Booming stock market is fueling a mega-billion return to classic art and a backlash to junk

A booming stock market and increased disposable income among the ultra-wealthy have fueled a $2.2 billion fall auction season in New York, led by Gustav Klimt's "Portrait of Elisabeth Lederer," which sold for $236.4 million at Sotheby's. Other major sales include Frida Kahlo's "El sueño (la cama)" setting a record for a female artist at $55 million, and Mark Rothko's "No. 31 Yellow Stripe" fetching $62 million at Christie's. The surge is attributed to a convergence of high-quality estates coming to market—including those of Leonard Lauder, Robert and Patricia Ross Weis, and Jay and Cindy Pritzker—and renewed confidence among wealthy buyers after a stagnant period for art prices.

Contemporary artists with the highest auction sales worldwide between July 2023 and June 2024, by gender

A Statista chart published in October 2024 ranks the top ten contemporary artists by auction sales from July 2023 to June 2024, broken down by gender. Jean-Michel Basquiat leads all artists with $516.2 million in sales, followed by Yoshitomo Nara ($70.6 million), George Condo ($47.4 million), and Keith Haring ($36.2 million). Julie Mehretu is the only female artist in the top ten, with $36.0 million in sales. The data covers public auctions of paintings, drawings, sculptures, prints, photographs, videos, tapestries, installations, and NFTs, excluding antiques, furniture, and anonymous cultural goods.

Justin Sun and David Geffen's legal feud over $78m Giacometti sculpture expands

Crypto billionaire Justin Sun and entertainment mogul David Geffen are escalating their legal dispute over Alberto Giacometti's sculpture *Le Nez* (1947), valued at $78.3 million. Sun alleges that his former art adviser, Sydney Xiong, sold the sculpture to Geffen without authorization using forged documents and fake lawyers, and that Xiong is now detained in China. Geffen countersues, calling Sun's claims "bizarre and baseless," pointing to inconsistencies in Sun's story and his financial troubles.

Contemporary Gallery Debut Events

Hearts Gallery made its debut on May 2, 2026, in Los Angeles with an exclusive group exhibition at Modern Multiples, a historic print studio in Chinatown. The opening attracted artists, collectors, celebrities, and style leaders from fashion, film, and contemporary art, featuring works by Richard Duardo, Erika Galvez, Julian Prolman, Shepard Fairey, Ed Ruscha, Chaz Bojorquez, Estevan Oriol, and others, while celebrating Modern Multiples' legacy with icons like Diana Ross, Madonna, Keith Haring, Jean-Michel Basquiat, Andy Warhol, and RuPaul.

Photographer "Drift" Arrested at His Exhibition Opening

Photographer Isaac “Drift” Wright was arrested at his own solo exhibition opening at Robert Mann Gallery in Chelsea, New York, on Thursday night. NYPD officers charged him with third-degree trespassing, with an undercover officer reportedly present at the event. Wright, a former Army paratrooper known for climbing skyscrapers and restricted sites to capture high-altitude photographs, had previously served jail time in 2020 for evading police. His first solo show, titled "Coming Home," was intended to mark a fresh start, but the arrest occurred just two hours into the opening.

Foundation, a Prominent NFT Platform of the 2021 Boom, Shuts Down After Failed Sale

Foundation, a prominent Ethereum-based NFT marketplace that launched during the 2021 digital art boom, has announced it will shut down following a failed acquisition by the digital art company Blackdove. CEO Kayvon Tehranian confirmed that the platform has entered a one-year wind-down phase, urging users to migrate their assets as no other viable buyers exist in the current market. The closure follows the collapse of a deal that was intended to provide long-term stewardship for the platform, which had facilitated over $230 million in sales since its inception.

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A federal judge dismissed a class action lawsuit against Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, ruling that its digital assets—including Bored Ape NFTs and ApeCoin—do not qualify as securities under the Howey test. Plaintiffs Adonis Real and Adam Titcher had alleged that Yuga Labs colluded with celebrities like Justin Bieber, Madonna, and Steph Curry, as well as talent agent Guy Oseary and crypto platform MoonPay, to inflate prices and violate securities laws. Judge Fernando Olguin found that while the plaintiffs satisfied one prong of the Howey test—expectation of profits from others' efforts—they failed to meet the other requirements, leading to the dismissal.

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A US appeals court overturned an $8.8 million judgement against artist Ryder Ripps and his business partner Jeremy Cahen, who were previously ordered to pay Yuga Labs, creator of the Bored Ape Yacht Club (BAYC) NFTs, for creating copycat NFTs. The 9th US Circuit Court of Appeals ruled on July 23 that Yuga Labs had not sufficiently proven that Ripps and Cahen's tokens would confuse buyers. The case, originally filed in June 2022, alleged trademark infringement, false advertising, and cybersquatting. Ripps and Cahen argued their works were satirical appropriation art, while Yuga Labs denied claims of racism tied to the BAYC imagery. The ruling sends the case back to federal court for a trial on trademark and cybersquatting claims.

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Yuga Labs, the parent company of Bored Ape Yacht Club, has filed a motion in US District Court demanding that Jeremy Cahen, co-creator of the RR/BAYC NFT series, turn over control of four cryptocurrency wallets allegedly holding $400,000 in assets. This follows a February judgment ordering Cahen and Ryder Ripps to pay nearly $9 million for trademark infringement and cybersquatting. Yuga Labs claims Cahen transferred funds to private wallets after a court-authorized levy was served on his crypto exchange account, and seeks court-ordered access via the U.S. Marshals. Cahen's legal team plans to respond by May 5, calling the motion "courtroom theater" and arguing it contains factual misrepresentations.

Artist Arunava Mondal’s solo show at Tejas Art Gallery, Kolkata delves between light and shadow

Artist Arunava Mondal's solo exhibition "Ambient Landscapes" is currently on view at Tejas Art Gallery in Kolkata. The show explores the liminal spaces between light and shadow, memory and sensation, featuring abstract works that evoke atmospheres rather than specific topographies. Mondal builds his surfaces in translucent layers, using surreal colors and impossible geometries to create environments where observed reality merges with dreamlike logic. The exhibition includes a conversation with the artist about his inspirations, his travels through India, and his approach to nature as his ultimate muse.

‘Fully Immersive’ Beeple Survey Lands in Silicon Valley

Digital artist Mike Winkelmann, known as Beeple, is launching a major mid-career survey titled "BEEPLE: / INFINITE_LOOP" at Node, a new non-profit art space in Silicon Valley. The exhibition features immersive installations including the kinetic sculpture "Human One," the multi-screen tower "Diffuse Control," and a comprehensive presentation of his long-running "Everydays" project. This survey marks a significant moment for the artist as he transitions from the viral NFT boom into large-scale physical and generative museum-style installations.

Saudi painter Safeya Binzagr outshines Picasso at Sotheby’s second sale in Diriyah

Sotheby's second auction in Saudi Arabia, 'Origins II,' concluded with strong results, achieving a hammer total of $15.4 million and an 89% sell-through rate. The sale demonstrated robust demand for regional artists, particularly Arab Modernists, while some high-profile Western works were withdrawn or failed to sell. The standout lot was a 1968 painting by the late Saudi pioneer Safeya Binzagr, titled 'Coffee Shop in Madina Road,' which sold for $1.1 million, significantly outperforming a Picasso work in the same sale.

Who let the dogs out? Beeple unleashes uncanny robot canines at Art Basel Miami Beach

Digital artist Mike Winkelmann, known as Beeple, is presenting a new installation titled *Regular Animals* (2025) at Art Basel Miami Beach's Zero 10 digital art section. The work features robotic canines with hyper-realistic heads resembling tech billionaires Elon Musk, Jeff Bezos, and Mark Zuckerberg, as well as historical figures Pablo Picasso and Andy Warhol, and Beeple himself. Each robot costs $100,000 (in an edition of two plus one artist's proof), and all were sold during the VIP preview, except the Bezos piece. The robots excrete certificates of authenticity that include QR codes for purchasing accompanying NFTs, and they continuously photograph their surroundings, with images reinterpreted in the style of each dog's humanoid counterpart.

Christie’s Quietly Deletes Digital Art Department

Christie’s has quietly dissolved its dedicated digital art department, laying off two staff members including vice president Nicole Sales Giles, as part of a strategic shift to fold digital art sales into its broader 20th and 21st Century Art category. The move follows a two-year contraction in the art market and a dramatic decline in NFT trading volume from $2.97 billion in 2021 to $197 million in 2024, mirroring similar downsizing at Sotheby’s and the shuttering of platforms like Async Art and KnownOrigin.

Remembering Sebastião Salgado, world builder, photographer of collective humanity and prophet of possibility

Sebastião Salgado, the legendary Brazilian photographer known for his monumental documentary projects capturing collective humanity and environmental activism, has died. Born in 1944 in Aimorés, Brazil, Salgado studied economics at the University of São Paulo and was exiled to France for political activism before turning to photography in the 1970s. He joined Magnum Photos in 1979 and went on to create epic, multi-year projects such as "Workers" (1986-93), "Migrations" (1993-99), "Genesis" (2005-13), and "Amazônia" (2011-19), which redefined documentary practice through total immersion and scale. His work earned him the Peace Prize of the German Book Trade, a UNICEF Goodwill Ambassador role, and numerous awards including the W. Eugene Smith Grant and the Royal Photographic Society’s Centenary Medal.

Can This New York Gallery Make You Reconsider Your Stance on Digital Art?

Offline gallery, a new brick-and-mortar space at 243 Bowery in New York (formerly Salon 94's location), has opened with a mission to bridge digital art and physical experience. Supported by the NFT marketplace SuperRare, the gallery is directed by Mika Bar-On Nesher and co-founded by Josh Long. It launched in July 2024 and has already hosted a book launch for Botto, an autonomous AI artist, and currently features a solo exhibition by Japanese multimedia artist Emi Kusano titled "Ego In The Shell," which explores AI, nostalgia, and pop culture. The gallery aims to create a tangible space where audiences can engage with digital and AI-generated art, fostering dialogue between crypto-natives and traditional art audiences.

Court Decision Ends Dispute Over Who Actually Bought Beeple’s Everydays: The First 5000 Days for $69.3 M.

A federal judge in New York has approved a final settlement in a lawsuit between the two pseudonymous figures behind the record-breaking $69.3 million purchase of Beeple's NFT "Everydays: The First 5000 Days." The agreement legally prohibits Anand Venkateswaran (Twobadour) from claiming any involvement in the 2021 Christie's purchase, confirming that Vignesh Sundaresan (Metakovan) was the sole buyer. Venkateswaran must also pay an undisclosed sum, dissociate from related online profiles, and correct third-party biographical information.

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Offline gallery, a new brick-and-mortar space dedicated to digital art, opened in July at 243 Bowery in New York City, occupying the former Salon 94 space. Supported by the NFT marketplace SuperRare, the gallery is directed by Mika Bar-On Nesher and co-launched by Josh Long, who serves as head of brand. Its current exhibition, "Ego In The Shell," is a solo show by Japanese multimedia artist Emi Kusano that explores nostalgia, pop culture, and artificial intelligence. The gallery also hosted a book launch for Botto, an autonomous A.I. artist whose works sell at auction.

Ex-Sotheby’s CEO Tad Smith Banks on NFTs, Agrees to Buy Collectibles Platform Candy Digital

Tad Smith, former CEO of Sotheby's and current chairman of the NFT project Doodles, has agreed to acquire most of the assets of the digital collectibles platform Candy Digital. Upon the deal's expected closure in the coming weeks, Smith will also assume the role of CEO, signaling a significant personal and financial bet on the future of the sector.

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Nifty Gateway, one of the earliest and most prominent NFT marketplaces, announced it will shut down on February 23, 2026, citing sharply declining activity. The platform, founded in 2018 by twins Duncan and Griffin Cock Foster and acquired by Gemini in 2019, has entered withdrawal-only mode, advising users to move their assets before the deadline. At its peak in 2021, Nifty Gateway reported $300 million in gross merchandise value, boosted by a Sotheby's partnership for a $17 million NFT drop by the artist Pak. The closure follows the collapse of the NFT boom, with trading volumes plummeting and other platforms like Async Art, KnownOrigin, and MakersPlace already shuttered.

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ArtTactic's Global Art Market Outlook report indicates that the art market is entering 2026 with renewed optimism, with over half of participants expecting growth. Auction sales rose 11% year-on-year in 2025, driven by high-value trophy works and single-owner collections. Confidence is strongest at the top (works over $1 million) and bottom (under $50,000) of the market, while the mid-market remains squeezed. Modern and Post-War art lead the rebound, with painting dominating over NFTs and AI art. Geographically, the Middle East is the most bullish region, boosted by events like Art Basel Qatar, while the US and parts of Asia show improving sentiment, and Europe lags.

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NFT Paris and its sister event RWA Paris have been canceled just one month before they were scheduled to take place at the Grande Halle de la Villette in Paris. Founder Alexandre Tsydenkov announced the cancellation on LinkedIn, citing the collapse of the crypto and NFT markets as making the events financially impossible despite drastic cost cuts. Both conferences had run for four years, showcasing digital art, NFT galleries, and AI-generated works, but had recently shifted toward broader tech and blockchain topics. All tickets will be refunded.

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New York’s spring marquee auctions, traditionally a bellwether for the global art market, concluded with thin margins and soft demand despite an increased number of high-value "masterpiece" lots priced at $30 million and above. The results indicate that strong supply alone cannot overcome deeper market challenges. Separately, Yuga Labs, the company behind the Bored Ape Yacht Club, has sold its landmark CryptoPunks NFT collection to the NODE Foundation.

Lynn University celebrates the future of art and design

Lynn University hosted the Lynn NFT Art Museum 2025 Opening and All Hands on Deck Skateboard Deck Design Competition at the Boca Raton Innovation Campus (BRiC). Organized by the College of Communication and Design under Dean Cesar Santalo, the event featured a panel titled "Collecting Culture: How Toys and Comics Shape Our Stories" moderated by Michael Williams, with participants including toy designer Matt Nuccio, illustrator Mark Sparacio, and others. Exhibitions included Digitalism 2025, curated by Pixar RenderMan specialist Leif Pedersen; Stolen Data, featuring net-artists Vuk Ćosić, Rodolfo Peraza, and Rhea Myers; and the Fugitive Commons AI Animation and Video Art Contest, won by Tery Spataro. The skateboard deck competition showcased over 450 boards from students across eight countries.

MCA Australia accepts NFTs as payment for entry to exhibition on Art and Artificial Intelligence

The Museum of Contemporary Art Australia (MCA) has announced it will accept Non-Fungible Tokens (NFTs) as a form of payment for entry to its upcoming exhibition focused on the intersection of art and artificial intelligence. This experimental initiative allows visitors to utilize digital assets to gain access to the museum, marking a significant integration of blockchain technology into the physical museum experience.

The recovery of the art market, collecting trends, and other analyses in the newly published report

La ripresa del mercato dell’arte, i trend del collezionismo e altre analisi nel nuovo report appena pubblicato

The global art market has returned to growth in 2025, recording a 4% increase compared to the previous year despite geopolitical tensions and financial uncertainty. According to the fourth edition of the "Collectors and the Value of Art in Italy 2026" report by Intesa Sanpaolo Private Banking, buyers are increasingly shunning speculative assets like NFTs and ultra-contemporary art in favor of established categories. Significant growth was noted in Modern art, Impressionism, and Old Masters, signaling a flight to quality and historical stability.

Comment | 'AI will transform the art market—just not how you expect'

The article argues that AI's most transformative impact on the art market will not come from generating new artworks or NFTs, but from streamlining back-office operations like logistics, insurance, provenance checks, and shipping. It notes that only 3.4% of the $1.7 trillion in privately held art is traded annually, and that antiquated processes deter younger buyers. By automating these friction-heavy tasks, AI could unlock billions in liquidity, potentially raising the turnover rate to 4.4% and injecting over $17 billion into the ecosystem.