president, CEO, and chairman. He was also one of the most significant art philanthropists of his era, donating a Cubist art collection valued at over $1 billion—including 78 works by Picasso, Braque, Léger, and Gris—to the Metropolitan Museum of Art in 2014, later expanded with additional works and funding for the Leonard A. Lauder Research Center for Modern Art. He also made the largest gift in Whitney Museum history in 2008, worth $131 million, and amassed a collection of 130,000 historic postcards promised to the Museum of Fine Arts, Boston.

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Frieze Seoul returns for its fourth edition at Coex from September 3 to 6 with 120 galleries, maintaining last year's scale. Asian galleries now represent 64 percent of exhibitors, up from 48 percent, signaling a stronger regional identity. Notable non-returning galleries include Blum, Karma, and Neugerriemschneider. Meanwhile, Kiaf Seoul will run concurrently with 176 exhibitors, and Art021 Group suspended its 2025 Hong Kong show after a single edition. Gallery Weekend Beijing concluded its ninth edition with a new invitation-only model, and several Asian-rooted artists are featured in London Gallery Weekend. New institutions opened, including the Photography Seoul Museum of Art and the Naoshima New Museum of Art, while the inaugural Bukhara Biennial program was announced.

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The article examines the growing financialization and opacity of the fine-art auction market, highlighting how auction houses like Christie's and Sotheby's have made it increasingly difficult for outsiders to understand true demand for individual lots. It details how buyer's premiums, guarantees, and irrevocable bids (third-party guarantees) obscure the actual bidding dynamics, with only a small group of wealthy financiers and intermediaries having clear insight into the market's inner workings.

Filthy fossil fuels, a dizzying debut and the ominous side of the moon – the week in art

The Guardian’s weekly art roundup highlights the opening of 'Extraction' at Jupiter Artland, an exhibition featuring artists like Marguerite Humeau and John Gerrard that explores the environmental impact of fossil fuels. Other notable UK openings include Michaela Yearwood-Dan’s museum debut at The Whitworth, a survey of Paula Rego’s drawings at Victoria Miro, and a showcase of Thérèse Oulton’s textured landscapes at Vardaxoglou.

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Christie’s postwar and contemporary art day sale in London on Thursday totaled £12.2 million ($16.4 million), with over 80% of lots sold and 90% of those achieving prices within or above their presale estimates. Standout results included a 2020 painting by Somaya Critchlow selling for £57,150 (est. £15,000–£20,000), a small Etel Adnan painting going for £107,950 (est. £30,000–£50,000), and a Michelangelo Pistoletto mirror piece fetching £234,950—seven times its estimate. However, a Toyin Ojih Odutola painting and a Gerhard Richter gray painting failed to sell, reflecting a selective market.

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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This week's art industry news covers significant developments across fairs, auctions, galleries, and museums. Frieze New York announces its 15th edition with a strong Latin American gallery presence, while the India Art Fair reports robust sales, including works by Atul Dodiya and N.S. Harsha fetching up to $600,000. Sotheby's will offer a major Francis Bacon self-portrait from the collection of Joe Lewis, and Christie's is set to sell three masterpieces from Agnes Gund's collection, estimated at over $123 million. Gallery news includes Federica Beretta's return to Opera Gallery and David Zwirner's new representation of painter Louis Fratino.

A $35 M. Warhol, a $45 M. Basquiat, and More: Who’s Selling The Top Works in the May Sales?

The article reports on the upcoming May marquee sales at Christie’s and Sotheby’s, detailing high-value consignments from major collections. Christie’s will offer works from the estates of S. I. Newhouse (including a Brâncuși sculpture and a Jackson Pollock painting, each estimated at $100 million), former MoMA board president Agnes Gund (a Rothko estimated at $80 million), and the late dealer Marian Goodman (a Gerhard Richter estimated at $50 million). Sotheby’s counters with a Rothko from the collection of the late Robert Mnuchin (estimated at $100 million) and works from David and Shoshanna Wingate, including a Giacometti sculpture. The article also reveals previously unnamed consignors for top lots, such as collector John Sayegh-Belchatowski for a $45 million Basquiat and the Moore family for an Elizabeth Peyton painting.

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.

The 20 Most Expensive Artworks Hitting the Auction Block This Season

The May 2026 New York auctions at Christie’s, Sotheby’s, and Phillips will feature 20 high-value lots priced at $30 million or more, including works by Andy Warhol, Jasper Johns, Pablo Picasso, Piet Mondrian, Jackson Pollock, Willem de Kooning, Cy Twombly, Gerhard Richter, and others. The sales are staggered around the Venice Biennale and Frieze New York, with Sotheby’s holding its contemporary evening auction on May 14 and Christie’s its 20th-century sale on May 18. Notable consignments come from the estates of S.I. Newhouse, former MoMA board president Agnes Gund, and dealer Marian Goodman.