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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Art Basel Miami Beach 2025 has introduced significant changes to its floor plan, including a shift in shared booth arrangements. In the Nova section for young galleries, only two galleries—Isabel Aninat and Espacio Valverde—are sharing a booth, while the main sector now features multiple pairings, such as Andrew Kreps with Anton Kern, March with Parker, and Galatea with Isla Flotante. The Positions sector for solo presentations has moved to a regular gallery booth area, replaced by the new Zero 10 initiative for digital art. The map reflects a reduced footprint for the main sector, possibly responding to a volatile market for contemporary art.

Agosto Machado, Artist and Activist Whose Shrine Sculptures Kept Queer History Alive, Has Died

Agosto Machado, an artist and activist central to New York's Downtown scene and a participant in the 1969 Stonewall uprising, has died following a brief illness. His gallery, Gordon Robichaux, announced his passing but, respecting his wishes, did not disclose his age. Machado was known for creating intricate shrine sculptures from collected ephemera to honor figures from his community, and one of these altars is currently featured in the 2024 Whitney Biennial.

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A Reuters investigative report has claimed to unmask the anonymous street artist Banksy, identifying him as Robin Gunningham (who later changed his name to David Jones). The report justifies the disclosure by citing public interest in how the artist has monetized his mystique and details the inner workings of his professional circle. Meanwhile, the art world faces several institutional shifts, including the resignation of Richard Grenell from the Kennedy Center amid a legal battle over renovations, and calls for the resignation of Italy’s Venice Biennale representative over Russia's potential return to the exhibition.

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Marc Restellini’s Institut Restellini is set to release a definitive six-volume catalogue raisonné for Amedeo Modigliani after four decades of research. The publication, which includes 100 newly authenticated works, utilizes a rigorous methodology combining advanced scientific analysis—such as spectrometry and carbon-14 dating—with traditional stylistic evaluation and archival documentation. To mark the launch, Pace Gallery will host events in London and New York in April.

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The New Museum in New York will reopen on March 21 after a two-year closure, following a major expansion designed by OMA’s Shohei Shigematsu with Rem Koolhaas that adds 60,000 square feet, nearly doubling exhibition space. The reopening weekend offers free admission and features new commissions by Tschabalala Self, Klára Hosnedlová, and Sarah Lucas, along with the inaugural exhibition “New Humans: Memories of the Future” showcasing over 200 artists. Separately, Phillips will auction the collection of former US Ambassador to Denmark John L. Loeb Jr., comprising the largest private trove of Danish art, with highlights by Vilhelm Hammershøi, Bertha Wegmann, P. S. Krøyer, and Anna Ancher, expected to exceed $12 million.

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Gagosian Gallery, in collaboration with Castelli Gallery, will present a landmark survey of Jasper Johns's crosshatched paintings at its 980 Madison Avenue flagship from January 22 to March 14, 2026. The exhibition marks the 50th anniversary of the series' debut in 1976 and includes rarely seen works from 1973 to 1983, lent by major museums such as the Art Institute of Chicago, the National Gallery of Art, the Museum of Modern Art, the Philadelphia Museum of Art, the Broad, and the Virginia Museum of Fine Arts, as well as from Johns's personal collection. Key works include pieces from the "Corpse and Mirror" series, "Weeping Women" (1975), "Dancers on a Plane" (1980–81), and all six "Between the Clock and the Bed" paintings (1981–83).

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This ARTnews industry moves column reports several key personnel and representation changes in the art world. Christine Sun Kim has joined Gallery Hyundai, a Seoul-based gallery, and will show at Art Basel Miami Beach. Yoshitomo Nara has moved to David Zwirner while maintaining his relationship with Pace. John Tain has been named Director of Curatorial Affairs at the Carnegie Museum of Art, and Galatea now represents Gabriella Marinho. Chris Sharp has added the duo CrossLypka to his roster. Separately, climate activist Timothy Martin received an 18-month prison sentence for damaging a Degas sculpture at the National Gallery of Art, and the Philadelphia Museum of Art faces turmoil after a rebranding backlash that led to director Sasha Suda's dismissal.

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The Guggenheim Museum has announced its 2026 exhibition lineup, headlined by a Carol Bove survey filling the entire Frank Lloyd Wright–designed rotunda from March 5, 2026. The show, curated by Katherine Brinson, spans 25 years of Bove’s work, including early drawings and her signature twisted metal sculptures. Following Bove’s exhibition, Taryn Simon will take over the rotunda from September 18, 2026, to March 2027, with a photo-based installation that invites visitors to navigate a "whirlwind" of images. Additionally, a group show titled "Guggenheim Pop" will feature Pop art icons like Roy Lichtenstein, Andy Warhol, and Claes Oldenburg alongside contemporary artists such as Maurizio Cattelan, Lucia Hierro, and Josh Kline.

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Gagosian's Le Bourget gallery in Paris will present "Walter De Maria: The Singular Experience," opening October 19 and running through April 18. The exhibition includes the artist's final sculpture, *Truck Trilogy* (2011–2017), featuring three vintage Chevrolet Advance Design 3100 pickups polished and fitted with stainless-steel rods, previously shown at Dia Beacon. Curated by Donna De Salvo, the show also features works like *13, 14, 15 Meter Rows* (1985), drawings, films, and archival materials highlighting De Maria's mathematical and musical interests, including his involvement with the Primitives and the Druds.

7 New Art Books to Step Into Spring

Artnet News has curated a selection of seven significant new art book releases for the spring season, highlighting diverse subjects from historical archives to contemporary memoirs. Featured titles include a deep dive into Frida Kahlo’s private sanctuary, 'Casa Roja,' authored by her descendants; a curatorial history of Hong Kong’s avant-garde art scene by Oscar Ho Hing-kay; and a vibrant exploration of color in contemporary art featuring works by Yayoi Kusama and Tomás Saraceno.

Shoptalk: New Guggenheim Director Melissa Chiu on How She Got the Job

Melissa Chiu has been appointed as the new director of the Solomon R. Guggenheim Museum in New York, transitioning from her long-standing leadership at the Smithsonian’s Hirshhorn Museum and Sculpture Garden. The appointment was the result of a confidential search led by Mariët Westermann, the Guggenheim’s overall director and CEO, who determined that the expanding global "constellation" of museums required a dedicated leader for the New York flagship. Chiu will officially assume the role in September, just ahead of the highly anticipated opening of the Guggenheim Abu Dhabi in 2025.

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The Metropolitan Museum of Art has partnered with Lego to release a $249.99 building set recreating Claude Monet's 1899 painting 'Bridge Over a Pond of Water Lilies.' The kit, containing 3,179 pieces, is the most expensive in Lego's Art series and launches March 4. The museum is also releasing a podcast hosted by curator Alison Hokanson to accompany the set.

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Thousands of documents released by the U.S. Department of Justice reveal that convicted sex offender Jeffrey Epstein was the hidden architect behind billionaire Leon Black's multi-billion dollar art investment and financial strategy from 2012 to 2017. Epstein managed Black's vast collection, valued at $2.7 billion in 2016, setting up LLCs, negotiating loans and commissions with major auction houses and galleries, and deploying the art for tax and estate planning.

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This week's art industry roundup covers major developments across auctions, galleries, and institutions. Christie's will auction René Magritte's 'Les grâces naturelles' (ca. 1961) as the star lot of its Art of the Surreal evening sale in London on March 5, with an estimate of £6.5–9.5 million. Zona Maco in Mexico City has announced 241 exhibitors for its 22nd edition, including a new section called Forma. The London Art Fair reported strong sales for British women abstract painters, while Vienna's Spark Art fair canceled its 2025 edition for a strategic pause until 2027. In gallery news, Amy Sherald signed with Creative Artists Agency, and several other artist-gallery representation changes were announced. The U.K. government pledged £1.5 billion to support cultural organizations from 2025 to 2030, and Tarek Atoui was named the next Turbine Hall commission artist at Tate Modern.

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Gagosian will host a survey of Jasper Johns's "Crosshatch" paintings at its Madison Avenue gallery in New York from January 22 to March 14, 2026. Titled "Between The Clock and The Bed," the exhibition is organized in partnership with Castelli Gallery and marks the 50th anniversary of the series, focusing on works from 1973 to 1983. It includes loans from major museums such as the Museum of Modern Art, the Broad, and the National Gallery of Art, as well as works from Johns's own collection. Highlights include pieces from his "Corpse and Mirror" series, "Weeping Women," and all six "Between the Clock and the Bed" paintings.

A Duchamp Retrospective at MoMA Presents an Artist Who Challenged the Very Definition of Art

The Museum of Modern Art (MoMA) has launched a major retrospective of Marcel Duchamp, marking the first comprehensive North American survey of the artist’s work in over 50 years. Co-organized with the Philadelphia Museum of Art and the Centre Pompidou, the exhibition traces Duchamp’s evolution from his early Cubo-Futurist paintings to his revolutionary "Readymades" and optical experiments. The show features seminal works such as Nude (Study), Sad Young Man on a Train and explores his various personas, including his female alter ego, Rrose Sélavy.

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Agosto Machado, a seminal figure in the Downtown New York art scene and a veteran of the Stonewall uprising, has died following a brief illness. Known as a 'pre-Stonewall street queen,' Machado transitioned from a community activist and archivist to a recognized artist whose intricate altar sculptures are currently featured in the 2024 Whitney Biennial. His work, which utilizes found objects and ephemera to create shrines for queer icons and AIDS victims, serves as a vital act of 'ancestor worship' and historical preservation for a community often marginalized by mainstream institutions.

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The Studio Museum in Harlem has selected Derriann Pharr, Simonette Quamina, and Taylor Simmons as its 2026 Artists-in-Residence. This cohort will be the first to work in the museum's new Bruce Llewellyn Artist in Residence Center, with their residency running from March 15 to October 15, culminating in an exhibition and publication funded by the Glenstone Foundation.

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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.

14 Must-See Museum Shows in New York This Spring

New York museums are launching a significant slate of spring exhibitions, featuring major retrospectives and thematic surveys. Highlights include "Noguchi's New York" at the Noguchi Museum, exploring the sculptor's unrealized urban projects; "Raphael: Sublime Poetry" at the Metropolitan Museum of Art, a comprehensive look at the Renaissance master; and "Gothic by Design: The Dawn of Architectural Draftsmanship," also at the Met, focusing on medieval architectural drawings.

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Sotheby’s Hong Kong concluded its fall auction series with a robust $426 million total, headlined by a record-breaking $25 million sale for Yoshitomo Nara. Amidst this market momentum, Nara’s upcoming LACMA retrospective was announced to travel to Shanghai’s Yuz Museum. Meanwhile, the New York art scene is bracing for major institutional milestones, including the Metropolitan Museum of Art’s 150th-anniversary plans and the imminent public opening of MoMA’s $450 million expansion.

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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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The article explores the challenge of articulating olfactory experiences in art, focusing on Norwegian artist Sissel Tolaas, who has dedicated her career to scent as a medium. Tolaas has collected over 15,000 smell molecules for her SMELL RE_searchLab in Berlin and invented a language called NASALO to describe scents more precisely. The piece also highlights the Kunstpalast Düsseldorf's exhibition "The Secret Power of Scents," which integrates smell into its permanent collection display, and references historical and contemporary artists like Ernesto Neto, Mike Kelley, and Oswaldo Maciá who have used scent in their work.

Comment | Cow in MSCHF project survives, but should the project have happened at all?

The Brooklyn-based art collective MSCHF concluded its two-year project 'Our Cow Angus,' in which the fate of a live cow was determined by token holders. Purchasers of tokens representing future hamburgers and leather had the option to return them via a 'remorse portal'; when over 50% were returned by the March 13 deadline, the cow was sent to a sanctuary instead of a slaughterhouse.

Gagosian Opens a New Ground-Floor Flagship at 980 Madison Avenue with Duchamp-Rauschenberg Double Header

Gagosian is opening a new ground-floor flagship gallery at 980 Madison Avenue in New York, moving from its former upper-floor space in the same building. Designed by Caplan Colaku Architects, the 12,000-square-foot, two-level space consolidates three storefronts into a continuous layout with restrained materials like Portland Taupe stone and brushed stainless steel. The inaugural exhibition pairs a major Marcel Duchamp show with six early works by Robert Rauschenberg on loan from the Cy Twombly Foundation, coinciding with a Duchamp retrospective at MoMA and referencing a 1965 Duchamp exhibition held in the same building.

The Triumphant New LACMA Has the Potential to Rewrite Art History

The Los Angeles County Museum of Art (LACMA) is set to open its new $724 million David Geffen Galleries, designed by Swiss architect Peter Zumthor. The building features a radical, non-linear layout that eschews traditional chronological and geographical hierarchies, allowing artworks from 15 different curatorial departments to be displayed in conversation with one of another. Despite years of controversy regarding its concrete design and a 10 percent reduction in exhibition space, the museum is positioning the new structure as a flexible "laboratory" for global art history.

The IFPDA Print Fair Returns to the Park Avenue Armory, Illuminating the Relationship Between Prints and Drawings

The IFPDA Print Fair is returning to the Park Avenue Armory from April 9–12, featuring 80 international exhibitors presenting 500 years of prints and drawings. The fair highlights the historical and conceptual relationship between the two mediums, with notable works including an Edward Hopper charcoal study and unique or hybrid pieces by artists like Françoise Gilot and Edgar Degas.

Mary, Queen of Scots Final Letter on View; French Artist Adds Armor to Dalida Sculpture: Morning Links for March 10, 2026

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Perth Museum has unveiled the final letter written by Mary, Queen of Scots, marking the document's first public display in Scotland in three decades. Penned hours before her execution in 1587, the letter to Henry III of France frames her death as a religious martyrdom and is subject to extreme conservation protocols that limit its exhibition frequency. Meanwhile, in Paris, artist Luz has installed a spiked, mirror-encrusted bodice on the famous Dalida bust in Montmartre to protest the tradition of tourists rubbing the sculpture's breasts for luck.

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Liliana Angulo Cortés, the trailblazing director of the Museo Nacional de Colombia, has died at age 51. As the first Afro-Colombian artist to lead the historic institution, she was instrumental in diversifying the museum's collection and shifting its focus toward colonial remembrance and the representation of Black and Indigenous communities. Meanwhile, major art centers in Beirut, including the Sursock Museum and the Beirut Art Center, have suspended operations due to escalating regional conflict and airstrikes.