Observer’s 2025 Art Market Recap: Recovery After a Year of Recalibration

After a turbulent start marked by gallery closures and market contraction, the art market in 2025 rebounded decisively, driven by a secondary-market surge in high-quality consignments. Major auction houses reported strong year-end results: Sotheby's projects $7 billion in consolidated sales (up 17%), Christie's expects $6.2 billion (up 7%), and Phillips reported $927 million (up 10%). Key sales included the $272 million Leonard & Louise Riggio collection at Christie's, the $527.5 million Lauder collection at Sotheby's (led by a $236.4 million Gustav Klimt), and the $136 million Karpidas sales. The year began quietly but gained momentum after summer, with deep bidding and strategic pricing driving a 26% increase in Sotheby's auction revenue and an 11% overall rise in fine art sales across Old Masters, Impressionist, Modern, Post-War and Contemporary categories.

Phillips claims stake in South Asian market with London exhibition

Phillips auction house has launched a selling exhibition titled "Crossing Borders" at its Berkeley Square location in London, featuring 64 South Asian Modernist artists including Bhupen Khakhar, Huma Bhabha, Rasheed Araeen, and Nilima Sheikh. The show, organized in collaboration with Grosvenor Gallery, includes major market figures like S.H. Raza and F.N. Souza alongside lesser-known names such as Ahmed Parvez and Viswanathan. Prices range from £5,000 to £1.5 million, with works jointly consigned and profits shared between Phillips and Grosvenor. The exhibition marks Phillips' most significant entry into the South Asian art market, a sector long dominated by Sotheby's, Christie's, and Bonhams.

The art market bites back as estimates fail to score

Sotheby’s, Christie’s and Phillips raised a combined $1.27bn from their May 2025 marquee auctions of Modern and contemporary art in New York, an 8% decline from the same period last year, according to data from London-based auction analysts Pi-eX. The highest-priced lot, Alberto Giacometti’s 1955 bronze bust *Grande tête mince (Grande tête de Diego)*, estimated at $70m, failed to sell, while Andy Warhol’s *Big Electric Chair* (1967), valued at $30m, was withdrawn before Christie’s auction to avoid a similar fate. The downturn is attributed to geopolitical uncertainty under Donald Trump’s presidency, including tariffs announced on April 2, which have unsettled buyer confidence.

Christie's Hong Kong autumn sale drops 46% from last year but makes Picasso's record in Asia

Christie's 20/21st Century Autumn sale in Hong Kong on 26 September generated $72.6 million, a 46% drop from the same sale last year and roughly flat compared to its March sale. Despite the decline, a Picasso painting, *Buste de Femme* (1944), set a new Asia record at HK$196.75 million ($25.4 million) after a fierce bidding war. Other top lots included Zao Wou-ki's *17.3.63* (HK$85.2 million) and Yayoi Kusama's *Pumpkin [TWAQN]* (HK$34.66 million). The sale marked the first anniversary of Christie's Asia headquarters in the Henderson building. Sotheby's and Phillips also held autumn sales that weekend, with Sotheby's totaling HK$335.7 million and Phillips achieving HK$160 million.

Hong Kong’s live art auctions are thriving thanks to Picasso and Nara

Hong Kong’s art auction market opened 2025 with significant momentum, characterized by a shift toward high-quality, museum-grade works and selective collecting. Major auction houses like Christie's, Bonhams, and Phillips reported strong results for blue-chip artists, highlighted by the sale of Pablo Picasso’s "Buste de Femme" for HK$196.75 million. While the market has become more deliberate, the demand for rare, impeccably sourced pieces by both Western masters and Asian contemporary icons remains robust.

14-Year-Old Art Prodigy To Open First Solo Exhibition This Spring

14-year-old artist Andres Valencia will open his first solo exhibition, "Profiles in Color," at the Nassau County Museum of Art on March 21, 2026. The show features his Cubist-inspired large-scale portraits, which blend bold colors and geometric forms. Valencia, who began painting at age five, first gained attention at Art Miami in 2021 and has since published an art book, launched a limited-edition print collection with Mourlot Editions, and been collected by celebrities including Eva Longoria and Sofía Vergara.

India Phillips Appointed Managing Director, Modern & Contemporary Art, Europe at Phillips

Phillips has appointed India Phillips as Managing Director, Modern & Contemporary Art, Europe, effective February 2026. Based in London and reporting directly to the CEO, she will focus on expanding the auction house's presence across Europe. Phillips joins after a decade at Bonhams, where she most recently served as Managing Director, EMEA. The announcement also includes promotions for Marianne Hoet to Chairman, Modern and Contemporary Art Europe, Olivia Thornton to Deputy Chairwoman, and Matt Langton to Deputy Chairman, Modern and Contemporary Art, Europe.

Auction house Phillips presents highlights of the next art and design auction in Milan

La casa d’aste Phillips presenta a Milano gli highlights della prossima asta tra arte e design

Phillips auction house is presenting a selection of highlights from upcoming auctions and private sales in Milan during the city's Art Week and Salone del Mobile. The exhibition, staged in a space with architecture and furnishings by Dimoregallery and Dimoremilano, features significant Italian post-war art and design pieces, including a notable 1983 'Mappa' by Alighiero Boetti made in Kabul, works by Carla Accardi and Piero Dorazio, and a Carmen Herrera painting slated for auction in New York.

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Phillips auction house sold a juvenile Triceratops skeleton named Cera for $5.4 million at its Modern and contemporary evening sale in New York, marking the company's first foray into dinosaur fossils. The specimen, discovered in South Dakota's Hell Creek Formation, is the first juvenile Triceratops ever uncovered and features two-thirds of its original skeleton. The sale exceeded its low estimate of $2.5 million, and other natural history lots, including a preserved marine crocodile, were also offered.

London gallery Project Native Informant closes after 12 years, citing 'volatile and unsustainable environment'

Project Native Informant, an east London gallery known for its adventurous program featuring artists like DIS, Sin Wai Kin, Juliana Huxtable, and Hal Fischer, is closing after 12 years. Founder Stephan Tanbin Sastrawidjaja announced the decision on Instagram on October 31, citing a volatile and unsustainable global economic, political, and social environment, along with personal factors. The gallery had not staged an exhibition since July 2024 and had previously lost commercially viable artist Joseph Yaeger, who signed with Modern Art and Gladstone in 2023.

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Francis Ford Coppola sold a collection of seven personal watches at Phillips New York in early December 2025, raising millions to offset financial losses from his film Megalopolis (2024). The sale was led by a unique watch he co-designed with F.P. Journe, known as the FFC, which sold for $10.8 million—ten times its estimate and a world record for the brand. Other timepieces, including a Patek Philippe and a Breguet, also far exceeded their high estimates.

Julia Phillips “Inside, Before They Speak” at Barbican, London

The Barbican in London opens the first UK institutional solo exhibition of German-American artist Julia Phillips this Friday. The show, titled "Inside, Before They Speak," is installed in The Curve gallery and features newly commissioned works that span sculpture and drawing.

New York’s ‘Chaotic’ Mega Auction Season Ends on a Mixed Note

New York’s mega auction season concluded with mixed results, characterized by volatility and unpredictability. Major auction houses like Christie’s, Sotheby’s, and Phillips held high-stakes sales of Impressionist, modern, and contemporary art, with some lots exceeding expectations while others failed to sell or fell short of estimates. The season was marked by a ‘chaotic’ atmosphere, reflecting shifting collector preferences and market uncertainty.

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Bonhams, the UK-based auction house, reported a nearly 90% surge in pre-tax losses to £213 million ($286.3 million) in 2024, alongside a 9% revenue decline to £176 million ($236.6 million), according to filings with Companies House. The losses were driven by £153 million in impairment charges due to reduced cash flow forecasts, reflecting a write-down on the investment value held by former owner Epiris. The house was sold to Pemberton Asset Management in October 2024, and subsequently saw a leadership overhaul, with Seth Johnson appointed CEO, Liese Thomas as CFO, and Jennifer Babington as COO, replacing Chabi Nouri and Céline Assimon.

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Phillips’s “Geneva Jewels Auction” on Monday achieved CHF 13.7 million ($17 million) in total sales, with 96 of 113 lots sold (85% sell-through rate). Twelve lots from the Vanderbilt family sold out, contributing CHF 3.42 million ($4.25 million)—four times their low estimate. The top lot was “The Vanderbilt Sapphire,” a 42-karat sugarloaf Kashmir sapphire and diamond brooch by Tiffany & Co., which sold for CHF 2.88 million ($3.57 million), exceeding its $1–1.5 million estimate. Other highlights included a Cartier Magnificent diamond brooch ($560,582), a Bulgari “Serpenti” belt ($368,383), and multiple Cartier “Panthère” jewels. The auction drew over 1,600 visitors and bids from 44 countries.

Last Year’s Art Market: Only Works by Proven Artists Survived

The Korea Art Authentication and Appraisal Institute (KAAAI) released its "2025 Art Market Analysis Report" on January 21, 2026, revealing that the Korean art market grew 5.16% in total auction sales to 142.7 billion won, despite a decline in the number of lots offered. The global market saw a similar trend: combined sales at Christie's, Sotheby's, and Phillips rose 11.1% to $4.56 billion, but the number of works sold fell by 33.3%. Demand concentrated on high-priced blue-chip works by artists like Gustav Klimt, Claude Monet, Mark Rothko, René Magritte, and Jean-Michel Basquiat, while ultra-contemporary art sales plunged 39.1%.

‘Unicorn’ collection, expected to fetch $180m, comes to Christie's

The Weis family, secretive mega-collectors behind the supermarket chain Weis Markets, are selling 80 artworks from their private collection at Christie's in November. The collection, assembled over nearly seven decades by the late Robert F. Weis and his wife Patricia G. Ross, includes major works by Pablo Picasso, Mark Rothko, Max Ernst, and Henri Matisse, and is expected to fetch over $180 million. Christie's secured the sale by offering an advance of nearly $200 million, reflecting strong confidence in the trove.

Auction sales fall 6% in the first half, raising fears of an art market shift

Auction sales at Sotheby's, Christie's, and Phillips fell to $3.98 billion in the first half of 2025, a 6% decline from the same period in 2024 and the lowest total in at least a decade excluding the pandemic. Postwar and contemporary art, the traditional growth engine, dropped 19%. ArtTactic cites lingering concerns over global economic growth, inflation, and geopolitical tensions as dampening confidence, even as wealthy individuals' personal wealth and stock markets reach record highs.

Art auctions see millennials, Gen-Z, snap up Asian art, blue-chip artists

A 2024 report by Artprice shows global art auction sales fell by a third to US$9.9 billion, the lowest since 2009, reflecting cautious collector behavior amid economic uncertainty. Despite the downturn, major auction houses—Sotheby’s, Christie’s, Phillips, and Bonhams—have opened new flagship showrooms in Hong Kong, signaling confidence in recovery. Phillips, Christie’s, Sotheby’s, and Bonhams all unveiled spaces in the West Kowloon Cultural District, The Henderson, Landmark Chater, and Six Pacific Place respectively. Online auctions and private sales are growing, with digital innovation helping engage younger buyers.

Auctions of the week: ancient paintings, Modern art and the Orient

The global art market is entering a high-intensity period between March 5 and 11, 2026, with a dense schedule of auctions spanning Italy, London, Vienna, and Geneva. Major international houses including Christie’s, Sotheby’s, Phillips, and Bonhams are hosting marquee 20th and 21st-century art sales in London, while Italian houses like Finarte, Pandolfini, and Bertolami focus on Old Master paintings, design, and private estates. Notable single-owner collections, such as the Roger and Josette Vanthournout Collection and the estate of Antonio Crivellaro, are among the week's highlights.

Meet new curator and concept of the Off white Charity Auction 2018

The 5th anniversary edition of the Off White contemporary art charity auction, organized by the Cosmoscow International Contemporary Art Fair, will take place on June 8, 2018, in partnership with Phillips auction house. For the first time, the auction will be curated by international curator Leopold Thun, co-runner of Emalin gallery in London, who will introduce a new concept, date, venue, and international perspective. Proceeds will benefit the Cosmoscow Foundation for Contemporary Art.

Artists in Haddington to hold open studios weekend

Artists in Haddington, Scotland, are organizing an open studios weekend on September 6 and 7, showcasing their work across seven venues including homes, a garage, a gallery, an arts hub, and an arts centre. Organizer Alistair McIntyre, who previously ran a similar event in Musselburgh, has signed up 15 artists for the event, with participants including Jacqui Wilkie, Fiona Lambert, Sheena Phillips, and others working in media such as painting, needle felting, printmaking, and sculpture.

Liu Dan’s Chinese ink art with Western influences on show in Hong Kong

Leading contemporary Chinese ink artist Liu Dan is holding his largest solo show to date at Phillips’ space in Hong Kong’s West Kowloon Cultural District. The selling exhibition, titled “Liu Dan: Morphogenesis,” features 26 Chinese ink and watercolour works created over four decades, with a focus on Taihu stone—a perforated limestone from Suzhou that has long inspired Chinese scholars. The centerpiece is “Taihu Rock aka ‘Yu Ling Long’ (from Yu Garden, Shanghai) (2024),” priced at HK$10 million (US$1.3 million), the highest in the show. The exhibition runs until May 12.

New works by oil painters Betz Green and Jim Green at Stover Mill Gallery

Oil painters Betz Green and Jim Green will showcase their work at the Stover Mill Gallery in Erwinna, Pennsylvania, on weekends from May 9 through May 31, with an opening reception on May 9. Betz Green creates representational, portrait-oriented still lifes with whimsical narratives, while Jim Green works in an impressionistic and expressionistic style with vibrant colors and exaggerated forms. Both artists have won top awards at local venues such as Phillips Mill and Stover Mill.

Peabody Essex Museum Celebrates America250 With New Declaration of Independence Exhibition

The Peabody Essex Museum (PEM) in Salem, Massachusetts, is launching a new exhibition titled "Pressing Importance: Salem and the Declaration of Independence" on May 2, 2026. Curated by Dan Lipcan, the show features rare materials from the museum's Phillips Library, including two of the earliest surviving broadside editions of the Declaration. The display focuses on the Revolutionary-era manuscripts, newspapers, and pamphlets that were instrumental in circulating the message of independence throughout the colonies.

Chico State Museum of Anthropology exhibition centered on protest art

An exhibition titled "Celebrate People's History: Latin America and the Art of Protest" has opened at the Chico State Museum of Anthropology in Chico, California. Housed in the Meriam Library Building, the show features protest art from Latin America and Latinx communities in the U.S., addressing topics such as Dolores Huerta, ICE raids, and local issues like the killing of Desmond Phillips. The exhibition includes works from Pedal Press, a Chico-based organization, and offers interactive print materials for K-12 and college students, with free field trips available for school groups.

Daylight Chaser exhibit features Kalispell artist

A new exhibition titled "Daylight Chaser" opens May 1 at Phillips Gallery in Kalispell, featuring oil paintings by self-taught artist Brian Braunberger. The works depict Flathead Valley landscapes, drawing on Braunberger's background in graphic design and marketing to create what he describes as an interpretation of nature's "emotional fingerprint of lighted rhythm." A reception with an artist's talk will be held on opening night, and the show runs through May 30.

Across the Major Houses, Hong Kong’s March Sales Confirm a New Collecting Maturity

Hong Kong's major auction houses—Christie's, Sotheby's, and Phillips—concluded their March sales series with strong results, demonstrating resilience in the Asian art market. The sales were characterized by a high sell-through rate, robust bidding, and a notable shift towards collecting driven by deep knowledge and passion rather than pure speculation.

AIG × The Value Quarterly Special: Expert insights from New York’s November auction week

The article, published by TheValue.com in partnership with AIG, provides expert analysis and insights from New York’s November auction week. It covers key sales, market trends, and notable results from major auction houses including Christie's, Sotheby's, and Phillips, with commentary from specialists and market observers.

UK government set to scrap English baccalaureate, which made arts education ‘the preserve of a privileged few’

The UK government has accepted a report recommending the scrapping of the English Baccalaureate (EBacc), a qualification introduced in 2010 that required students to take seven GCSEs in core subjects like maths and languages but excluded arts subjects. Under the proposed new system, arts GCSEs would be given equal status to humanities and languages, allowing students more flexibility. The review was commissioned by Education Secretary Bridget Phillipson and led by Professor Becky Francis of the Education Endowment Foundation.