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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Maurizio Cattelan's 18-karat gold toilet, *America* (2016), sold for $12.1 million at Sotheby's New York on Tuesday evening, falling short of pre-sale expectations. The work, consigned by New York Mets owner Steve Cohen, received a single bid and hammered at $10 million, just above the value of its gold content. Installed in a bathroom at Sotheby's Breuer Building, the toilet was viewable but not usable. The sale was notable for accepting cryptocurrency and lacking a guarantee.

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Maurizio Cattelan's 18-karat gold toilet, titled *America* (2016), sold for $12.1 million at Sotheby's “The Now & Contemporary” sale on Tuesday evening, falling short of the artist's auction record. The work, owned by New York Mets owner Steve Cohen, hammered at $10 million—just above the value of its gold content—after a single bid. It was installed in a bathroom at Sotheby's Breuer Building for viewing but not use. The consignor was revealed to be Cohen, who acquired the piece from Marian Goodman Gallery in 2017. The sale accepted cryptocurrency, and the work did not carry a guarantee.

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Chinese artist Cai Guo-Qiang staged a fireworks performance titled *Le Dernier Carnival (The Last Carnival)* outside the Centre Pompidou in Paris on October 22, during Paris Art Week, to mark the museum's five-year closure for renovations. The show, created in collaboration with White Cube gallery, used pyrotechnics, paint, and a custom-built AI model. Activists from Students for a Free Tibet France protested the event, condemning Cai for a previous pyrotechnic stunt in Tibet that sparked environmental concerns and led to the dismissal of four Chinese officials.

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Christie’s is launching its first New York auction dedicated to Japanese anime and manga, titled "Anime Starts Here: Japanese Subculture Reimagines Tradition." Scheduled for March 18–31 during Asian Art Week, the online sale features over 40 lots including original production cels from Hayao Miyazaki’s films, manga drawings by Tezuka Osamu, vintage Godzilla posters, and Hokusai prints. Most items are priced accessibly, with many estimates falling below $3,000.

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The Golestan Palace, a UNESCO World Heritage site in Tehran, has sustained damage following US-Israeli airstrikes targeting the Iranian capital. According to Iran’s cultural heritage minister, Reza Salehi-Amiri, the Qajar-era complex suffered damage to its historic windows, doors, and mirrors due to blast shockwaves and debris. The escalation of the regional conflict has further impacted cultural hubs across the Middle East, with debris falling near Abu Dhabi’s Saadiyat Island and major institutions in Qatar and the UAE temporarily closing their doors.

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An Amoako Boafo painting, *Red Dress* (2017), has been consigned to Phillips’s upcoming modern and contemporary art day sale by actor and ARTnews Top 200 collector Jesse Williams. The work, estimated at $150,000 to $200,000, depicts Thelma Golden, director of the newly reopened Studio Museum in Harlem. It was previously featured in Boafo’s 2022 solo exhibition “Soul of Black Folks” at the Contemporary Arts Museum Houston. This marks another instance of a work from Williams’s collection appearing at Phillips, following a Noah Davis painting consigned by his ex-wife in 2024.

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A rediscovered Renoir painting, *L'enfant et ses jouets – Gabrielle et le fils de l'artiste, Jean* (created before 1910), sold for over €1.8 million ($2 million) at Hôtel Drouot in Paris on November 25. The intimate portrait of Renoir's young son Jean with his nursemaid Gabrielle had remained in the same private collection for over a century, never before published or exhibited. It was offered by auctioneer Christophe Joron-Derem in the "Tableaux Modernes" sale and purchased by an international buyer, with the hammer price of €1.45 million falling within the presale estimate.

Endemic leaking problems at Frank Lloyd Wright's Fallingwater finally come to an end

A three-year, $7 million conservation project at Frank Lloyd Wright's Fallingwater is scheduled for completion in April, finally addressing the building's endemic leaking problems and structural vulnerabilities. The project focuses on replacing waterproofing assemblies, repairing roofs, exterior walls, terraces, windows, and doors to protect the house from water infiltration and a changing climate, all while preserving its original aesthetic.

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Saudi Arabia is significantly scaling back its ambitious "Vision 2030" cultural and infrastructure spending due to falling oil prices and massive budget overruns. Major international projects, including a $200 million investment deal with the Metropolitan Opera in New York and funding for the Centre Pompidou’s refurbishment, are currently in limbo or facing payment delays. Reports of unpaid invoices to art service firms and the halting of "gigaprojects" like Neom suggest a period of financial retrenchment for the kingdom.

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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 primarily 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 previous year's successful performance. Meanwhile, the gallery's hospitality arm, Artfarm Group, posted a wider pretax loss of $24 million despite a 16% rise in turnover.

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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.

Weekly News Roundup: March 13, 2026

The Kiran Nadar Museum of Art has commissioned artist Nalini Malani for a collateral exhibition at the 2026 Venice Biennale, titled 'Of Woman Born'. Art Collaboration Kyoto announced a shift from a single director to a seven-member leadership committee. Australian artist Datsun Tran won the 2026 Glover Prize for his landscape work 'The giants are falling'. New York Mayor Zohran Mamdani appointed Diya Vij as commissioner of the city's Department of Cultural Affairs.

Heists, Records, and Robots. A Subjective Summary of the Art World in 2025.

The article reviews the art world in 2025, highlighting a mixed year of declining sales values and cautious buyers, yet punctuated by record-breaking auctions and dramatic events. Fine art auction sales in the first half of 2025 totaled $4.7 billion, an 8.8% drop from 2024, with the average lot price falling to a decade-low of $24,224, indicating a shift toward lower-value works and younger collectors. Major sales included Gustav Klimt's Portrait of Elisabeth Lederer, which sold for $236 million at Sotheby's, becoming the second most expensive artwork ever auctioned, and Frida Kahlo's El sueño, which set a new auction record for a female artist at $55 million. The market was also unsettled by U.S. trade tariffs and economic uncertainty, while a daring heist and debates around AI art captured public attention.

Middle East Museums Under Threat Amid War; Morning Links March 2, 2026

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Escalating conflict in the Middle East has placed major cultural institutions under direct threat, with debris from Iranian bombings reportedly falling on Abu Dhabi’s Saadiyat Island. While the Louvre Abu Dhabi features fire-protected galleries, the lack of underground armored shelters has raised alarms regarding the safety of its permanent collection and high-profile loans from France. Simultaneously, major museums in Qatar have shuttered indefinitely as a precautionary measure against the widening regional war.

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Christie's and Sotheby's November marquee auctions in New York generated a combined $1.4 billion, with Sotheby's achieving a record $706 million from a double-header sale. The highlight was Gustav Klimt's "Portrait of Elisabeth Lederer" (1914–16), sold for $236.4 million from the collection of late cosmetics heir Leonard Lauder, becoming the most expensive modern artwork ever sold at auction. Christie's Monday sale brought in $690 million, falling short of its $731.5 million high estimate but still marking a 42% increase over its equivalent sale last November.

Show me the money: UK gallery and auction house accounts reveal reality of a tough market

Recent financial filings from UK-based art businesses reveal a stark downturn in the art market, highlighted by the sudden liquidation of Stephen Friedman Gallery. The gallery's collapse followed expensive expansion projects in London and New York, compounded by a £1.7m loss in 2023 and a significant debt of £11.4m to creditors. Other major players, including Thaddaeus Ropac, reported substantial revenue drops, with Ropac’s turnover falling from £49.6m to £36.4m as the industry grapples with rising overheads and economic volatility.

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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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Gustave Courbet's 1855 masterpiece *The Artist's Studio* originally included a portrait of Jeanne Duval, the mixed-race actress and courtesan who was the muse and longtime lover of poet Charles Baudelaire. After a falling out, Baudelaire asked Courbet to remove her from the painting. Courbet painted over her figure with watercolor rather than oil, and over the past 170 years, the image of Duval has gradually reappeared as a pentimento—a ghostly trace of the erased figure.

Frank Lloyd Wright’s Fallingwater Has a New, Waterproof Roof

The Western Pennsylvania Conservancy has completed a comprehensive three-year, $7 million restoration of Frank Lloyd Wright’s architectural masterpiece, Fallingwater. The project focused on critical structural vulnerabilities, including moisture degradation of interior finishes, leaking windows and doors, and the installation of a new waterproof roof. Experts addressed specific design flaws inherent to Wright’s original 1935 construction, such as the lack of through-wall flashing and the use of river pebbles in concrete aggregate, which had exacerbated the building's battle against the elements.

Comment | Latest auctions prove Old Masters are not ‘out of fashion’

Recent Old Master auctions in New York have defied narratives of market decline, totaling over $185 million across Sotheby’s and Christie’s. High-profile sales included a newly discovered Michelangelo drawing for $27.2 million, a Canaletto masterpiece for $30.5 million, and a record-breaking Rembrandt drawing sold for $17.8 million. These results, alongside the Italian state's $14.9 million acquisition of an Antonello da Messina, suggest that historical masterpieces remain premier "civilisational assets" and stable financial havens during periods of economic volatility.

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British artist Craig Boagey's solo exhibition "Spirit Economy" is on view at Amanita gallery in New York's Lower East Side. The show presents lush, meticulously executed paintings that assemble internet ephemera—memes, diagrams, YouTube stills, and references from online subcultures like nu-spiritualism and Remilia—into compositions that blend cute, feminine, and aspirational imagery with machinic, masculine, and esoteric elements. Works like "The All Thing" (2025) incorporate AlphaGo's famous Move 37, Christian iconography, and a memex, treating disposable digital content as cultural documents.

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Jersey City officials have announced plans to repurpose the site originally intended for the Centre Pompidou’s North American satellite into affordable housing and community space. Mayor James Solomon, who recently took office facing a $250 million budget deficit, confirmed the city is collaborating with Kushner Real Estate Group on the Artwalk Towers development at 808 Pavonia Avenue. This move effectively closes the chapter on the ambitious French-American cultural partnership that was officially canceled last month.

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Half of non-bank art lenders experienced loan defaults in 2024, up from 17 percent in 2022, according to the Art and Finance Report 2025 by Deloitte Private and ArtTactic. The report notes that while the wider art market has shrunk since 2022—sales fell 12 percent to $57.5 billion in 2024—the market for art-backed loans has grown to an estimated $33.9–$40 billion. Non-bank lenders are increasingly taking on riskier clients, with some charging over 15 percent interest, while private banks reported zero defaults in 2024.

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Art Basel has introduced booth-fee discounts for first- and second-time exhibitors at its fairs, offering 20% off for first-year participants and 10% for second-year participants. The policy, confirmed by chief artistic officer Vincenzo de Bellis, has been in place since Art Basel Miami Beach in 2021 and applies to all Art Basel fairs in Switzerland, Hong Kong, and Miami Beach, with a new edition launching in Qatar. Starting in 2026, discounts will increase to 25% and 15% respectively.

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Saudi Arabia is scaling back some of its ambitious 'gigaprojects' under the Vision 2030 plan due to falling oil prices and budget constraints, raising questions about the future of its major cultural investments. This shift occurs as the art world's attention turns to the Gulf region for the inaugural Art Basel Qatar, highlighting the tension between grand cultural ambitions and economic realities in a key emerging art market.

The Storm Hits the Art Market

The article reports on the severe downturn in the art market during the first half of 2025, focusing on the closure of New York-based Clearing gallery. Despite opting out of Art Basel to host an alternative exhibition in a rented villa to cut costs, the gallery could not survive its financial losses and announced bankruptcy in August. It is one of several prominent galleries—including Blum, Venus Over Manhattan, and Kasmin—that have closed amid falling sales, high overheads, and reduced collector spending.

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.

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Ari Aster's upcoming film *Eddington*, premiering at Cannes, uses David Wojnarowicz's 1988–89 artwork *Untitled (Buffalos)* as its poster image. The film, set in May 2020, follows a sheriff and mayor clashing over face masks during the COVID-19 pandemic. Wojnarowicz's work, originally a critique of U.S. government indifference during the AIDS crisis, depicts bison falling off a cliff—a metaphor for societal collapse. The poster slightly alters the image, and A24, the production company, has not commented on the design.

Jane Birkin’s original namesake Hermès bag sells for record-breaking €8.6m at Sotheby’s Paris

Sotheby's Paris sold the original Hermès Birkin prototype that belonged to the late actress Jane Birkin for a record-breaking €8.6 million on July 10. The 50-year-old scuffed handbag, which Birkin carried for years, sparked a ten-minute bidding war among nine collectors and ultimately went to a buyer in Japan. The sale far exceeded the previous world record for a handbag at auction, set in 2021.