Art News. Vasari Codex

trending_up market schedule May 6, 2025 link 5 artists, 2 galleries

art market price increase 2025

The article examines the paradox of rising art prices despite a contracting market. The global art trade shrank by 12% in 2024, according to the Art Basel/UBS Art Market report, and financial volatility from trade wars has further depressed conditions. Yet dealers resist lowering prices, fearing that doing so would signal decreased value. Collectors like Jeff Magid argue that entry-level prices—often tens of thousands of dollars—are shutting out new buyers, and artists sometimes must leave their galleries to restart at lower price points. The upcoming Frieze New York fair will test whether this pricing strategy holds.

newspaper Cultured open_in_new Read original

trending_up market schedule May 19, 2025 visibility 3 link 3 artists, 1 gallery

Top Phillips rainmakers Cheyenne Westphal and Jean-Paul Engelen to leave auction house

Two top executives at Phillips auction house, global chairwoman Cheyenne Westphal and president of the Americas Jean-Paul Engelen, are stepping down. Westphal, who joined Phillips from Sotheby's in 2016 and has been called the most powerful woman in contemporary art, plans to start her own business working directly with private collectors and artists. Engelen is moving to Acquavella Galleries in New York. Their departures follow the resignation of executive chairman Ed Dolman in December and deputy CEO Amanda Lo Iacono at the end of last year, marking a significant leadership exodus.

newspaper The Art Newspaper open_in_new Read original

trending_up market schedule May 13, 2025 visibility 8 link 4 artists

Why is the art market turning Gulf-wards?

The art market is shifting its focus toward the Gulf region, particularly Saudi Arabia and the United Arab Emirates, following a sharp decline in Chinese luxury goods sales (18–20% drop in 2024) and a 31% slump in Chinese art sales. Auction houses like Sotheby’s and Christie’s have established outposts in Saudi Arabia, with Sotheby’s first auction in Diriyah generating $17.3 million and attracting 35% new buyers. The UAE’s tax-haven status and lack of sanctions on Russians have drawn wealthy residents, while Saudi Arabia’s Vision 2030 campaign, led by Mohammed bin Salman, is pouring money into cultural projects such as AlUla, Art Week Riyadh, the Islamic Arts Biennale, and a new teamLab Borderless museum in Jeddah.

newspaper The Art Newspaper open_in_new Read original

museum exhibitions schedule Jul 23, 2025 visibility 15 link 3 artists, 15 galleries

Art Basel Miami Beach to welcome 41 new exhibitors

Art Basel Miami Beach (ABMB) will return from December 5 to 7, 2025, with 285 galleries, including 41 first-time exhibitors—a significant increase from previous years. The fair will emphasize Latinx, Indigenous, and diasporic artistic currents, and will feature galleries from 44 countries, with over two-thirds operating in the Americas. New participants include New York galleries such as David Peter Francis, Candice Madey, and Margot Samel, as well as Erin Cluley Gallery from Dallas, Miami’s Nina Johnson, and Voloshyn Gallery, the first Ukrainian exhibitor at the fair. Returning mega-galleries include Gagosian, Hauser & Wirth, David Zwirner, Pace Gallery, and White Cube. The fair will also debut the Art Basel Awards, with gold medalists announced on December 4.

newspaper The Art Newspaper open_in_new Read original