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The article previews the upcoming May 2025 marquee art auctions in New York, led by Christie's, Sotheby's, and Phillips. Key consignors include the collection of late Barnes & Noble founder Leonard Riggio and his wife Louise, along with works from Anne and Sid Bass, Tiqui Atencio, Daniella Luxembourg, the estate of Barbara Gladstone, and the San Francisco Museum of Modern Art. Notable lots include Dorothea Tanning's 'Endgame' (est. $1M–$1.5M), Robert Motherwell's 'Elegy to the Spanish Republic No. 160' (est. $3.5M–$5.5M), and Andy Warhol's 'Big Electric Chair' (est. $30M). The article also reveals undisclosed consignors through research, such as the family of Harold and Gertrud Parker for the Tanning work and the Hess Art Collection for the Motherwell.

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Two major New York art fairs—NADA New York and Independent—opened this week alongside Frieze and TEFAF, marking a crowded spring fair season. Despite a recent market downturn, both fairs reported strong attendance and early sales. NADA's executive director Heather Hubbs noted high-quality visitors and positive feedback on the new venue, while Independent founder Elizabeth Dee cited a 20% increase in opening-day attendance and robust buying from collectors and institutions. Sales ranged from lower-priced works under $50,000 to six-figure transactions, with galleries like Vielmetter Los Angeles, Andréhn-Schiptjenko, and Fleisher/Ollman Gallery reporting significant sales.

The Week in Art: Iran's Heritage, Art Market Recovery, Sydney Biennale

Art communities and heritage in Iran, moderate recovery in the art market, Sydney Biennale—podcast

The latest episode of The Week in Art podcast covers three main topics. First, it discusses the impact of the ongoing Middle East conflict on cultural communities and heritage sites in Iran and Lebanon, including damage to the Chehel Sotoun palace in Isfahan. Second, it analyzes the new Art Basel and UBS Global Art Market Report, which indicates a market recovery but reveals a complex picture. Third, it features a new installation by Indigenous American artist Cannupa Hanska Luger at the Sydney Biennale, consisting of ceramic dingo skulls, which has gained relevance following a recent tragedy in Australia.

private messages reveal lead up to canceled anti ice show at north texas uni art market edges back to growth morning links for march 12 2026 1234777199

Internal communications from the University of North Texas have revealed that school leadership intentionally canceled an anti-ICE exhibition by artist Victor “Marka27” Quiñonez to avoid political backlash from state officials. The leaked messages show President Harrison Keller and Provost Michael McPherson weighing the risks of “barking from Austin” before opting for a total cancellation, while Dean Karen Hutzel specifically instructed staff not to express regret or apologize to the artist.

The Art Market Returns to Growth

Confidence in the art market is rising, with a significant increase in dealers expecting sales growth in 2026 according to the latest Art Basel and UBS Global Art Market Report. The report, authored by economist Clare McAndrew, notes that 43% of dealers anticipate improvement, a 10-point jump from the previous year, though recovery remains uneven due to high costs and trade barriers.

Frieze New York shows signs of stability in challenging US art market

Frieze New York (7-11 May) opens its 13th edition at The Shed with around 65 galleries, including mega-galleries Gagosian, David Zwirner, Hauser & Wirth, Pace, and White Cube. The fair arrives amid a turbulent art market: global art sales declined 12% in 2024 per Clare McAndrew's Art Market Report, and President Trump's tariff decisions have roiled the stock market. Frieze's owner Endeavor recently sold the fair to a new company founded by former CEO Ari Emanuel. Despite this, US fair director Christine Messineo expresses optimism, citing strong sales at Frieze Los Angeles in February. The Focus section features 12 emerging galleries, seven of which are first-time participants, including King's Leap, Management, Voloshyn Gallery (Kyiv), and Public Gallery (London).

End of investment art? Why the bottom of the market is flourishing

The art market in 2024 saw an aggregate 12% decline in sales to an estimated $57.5bn, driven by a slowdown at the ultra-premium end, according to the Art Basel and UBS Art Market Report and Artprice. However, the lower end of the market is flourishing: auction sales of works under $5,000 grew 7%, dealers with turnover under $250,000 reported a 17% increase, and sales of works under $20,000 reached record levels. Online platforms like Avant Arte, which sold $23m in print and sculpture editions (up 53% year-on-year), are key drivers, attracting younger and first-time collectors with affordable, editioned works.

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Hauser & Wirth's UK subsidiary reported an 87% decline in pretax profit for 2024, falling to $1.6 million from $12.5 million the previous year, as revenue dropped by more than half to $91.4 million. The gallery attributed the downturn to a sharp fall in secondary-market sales, which can fluctuate significantly based on a few high-value transactions. The UK entity represents only a small portion of the gallery's global business, which the founders said remained aligned with the prior year's successful performance. Separately, the gallery's hospitality arm, Artfarm Group, posted a wider pretax loss of $24 million despite a 16% rise in turnover.

The Art Market Year in Review

The art market experienced a turbulent 2025, beginning with a 12% decline in sales from 2024, following a 3% drop in 2023, as reported by the Art Basel and UBS Global Art Market Report. Major auction houses Christie’s, Sotheby’s, and Phillips saw average sales fall 6% in the first half of the year. However, the market rebounded by autumn, with strong sales at London and Paris art fairs and a 15% year-on-year increase in auction sales at the three main houses by December, according to Pi-eX. Key events included Sotheby’s failed sale of Alberto Giacometti’s *Grand tête mince* in May, followed by a record-breaking $236 million sale of Gustav Klimt’s *Portrait of Elisabeth Lederer* in November, and a $31.4 million record for François-Xavier Lalanne’s *Hippopotame Bar*.

Female artists and new buyers breathe life into the art market

The global art market contracted by 12% in 2024, falling to an estimated $57.5 billion in sales from its 2022 peak, according to the Art Basel and UBS Art Market Report 2025 compiled by Dr. Clare McAndrew. Despite the overall decline, the number of transactions grew by 3%, driven by a broadening collector base and increased engagement with more affordable works. The report highlights a surge in interest in female artists, with galleries raising their representation to 41%, and notes that art fairs remain the most common entry point for new buyers. The Aotearoa Art Fair, opening May 1-4 at Auckland's Viaduct Events Centre, exemplifies these trends with strong Indigenous and Pacific representation, emerging artist platforms like Horizons 2025, and affordable works under $5,000 from established galleries such as Gow Langsford Gallery.

Bank of America ArtTactic Art Market Report 2026 Trends

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The US art market experienced a 23 percent increase in auction sales in 2025, reaching approximately $3.17 billion according to a joint report by Bank of America and ArtTactic. This growth was not fueled by a rise in general demand but was instead driven by high-value estate consignments, a return to established historical artists, and a heavy reliance on financial guarantees. The data indicates a shift away from the speculative flipping of 'wet paint' contemporary works, which saw negative returns for pieces held for less than five years.

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The global art market returned to growth in 2025, reaching $59.6 billion in sales according to the latest Art Basel and UBS Art Market Report. This 4 percent increase ended a two-year decline, driven primarily by a 9 percent surge in public auction sales and a significant revival in high-value transactions for works priced over $10 million. While the United States maintained its dominant 44 percent market share, the recovery was uneven, with the Impressionist and Old Masters sectors seeing major gains while Postwar and Contemporary art continued to cool.

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President Trump's tariff policies are causing significant disruption in the art shipping industry, despite artworks themselves remaining largely exempt from import taxes under U.S. law. While Section 1702(b) of the IEEPA protects artworks, books, and films from presidential trade restrictions, antiques and design objects are subject to a 10 percent universal tariff, creating confusion for customs officers. Meanwhile, changes to de minimis rules—lowering the threshold for formal customs processing from $2,500 to $800—have forced DHL to temporarily suspend certain shipments and caused multi-day delays. Smaller art dealers relying on global logistics firms are particularly affected, as bespoke fine-art shippers like Crozier, UOVO, and Cadogan Tate are often too expensive for lower-value works under $10,000.

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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.

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Carly Murphy, Christie’s head of client strategy for the Americas, is leaving the auction house to join Art Basel as global head of collector and institutional relations, a newly created position. She will report to Vincenzo de Bellis, the fair’s chief artistic officer and global director of fairs, and begins later this month. The move comes as the art market faces slowing sales, with global art and antiques sales falling 12% in 2024 to $57.5 billion, according to the latest Art Basel and UBS Art Market Report.

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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.

Comment | The market grew in 2025 but ‘interest in art is waning’

The global art market saw a 4% growth in 2025 according to the latest Art Basel and UBS Art Market Report, yet the industry remains on edge. Despite the headline increase, the report reveals a sharp decline in the average number of buyers per gallery—reaching its lowest level since 2021—and rising operational costs for shipping and logistics. Protectionist trade policies and geopolitical instability, particularly escalating conflicts in the Middle East affecting oil prices, continue to strain the contemporary sector.

How Blue-Chip Art Markets Are Opening Up to New Collectors

The contemporary art market in 2025 is experiencing a paradox: traditional indicators show cooling, but online sales are booming and attracting new, younger collectors. According to the Art Basel and UBS Art Market Report 2025, online sales now account for 22% of dealer transactions, with 46% of online sales in 2024 going to first-time buyers—up from 35% the previous year. High-net-worth individuals increasingly prefer purchasing through digital channels like dealer websites or Instagram, and established collectors are also buying sight unseen. This shift is driven by greater access to authenticated limited editions and prints by blue-chip artists such as Andy Warhol, Jean-Michel Basquiat, Banksy, David Hockney, and Damien Hirst, offered by galleries like Calder Contemporary in London with transparent pricing and provenance.

Marquee May auctions in New York come at a volatile moment

New York's marquee spring auctions, beginning May 12, are facing significant headwinds from President Donald Trump's second-term policies, particularly the 'Liberation Day' tariffs and resulting stock-market volatility. Phillips deputy chairman Robert Manley confirms at least one eight-figure work was pulled from sale due to tariffs. The combined Modern and contemporary auctions at Christie's, Sotheby's, and Phillips carry an estimated $1.1bn to $1.5bn in art—the lowest total estimate for spring sales since 2010, roughly $250m lower than May 2024. No nine-figure-estimate lots have been consigned, and the number of catalogued lots is the lowest since 2007 (excluding pandemic and recession years). Single-owner collections dominate, with Christie's securing the $200m Leonard and Louise Riggio collection, including a Piet Mondrian estimated at $50m, and works from Anne and Sid Bass. Sotheby's offers collections from dealers Daniella Luxembourg and others.

Comment | 'Artnet-Artsy merger: a Bloomberg for art?'

Artnet and Artsy have officially merged under private equity firm Beowolff Capital, founded by former Goldman Sachs trader Andrew Wolff. The deal, which took Artnet private, has already led to layoffs at both companies—including at least seven staff members from Artnet News—and the closure of Artnet's Berlin office. Jeffrey Yin, CEO of Artsy, will lead the combined entity. The merger aims to combine Artnet's vast database of 18 million auction results with Artsy's primary market gallery network to create a seamless user experience for discovering, researching, and buying art.

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The Chinese art market experienced a 31% year-on-year decline in sales to $8.4 billion in 2024, its lowest level since 2009, according to the latest Art Basel and UBS Art Market Report. The downturn is attributed to slower economic growth, a property market slump, and broader economic uncertainties. However, other Asia Pacific markets showed resilience: Japan saw a 2% increase in sales, Australia's dealer market grew 11%, and China remains the second-largest auction market for postwar and contemporary art. Dealer sentiment is improving, with half expecting stronger sales in 2025.

Comment | Galleries are looking to merch to keep spirits up—it's a joyful move in challenging times

The article discusses how galleries are increasingly turning to merchandise and playful, low-cost art items to maintain public engagement during a downturn in the art market. It cites the example of Lucy Sparrow's hand-stitched felt fish and chip shop at Lyndsey Ingram gallery in London, which drew large crowds and media attention but generated far less revenue than traditional fine art sales. The piece notes that while the global art market fell 12% to $57.5bn in the past year, according to the Art Basel and UBS Art Market Report, galleries like Unit and Palmer are offering items such as Gavin Turk T-shirts and Andy Holden records to attract visitors.

Independent art fair adjusts as market slows

The Independent art fair in New York, running until 11 May, features 85 exhibitors—its largest edition yet—with 26 solo debuts. Amid a slowing art market, galleries are adjusting pricing strategies, with a notable increase in works priced between $10,000 and $20,000, which now account for about one-third of offerings. Several galleries reported strong sales during the VIP preview, including Long Story Short selling six works by Keita Morimoto and Ricco Maresca Gallery selling out its vintage board game collection for a six-figure sum. Co-founder Elizabeth Dee noted that VIP registrations were up 30% year-over-year, and dealers like Charles Moffett deliberately chose established artists to match collector comfort levels.

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.

The Photography Show fair in New York sets new attendance record

The Photography Show, presented by the Association of International Photography Art Dealers (AIPAD), returned to New York’s Park Avenue Armory for its second consecutive year from 23-27 April, featuring 64 exhibitors. The fair set a new attendance record with nearly 15,000 visitors, driven by strong foot traffic and a buzz around the iconic venue. Executive director Lydia Melamed Johnson noted the optimism surrounding the fair, which also highlighted Indigenous women photographers such as Jessica Eaton, Cara Romero, and Shelley Niro.

Inside the new AI-driven platform generating ‘adviser-grade’ art market insights

Artsignal, a new AI-driven platform, launched in September with investment from Christie’s Ventures. Co-founded by Sam Glatman and Ivan Bestvina, it uses open-source data to generate art market reports, including auction results, exhibition announcements, and artist biographies, designed to guide pricing, buying, and sales decisions. Glatman, who has a background in econometrics and previously founded other businesses, describes the platform as providing 'adviser-grade intelligence' to help collectors navigate the art market with confidence.

Global Art Market Report 2024–2025

The global art market saw total sales of $57.5 billion in 2024, a 12% decline year-on-year, marking the second consecutive annual drop. Transaction volumes rose 3% to about 40.5 million, driven by works under $50,000 which made up 85% of dealer sales. Sotheby's and Christie's together accounted for roughly half of global fine-art auction turnover, though both saw significant auction revenue declines. The United States led with 43% of global sales, while China's market share fell to 15%, its lowest since 2009. Online art sales grew to 18% of total value, and new buyer momentum was strong, with 44% of dealer buyers being new and 91% of high-net-worth collectors optimistic.