Cash-Strapped Hong Kong Arts Hub Saved—Plus a Rundown of the Latest in Asia’s Art World
Hong Kong's financially struggling West Kowloon Cultural District, a major arts hub, has been rescued from its cash crisis. This development was part of a broader Asia art world update that also included leadership changes at Japan's Art Collaboration Kyoto and the announcement of a new art fair in Shenzhen.
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.
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.
The art world is mourning the loss of influential sculptor Thaddeus Mosley, who passed away at age 99. Known for his monumental yet graceful abstract works crafted from salvaged wood, Mosley gained significant critical acclaim late in his career for his mastery of weight and space. His death leads a series of industry updates, including the passing of Malaysian artist chi too and sculptor Ken Turnell, alongside a controversial report that the Department of Government Efficiency (DOGE) allegedly used AI to target National Endowment for the Humanities grants for cancellation.
The Los Angeles art scene is navigating a complex recovery as it prepares for Frieze Los Angeles 2026. The city is grappling with the lingering trauma of devastating wildfires that destroyed significant private collections, alongside economic instability caused by massive layoffs in the entertainment industry and recent political unrest. This combination of environmental and financial crises has led to a notable market downturn, resulting in the closure of several high-profile galleries including Blum, Tanya Bonakdar, and Sean Kelly.
Art Basel has announced the lineup for its 2026 flagship fair in Switzerland, featuring 290 exhibitors from 42 countries. The upcoming edition, scheduled for June, includes 21 first-time participants and an expanded Premiere sector, with Ruba Katrib curating the Unlimited section for large-scale works. Simultaneously, the art world mourns the passing of Dóra Maurer, a central figure of the Hungarian neo-avant-garde known for her multidisciplinary approach to seriality and movement.
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Hauser & Wirth's Somerset gallery, established in 2014 in the rural town of Bruton, has transformed the local area into a significant contemporary art destination. The gallery complex, featuring exhibition spaces, a restaurant, meadow, and educational programs, has catalyzed gentrification and attracted other galleries, trendy hotels, and high-end amenities to a formerly unremarkable settlement.
A 51-page document released as part of the Jeffrey Epstein files appears to catalog the extensive private art collection of billionaire collector and former MoMA board chair Leon Black. The document, which lists works by masters from Michelangelo to Picasso under corporate entities linked to Black, reveals valuations and details of a collection largely kept from public view, including works held as promised gifts to major museums like MoMA and the Metropolitan Museum of Art.
Marian Goodman, the revered art dealer known for her steadfast commitment to artists and resistance to market trends, died at 97 in a Los Angeles hospital. She opened her eponymous gallery in 1977 in Midtown Manhattan with a show of Marcel Broodthaers, and over five decades represented major figures including Gerhard Richter, Julie Mehretu, William Kentridge, and Steve McQueen. Goodman began her career by founding Multiples in 1965 to publish affordable editions, and she famously kept her gallery on 57th Street while peers moved to SoHo and Chelsea.
Bob Monk, a longtime director at Gagosian who worked closely with artists such as Ed Ruscha and Richard Artschwager, died on December 15 at age 75 due to complications from a heart condition. Monk spent over two decades at Gagosian, and his career also included stints at Leo Castelli Gallery, his own SoHo gallery Lorence-Monk Gallery, and Sotheby's, where he headed the contemporary prints and contemporary art departments.
The article reports that US artists are increasingly expected to self-fund institutional projects, as illustrated by Dominican American artist Lucia Hierro's 7.5-foot chair commission. Fabrication costs exceeded the museum's budget, forcing her to seek grants from a residency program's fund, which had only $125,000 available against $1.8 million in applicant requests. Separately, over 65 artists have been announced for the third edition of the Diriyah Contemporary Art Biennale in Saudi Arabia, titled "In Interludes and Transitions," with artistic directors Nora Razian and Sabih Ahmed emphasizing locally rooted histories. Other news includes artist Thomas McKean using cut-up MetroCards for sculptures, Kenny Schachter reporting a van Gogh private sale above $190 million, an Iron Age carnyx discovery in Norfolk, and critic Ben Luke's critique of uninspired contemporary painting at recent art fairs.
The US government selected artist Robert Lazzarini and curator John Ravenal to represent the United States at the 2026 Venice Biennale, coinciding with the 250th anniversary of America's founding. However, negotiations with a partner institution collapsed within three weeks, and the commission was withdrawn before any public announcement, leaving the international art world questioning who will ultimately represent the country. In other news, the original cover photograph for David Bowie's album *Aladdin Sane* sold for £381,400 at Bonhams London, setting a new auction record. Gagosian has teamed up with filmmaker Wes Anderson to recreate Joseph Cornell's New York studio in Paris for an exhibition titled "The House of Utopia Parkway: Joseph Cornell's Studio Reimagined by Wes Anderson." The long-anticipated opening of the Grand Egyptian Museum has reignited calls for the British Museum to repatriate the Rosetta Stone, and a Denver-based cryptocurrency entrepreneur has unveiled a plan to build a 450-foot-tall statue of Prometheus on Alcatraz Island.
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.
Tilton Gallery, a fixture of New York’s Upper East Side for over 40 years, has announced it will close its physical space following an upcoming Ruth Vollmer exhibition to focus on private projects. The week also saw significant leadership shifts, including Lisa Phillips announcing her retirement as director of the New Museum after 26 years, and Ebony L. Haynes being promoted to the newly created role of global head of curatorial projects at David Zwirner. Meanwhile, legal tensions surfaced as a court dismissed Ronald Perelman’s $400 million insurance lawsuit regarding fire damage to his art collection.
Frieze Los Angeles 2026 opened amid concerns over the city's cooling art market, following a wave of gallery closures and a shift toward nomadic dealer models. Despite the economic downturn and the lingering shadow of previous regional fires, the fair week saw a resurgence of energy with 32,000 attendees and significant blue-chip sales, including a $3.75 million Ed Ruscha at Gagosian and a $2.8 million Njideka Akunyili Crosby at David Zwirner. The week was characterized by a mix of high-end commerce at the Santa Monica Airport and grassroots vitality at satellite events like Felix and the newly launched Post-Fair.
The New York art scene was bustling with events this week. The New York Botanical Garden held its annual Orchid Dinner at the Plaza Hotel, featuring elaborate floral designs and guests like Martha Stewart and Sigourney Weaver. Meanwhile, Sotheby's hosted the Art for Water benefit auction for the Waterkeeper Alliance, with works by Jeff Koons and Ed Ruscha, and the New Museum celebrated the opening of a major Raymond Pettibon exhibition.
Gabi Vidal-Irizarry, a guest writer for Artnet News's Wet Paint gossip column, recounts attending an "Artist Party" at the Museum of Modern Art featuring Arthur Jafa. The column then pivots to a profile of Jim Toth, the audio engineer behind the distinctive white pyramid speakers ubiquitous at New York art world events, tracing his career from the city's legendary 1980s nightlife scene to becoming the preferred sound provider for museums and elite patrons.
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.
Marian Goodman, the revered contemporary art dealer who built one of the most influential galleries of the past half-century, died in Los Angeles on Thursday at age 97. Goodman launched Marian Goodman Gallery in New York in 1977 after 15 years running an editions business, and over six decades she championed a roster of challenging artists including Gerhard Richter, John Baldessari, Julie Mehretu, Tacita Dean, and Pierre Huyghe. Her gallery operated on West 57th Street in Manhattan with branches in London and Paris, and she was awarded the Commandeur of the Ordre des Arts et des Lettres and the Légion of Honor by France.
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.
Artnet News staff reflects on the most impactful stories of 2025, covering a wide range of topics from institutional shifts and devastating wildfires to market sensations and conceptual art. Key pieces include Ben Davis's analysis of the art world's 'post-woke' turn, Sarah Cascone's report on Los Angeles artists losing homes in the Eaton Fire, Katya Kazakina's tale of a David Hockney painting yielding a 7,000 percent return at Christie's, Andrew Russeth's coverage of Richard Prince's seven-hour deposition video, Kate Brown's profile of Friedrich Kunath, and Annie Armstrong's introduction of the 'red-chip' art market driven by hype and crypto.
Several international curators and museum directors, including Connie Butler of MoMA PS1, Carolyn Christov-Bakargiev, Julieta Gonzalez of the Wexner Center for the Arts, and Madeleine Grynsztejn of MCA Chicago, selected artworks that they believe define 2025. Highlights include Ayoung Kim's video installation 'Delivery Dancer’s Arc: 0º Receiver' (2024), Beeple's 'Regular Animals' premiered at Art Basel Miami Beach, and Kerry James Marshall's painting 'Haul' (2025) from his retrospective at the Royal Academy of Arts. Julieta Gonzalez also pointed to a broader constellation of practices emphasizing collectivity, ecological thinking, and Indigenous cosmologies rather than a single emblematic work.
Artnet News editors and writers compiled a list of the worst art of 2025, calling out works they found lazy, cynical, overhyped, or ethically dubious. Highlights include Flora Yukhnovich's site-specific painting installation at the Frick Collection, which critics deemed middling and out of place among the museum's historic masterpieces; Jeff Koons's eight-foot-tall Hulk (Tubas) sculpture, sold for $3 million at Frieze New York and described as an obnoxious trophy piece; and actor Adrien Brody's interactive gum wall installation, which invited visitors to stick chewed gum onto a canvas.
Kenny Schachter's column reports on the fallout at Michael Werner Gallery following the departure of star artist Peter Doig. Co-owner Gordon VeneKlasen is accused of expensing luxury items—including private jets, Hamptons helicopter rides, and even a solo helicopter trip for his Labrador Retriever—while the gallery faced financial strain. The partnership is dissolving, with VeneKlasen moving to Los Angeles to open his own gallery and listing his West Village home for $20 million. Meanwhile, Schachter also notes Pace Gallery's financial troubles, with founder Arne Glimcher stepping in to stabilize operations.
Artnet News published an alphabetical in memoriam list commemorating art world figures who died in 2024, including printmaker Norman Ackroyd, museum director Hope Alswang, sculptor Carl Andre, curator and writer David Anfam, painter Frank Auerbach, and gallerist Patti Astor. Each entry includes a brief tribute highlighting their key achievements and contributions, such as Ackroyd's meticulous printmaking techniques, Alswang's diversification of the Norton Museum of Art's collection, Andre's foundational role in Minimalism, Anfam's influential scholarship on Abstract Expressionism, Auerbach's distinctive painterly style, and Astor's pioneering East Village gallery.
Art Basel Miami Beach opened its VIP preview on Wednesday with strong early sales, including multiple seven-figure deals. Major galleries like Hauser & Wirth, White Cube, Gladstone, and Pace reported significant sales, with a $3.9 million George Condo painting leading the pack. The fair introduced a new digital-art section called Zero 10, featuring works by Beeple, which drew large crowds. Collectors such as Craig Robins, Mera and Don Rubell, Norman Braman, and Beth Rudin DeWoody were among the early attendees, and the event featured high-profile works by Jeff Koons and Maurizio Cattelan.
Robert Mnuchin, an investment banker turned prominent art dealer, died at 92 in Bridgewater, Connecticut. After a 33-year career at Goldman Sachs, he opened C&M Arts in 1992, later partnering with Dominique Lévy to form L&M Arts, and eventually running Mnuchin Gallery. He represented major artists like Willem de Kooning, Andy Warhol, and Mark Rothko, and advised billionaires including Steve A. Cohen and Mitchell Rales. Notably, in 2019 he secured Jeff Koons's sculpture *Rabbit* (1986) for Cohen at Christie's for $91 million, a record for a living artist at auction.
Billionaire hedge fund manager and prominent art collector Kenneth C. Griffin has issued a stark warning regarding the global economy, stating that a recession is inevitable if the Strait of Hormuz remains closed through the end of the year. Speaking at the Semafor World Economy summit, Griffin highlighted that the closure of this vital oil passageway has created energy shocks and treacherous conditions for central bankers, potentially forcing further interest rate hikes to combat inflation.
Artist Josh Kline has sparked intense debate across the New York art world with his viral essay, "New York Real Estate and the Ruin of American Art," published in the journal October. The text serves as a scathing critique of the current state of the American art industry, diagnosing it as "sick" due to skyrocketing real estate costs, systemic power imbalances, and a market that has become an unsustainable "conveyor belt" of commercial painting. Kline argues that the economic pressures of post-pandemic New York have made the city a hostile environment for experimental and conceptual practices.
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.