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The Storm Hits the Art Market

The article reports on the severe downturn in the art market during the first half of 2025, focusing on the closure of New York-based Clearing gallery. Despite opting out of Art Basel to host an alternative exhibition in a rented villa to cut costs, the gallery could not survive its financial losses and announced bankruptcy in August. It is one of several prominent galleries—including Blum, Venus Over Manhattan, and Kasmin—that have closed amid falling sales, high overheads, and reduced collector spending.

7 Artists Who Capture the Essence of Black Dandyism

The article highlights seven contemporary artists whose work embodies Black dandyism, timed to the 2025 Met Gala theme 'Superfine: Tailoring Black Style' and the corresponding exhibition at the Metropolitan Museum of Art's Costume Institute. It traces the history of Black dandyism from its 18th-century European roots through its evolution during slavery and the 20th century, emphasizing its role as a defiant, empowering form of self-expression that challenges gender norms and racial stereotypes. Featured artists include Barkley L. Hendricks, Derek Fordjour, and Tyler Mitchell, among others.

New York’s Eclectic Francis Irv Gallery Shutters after Three Years

Francis Irv, a young New York gallery known for showcasing an eclectic mix of established and emerging artists from the US and Europe, has closed after just over three years in business. Founded by Shane Rossi and Sam Marion Wilken, who met as studio assistants, the gallery launched in 2022 under the name Kinder in a Chinatown mall beneath the Manhattan Bridge before relocating to a TriBeCa space. Its inaugural exhibition was a group show in Los Angeles co-curated by artist and writer Aria Dean, featuring artists such as Hannah Black, Jordan Wolfson, and Benjamin Echeverria. The gallery never formally announced a roster but showed artists including Sophie Gogl, Karla Kaplun, Megan Marrin, Win McCarthy, Ahgharad Williams, and German sculptor Reinhard Mucha. In December, it helped mount an experimental play by Georgica Pettus. The founders posted a farewell on their website, reflecting on their run.

Adam Lindemann opens exhibition of 19th-century African sculpture and contemporary Black abstraction

Collector and dealer Adam Lindemann has opened a non-selling exhibition titled 'Urhobo + Abstraction' at his David Adjaye-designed home near the Metropolitan Museum of Art in New York. The show, running until June 13, pairs 19th-century Urhobo sculptures from the Niger Delta with works by Black American abstractionists including Ed Clark, Norman Lewis, Richard Mayhew, Merton D. Simpson, and Alma Thomas. It is the first time Urhobo sculptures have been shown together in the US, and the exhibition is anchored by five wood carvings of warriors and royalty, one from Lindemann's private collection.

adaa art fair

The Art Dealers Association of America (ADAA) has announced a new art fair, the ADAA Fair, set to take place at the Park Avenue Armory from November 12–16, 2026. This follows the cancellation of the 2025 edition of its long-running Art Show, prompted by the end of a partnership with the charity Henry Street Settlement, which had hosted the fair's VIP opening as a fundraiser. The ADAA plans to refocus on supporting visual arts and museums, with the ADAA Foundation continuing to provide grants to U.S. institutions.

art market reporting doom coverage

Artnet News released its mid-year intelligence report on the art market, led by Katya Kazakina's analysis titled “The Storm Hits the Art Market: Who’s Getting Swept Away?” The article cites major gallery closures including Blum, Venus Over Manhattan, and Kasmin, and quotes a collector warning that “blood will flow in the streets” before the market recalibrates. Kenny Schachter, an artist, dealer, and Artnet columnist, publicly criticized the coverage on Instagram, calling it alarmist and arguing that the market is “fucking fine.” The exchange has sparked a debate about the fairness and responsibility of art-market reporting.

How Artist Uman Channeled a Turbulent Year Into Calm Abstraction

Artist Uman opened her first solo museum exhibition in the United States, titled “After all the things…,” at the Aldrich Contemporary Art Museum in Connecticut. In an interview, she discusses her initial reluctance to enter the institutional world, preferring to focus on commercial success, but found the right partnership with chief curator Amy Smith-Stewart. The show features large paintings, a video, and works that blend landscape with abstraction, reflecting her life in upstate New York and a turbulent year transformed into calm, internal peace.

perrotin relocating hong kong gallery

Emmanuel Perrotin announced that his gallery is relocating from K11 Atelier Victoria Dockside back to Central, Hong Kong’s business district, where it first opened in Asia in 2012. The gallery vacated Dockside on October 1 after six years, citing the need to better serve its community, enhance accessibility, and reduce operational costs. The move follows Pace Gallery’s announcement that it will close its H Queen’s location by the end of October, and comes amid a broader shake-up in Hong Kong’s gallery scene, with other blue-chip dealers like Lévy Gorvy Dayan also shuttering spaces.

french art galleries struggle amid wavering art market survey reveals

A survey by market researcher Iddem, conducted among the Professional Committee of Art Galleries (CPGA), reveals that 85% of French gallery owners are pessimistic about the art sector's economic outlook in 2025. Turnover among French galleries dropped 6% in 2024, while the global art market fell 12% per the UBS Art Basel 2025 report. Philippe Charpentier, new CPGA president, told Le Monde the market has regressed to 2010 levels, with one-fifth of dealers reporting sales declines of over 20%. France also struggles to attract young collectors, unlike Asian markets where buyers average in their thirties, according to CPGA vice president Magda Danysz.

The Armory Show jumpstarts New York art market after summer of hand-wringing

The Armory Show opened its 2024 edition in New York with solid sales during the VIP preview on September 4, providing a positive signal for the city's art market after a summer marked by gallery closures and economic uncertainty. The fair saw the return of over 20 galleries that had previously taken a hiatus, including Andrew Kreps, Uffner and Liu, Instituto de Visión, and White Cube for the first time since 1994. Fair director Kyla McMillan emphasized the importance of rooting the fair in New York and praised exhibitors for taking risks with experimental works, such as Nikita Gale's installation 'Interceptor' (2025), which sold for $60,000 before the preview began.

‘Everyone's suffering right now’: New York and Los Angeles gallery Clearing will close

Clearing, the influential New York and Los Angeles gallery that launched the careers of many prominent artists, will close both locations. Founder Oliver Babin announced the closure on August 7, citing crushing overhead costs—rent, shipping, and art fair expenses—that outpaced declining revenue. The gallery opened in 2011 in Bushwick, later moved to the Bowery in Manhattan in 2023, and expanded to Brussels and Los Angeles. Babin described the decision as inevitable, noting that the gallery had been kept alive by hope but now faces no viable path forward. The closure follows a wave of US gallery shutdowns this summer, including Kasmin, Venus Over Manhattan, and Tim Blum’s spaces.

Art Market Auctions Recovered Late 2025, But Not A "Comeback" – Citi Wealth

Citi Wealth's report, "State of the Art Market 2026: Don’t Call It A Comeback," finds that the global art market entered 2026 with renewed optimism, but confidence is highly selective and concentrated at the high and accessible ends. The November 2025 Modern and Contemporary Art auctions in New York surged 77% year-on-year to $2.2 billion, driven by the record-breaking $236.4 million sale of Gustav Klimt's *Portrait of Elisabeth Lederer* from the Leonard Lauder collection. However, numerous galleries closed in 2025, including BLUM gallery and Venus Over Manhattan, and traditional hubs like London and New York face slow growth while emerging regions gain influence.

Stephen Friedman to close New York gallery, two years after opening the Tribeca space

Stephen Friedman, the Canadian-born, London-based dealer, will close his New York gallery in Tribeca at the end of February 2026, less than three years after opening the space in October 2023. The decision is described as a strategic evolution to consolidate operations in London, where several new directors have been hired. The gallery's artist roster will remain unchanged, and Friedman plans to stay active in the US art scene through major fairs. The closure follows a challenging period marked by a £1.7m loss in 2023 due to renovation costs and a downturn in the art market, with cash flow currently tight after slow exhibition sales.

New York gallery Sperone Westwater to close after 50 years amid lawsuit between co-founders

Sperone Westwater, a prominent New York gallery representing artists like Richard Long and Bruce Nauman, will close at the end of 2025 after 50 years. The closure follows a lawsuit filed by co-founder Gian Enzo Sperone against fellow co-founder Angela Westwater, alleging unlawful handling of funds and a "parasitic deadlock" over the gallery's finances, including rent disputes and salary increases. The gallery will continue its current Richard Long exhibition until December 13 and participate in Art Basel Miami Beach before shutting down on December 31.

Altman Siegel, stalwart of San Francisco’s gallery scene for 16 years, will close

Altman Siegel, a prominent San Francisco gallery, will close on 22 November after 16 years in business. Founder Claudia Altman-Siegel announced the decision on 15 October, citing the difficulty for a gallery of its size to scale in the current climate. The gallery, which opened in 2009 at 49 Geary, expanded to a 5,000-square-foot space in the Minnesota Street Project complex and an outpost in Presidio Heights. Over its history, it staged 213 exhibitions and art fairs, representing artists such as Lynn Hershman Leeson, Trevor Paglen, Richard Mosse, Simon Denny, and Kiyan Williams. Its final exhibition will be an eighth solo show with Japanese painter Shinpei Kusanagi.

New York’s Tilton Gallery staging final exhibition after more than four decades in business

New York’s Tilton Gallery has announced that its upcoming exhibition dedicated to German-born American conceptual artist Ruth Vollmer will be its final show, closing after more than four decades in business. The gallery, founded by Jack Tilton in 1983, has been run by his widow Connie Rogers Tilton since his death in 2017. The Vollmer exhibition runs from 30 September to 15 November, after which Rogers Tilton plans to transition to private sales and research projects.

Picasso or Bitcoin? How art’s status is changing among the super-rich

Christie's and Sotheby's reported nearly flat first-half 2025 sales of $2.1bn and $2.2bn respectively, with Christie's 20th/21st-century art sales down 2% but luxury up 29%. The Mei Moses Art Index shows over 50% of auction lots sold at negative compound annual returns, which analyst Michael Moses calls 'the worst overall financial performance in the 21st century.' Meanwhile, Bitcoin, gold, and stocks have significantly outperformed art, with BlackRock's Bitcoin ETF alone attracting $84bn—far exceeding the global art market's total value. A record $43.9m Canaletto sale to a Bezos-linked buyer underscores that top-tier works still command attention, but the broader trend suggests wealthy investors are prioritizing financial returns over art as a status symbol.

CLEARING to close its New York and Los Angeles galleries after 14 years.

CLEARING, a New York-based gallery known for representing artists such as Marguerite Humeau, Korakrit Arunanondchai, and Harold Ancart, is closing its Manhattan and Los Angeles locations after 14 years. Founder Olivier Babin announced the closure on Instagram, citing no viable path forward due to rising overhead costs for rent, shipping, and art fairs, alongside declining revenues. The gallery opened in Brooklyn in 2011, later expanded to Brussels, and moved to a larger Bowery space in 2023 before the financial pressures became unsustainable. Its final exhibitions were solo shows by Coco Young in New York and Henry Curchod in Los Angeles.

What Did Happen or What Might Have Happened or What Can Never Happen. Dustin Hodges by Nick Angelo

Dustin Hodges presents a new body of work across two exhibitions, "Barley Patch" at 15 Orient in New York and "Barley Patch 2" at Sebastian Gladstone in Los Angeles. The artist utilizes thin layers of pigment, color glazing, and distemper on linen to create compositions that superimpose cartoon motifs, such as black crows and characters from the "Arthur" series, over complex grids. His process involves a cyclical layering that drives a wedge between the logic of the image and the materiality of painting, resulting in works that feel both choreographed and visceral.

Influential New York gallery Venus Over Manhattan will close after 13 years

Prominent collector and dealer Adam Lindemann is closing Venus Over Manhattan, the New York gallery he founded in 2012, after 13 years. The gallery's final exhibition, Susumu Kamijo's 'Fish & Flowers,' opened in June and will close on July 17. Lindemann announced the closure in an open letter published on Artnet, citing a desire to return to building his personal art collection and describing the difficulties of navigating the art world as both a dealer and collector.