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.

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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The FOG Design and Art Fair celebrated its 10th anniversary with a buoyant 2024 edition at San Francisco's Fort Mason Center, opening January 18. The fair saw brisk sales, including a Jim Hodges canvas sold for $115,000 at Gladstone Gallery and multiple works by Anicka Yi, Yayoi Kusama, Wolfgang Tillmans, and Ruth Asawa at David Zwirner. Tina Kim Gallery sold works by South Korean artists Kim Tschang-Yeul and Ha Chong-Hyun, as well as two Pacita Abad pieces, with one fetching $200,000 to $250,000. The San Francisco Museum of Modern Art (SFMOMA) acquired several works for its permanent collection via the FOG Forum Fund, including pieces by Maria Pergay, Duyi Han, and Katie Stout.

Marian Goodman’s Prized $65 Million Collection Lands at Christie’s

Christie’s has announced the sale of the private collection of the late legendary art dealer Marian Goodman, who passed away in January at age 97. Estimated to bring in approximately $65 million, the collection is headlined by a group of significant works by Gerhard Richter, an artist Goodman championed for four decades. The centerpiece of the auction is Richter’s 1982 painting "Kerze (Candle)," which carries a high estimate of $50 million and will lead a series of dedicated sales in New York this May.

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Jean Baudrillard, the French philosopher whose concept of simulation inspired *The Matrix* (1999), is the subject of a new biography by Emmanuelle Fantin and Bran Nicol. The article explores Baudrillard's complex relationship with the art world: he was celebrated by artists and served on *Artforum*'s editorial board, yet he disavowed the Neo-Geo movement that claimed his ideas, arguing that art had become indistinguishable from commerce and lost its critical distance. His 1987 lecture at the Whitney Museum drew thousands, but he used the platform to declare art's irrelevance.

Melvin Edwards, pioneer of Black abstraction, 1937–2026

Melvin Edwards, a pioneering sculptor known for his steel assemblages that explored Black history and experience, has died. He was the first African-American artist to have a solo exhibition at the Whitney Museum of American Art in New York in 1970. His signature series, Lynch Fragments, began in the 1960s as a response to the civil rights movement and evolved over his lifetime to incorporate references to the Vietnam War and African cultural practices.

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Greece's culture minister Lina Mendoni has publicly criticized the British Museum for hosting a lavish £2,000-a-ticket Pink Ball near the Elgin Marbles, attended by celebrities including Mick Jagger, Naomi Campbell, and Janet Jackson. Mendoni accused the museum of showing 'provocative indifference' by using the ancient Greek sculptures as mere 'decorative elements' for entertainment, echoing similar criticism from a fashion show held in the same gallery last year. Separately, disgraced Miami art dealer Les Roberts, previously charged with selling forged Andy Warhols, has opened a shop called Labubu Headquarters in Coconut Grove selling collectible monster figurines, despite bond conditions restricting him from working in the art industry. The article also reports that Richard Diebenkorn's estate has joined Gagosian, the J. Paul Getty Trust and the World Economic Forum will host a cultural table during Art Basel Paris, and Interpol has added stolen Louvre jewelry to its database.

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Greece's culture minister Lina Mendoni has publicly criticized the British Museum for hosting a lavish £2,000-a-ticket Pink Ball in the gallery housing the Elgin Marbles, calling it a display of 'provocative indifference' that treats the ancient sculptures as mere 'decorative elements.' The event, co-hosted by museum director Nicholas Cullinan and Isha Ambani, drew celebrities like Mick Jagger, Naomi Campbell, and Janet Jackson, and follows similar criticism of a fashion show held in the same space last year. Separately, disgraced Miami art dealer Les Roberts, previously charged with selling forged Andy Warhols, has opened a shop called Labubu Headquarters selling collectible figurines, despite bond conditions restricting him from art dealing. Other news includes Richard Diebenkorn's estate joining Gagosian, the Getty Trust and World Economic Forum hosting a cultural table during Art Basel Paris, Interpol adding stolen Louvre jewelry to its database, and the shortlist for the 2026 Deutsche Börse Photography Foundation Prize.

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A senior curator and two collections committee volunteers have resigned from the Art Gallery of Ontario (AGO) after the institution voted against acquiring a new slideshow work by artist Nan Goldin. The purchase was rejected by an 11-9 vote, with some committee members finding Goldin's November 2024 speech denouncing Israel's attacks on Gaza as genocide to be "offensive" and "antisemitic." Goldin had spoken at the Berlin opening of her traveling retrospective, expressing moral outrage and arguing that calling anti-Zionism antisemitic is a false equivalency. The AGO's modern and contemporary curator, John Zeppetelli, stepped down allegedly because of the incident, while the Vancouver Art Gallery and Walker Art Center proceeded with their part of the acquisition.

Turner prize shortlist announced

The Turner Prize shortlist for 2026 has been announced, featuring four artists: Simeon Barclay, nominated for his spoken-word performance 'The Ruin'; Tanoa Sasraku, recognized for her solo exhibition 'Morale Patch' exploring the political history of oil; Kira Freije, shortlisted for her first major solo show 'Unspeak the Chorus'; and Marguerite Humeau, nominated for her exhibition 'Torches'. The shortlist was selected by a jury chaired by Alex Farquharson, director of Tate Britain, who praised the diverse range of work spanning installation, performance, and sculpture. An exhibition of the shortlisted artists will be held at Teesside University's Middlesbrough Institute of Modern Art (Mima) from September 2026 to March 2027, with the winner announced on December 10, 2026, receiving £25,000.

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The inaugural Making Their Mark forum convened 350 art world professionals at the National Museum of Women in the Arts to address systemic gender inequity. Organized by collector Komal Shah and the Making Their Mark Foundation, the event featured panels with artists, curators, and public figures like Chelsea Clinton and Ava DuVernay. The forum served as a call to action to dismantle the male-dominated art historical canon and reform the systems governing visibility and valuation.

Smiljan Radic Wins the Pritzker Prize, ‘Men Retire But Women Get Fired From Museum Leadership’ Says Anne Pasternak: Morning Links for March 13, 2026

Smiljan Radic Wins the Pritzker Prize, ‘Men Retire But Women Get Fired From Museum Leadership’ Says Anne Pasternak: Morning Links for March 13, 2026

Chilean architect Smiljan Radic has won the 2026 Pritzker Prize, architecture's highest honor. The award, which had been delayed due to the Pritzker family's past associations with Jeffrey Epstein, recognizes Radic's lyrical and experimental designs that embrace fragility and dialogue with natural environments, creating what the jury described as "optimistic and quietly joyful shelter."

Art Basel’s Parent Company Plans New ‘Ideas Festival’—and More Art Industry News

MCH Group, the parent company of Art Basel, is launching a new global ideas festival called the Futurific Institute in Basel in 2028, backed by billionaires James and Kathryn Murdoch. Art Dubai has postponed its 20th edition due to regional conflict, while several galleries are opening, closing, or changing locations, including Brooke Benington in London and Timothy Taylor in New York. Additionally, Mexico is demanding eBay remove listings for pre-Columbian artifacts, and institutions like the Royal Academy of Arts and MCA Chicago are announcing key leadership changes.

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The Making Their Mark Forum recently convened 350 women in the arts—including artists, curators, and over 20 museum directors—at the Martin Luther King Jr. Memorial Library in Washington, D.C. Organized by collector Komal Shah alongside Cecilia Alemani and Loring Randolph, the invitation-only conference coincided with a traveling exhibition of Shah’s collection at the National Museum of Women in the Arts. The event featured high-profile speakers like Chelsea Clinton and Ava DuVernay, focusing on dismantling structural gender inequities and celebrating the foundational contributions of women to art history.

Trevor Paglen Wins 2026 LG Guggenheim Award

Multidisciplinary artist Trevor Paglen has been awarded the 2026 LG Guggenheim Award. The honor, established by the Solomon R. Guggenheim Museum and LG, includes an unrestricted $100,000 grant and recognizes artists working at the intersection of art and technology.

Brooklyn’s Barclays Center Arena Launches Art Program, with Paul Pfeiffer As First Artist-in-Residence

The Barclays Center arena in Brooklyn has launched a multi-year public art initiative called 'Brooklyn Art Encounters.' The program includes a new artist-in-residence component, with Paul Pfeiffer as the inaugural resident, and will feature digital art broadcasts, major new commissions by artists like Sarah Sze, Rashid Johnson, Mark Bradford, and Kambui Olujimi, and a series of public installations on the arena's plaza and in its entrances.

The Louvre Remains the World’s Most-Visited Museum, with Competition Coming from the Middle East and Asia in 2025

The Louvre maintained its position as the world's most-visited museum in 2025, drawing approximately 9 million visitors according to the Art Newspaper's annual ranking. The Vatican Museums and the National Museum of Korea in Seoul followed closely, rounding out a top ten list that includes major institutions in London, New York, and Shanghai. Overall, about 200 million people visited the top 100 museums globally, a figure still below the pre-pandemic 2019 peak of 230 million.

Victor Vasarely’s crumbling Aix legacy to be restored

The family of Op Art pioneer Victor Vasarely is leading a major restoration effort for his foundation's iconic building and artworks in Aix-en-Provence. The striking 50-year-old structure, a historic monument, had suffered from years of neglect, leaking roofs, and failed climate systems, with many of its 42 monumental site-specific works in urgent need of conservation. A €12 million renovation, 85% publicly funded, has addressed the building's fabric, but restoring the complex artworks remains a slow, costly process.

Hirshhorn Director Melissa Chiu Departs to Lead Guggenheim Museum

Melissa Chiu is stepping down as director of the Hirshhorn Museum and Sculpture Garden after a decade-long tenure to lead the Solomon R. Guggenheim Museum in New York. Appointed by Guggenheim Foundation CEO Mariët Westermann, Chiu will officially assume her new role on September 1, while deputy director Aaron Seeto takes the interim helm at the Hirshhorn.

Art Oscar Picks, Whitney Biennial Star Pat Oleszko, Wet Paint

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This installment of the Wet Paint gossip column reports on several high-profile developments within the New York and Los Angeles art scenes. Key highlights include internal museum deliberations at the Whitney Museum regarding Precious Okoyomon’s provocative installation for the upcoming Biennial, which features dolls hanging from nooses, and sightings of former Artforum editor David Velasco meeting with Whitney director Scott Rothkopf. Additionally, the column tracks celebrity sightings at Frieze Los Angeles and confirms Lotus L. Kang as the artist for Bvlgari’s pavilion at the Venice Biennale.

Robert Rauschenberg Foundation Estate Sold to Florida Resort

The Robert Rauschenberg Foundation has sold the late artist’s twenty-two-acre estate on Captiva Island, Florida, to the neighboring South Seas resort for $45 million. The sale includes ten buildings, most notably Rauschenberg’s custom-built 8,000-square-foot studio and his historic "Beach House." While the resort plans to integrate the property into its operations and host art-related programming, the foundation cited escalating maintenance costs and environmental risks from climate change as the primary reasons for the divestment.

Transformative Director Madeleine Grynsztejn to Leave MCA Chicago

Madeleine Grynsztejn, the director of the Museum of Contemporary Art Chicago since 2008, will step down at the end of 2026. Her departure marks the end of an 18-year tenure during which she significantly expanded the museum's budget and collection, secured major donations, and launched high-profile exhibitions and artist-focused programs.

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Komal Shah, a prominent art collector, announced the renaming of her Shah Garg Foundation to the Making Their Mark Foundation, coinciding with a three-day forum in Washington, D.C., scheduled for March 2025. The foundation takes its name from the traveling exhibition "Making Their Mark: Works from the Shah Garg Collection," curated by Cecilia Alemani, which highlights women artists from Shah and her husband Gaurav Garg's collection. The forum, held at the Martin Luther King Jr. Memorial Library, will feature panels, keynotes, and performances organized around themes like Visionary Voices and Changemakers, with Alemani as curatorial director and Loring Randolph as director.

Works by Renoir, Cézanne, and Matisse Snatched in Major Italian Art Heist

Four hooded thieves stole three valuable paintings from the Magnani-Rocca Foundation in Parma, Italy, in a swift nighttime heist. The stolen works include Paul Cézanne's 'Still Life with Cherries,' Henri Matisse's 'Odalisque on the Terrace, 1922,' and Pierre-Auguste Renoir's 'Les Poissons (Fish), 1917,' collectively worth millions of euros. The operation, described as highly structured and organized, took less than three minutes.

Hong Kong Marquee Art Sales Total $164.9 M., Up 18 Percent From Equivalent 2025 Auctions

Christie's, Phillips, and Sotheby's spring marquee auctions in Hong Kong generated a combined $164.9 million, an 18% increase from the equivalent sales in spring 2025. The auctions, strategically timed to coincide with Art Basel Hong Kong, saw strong demand for trophy works, with Christie's leading the season at $83.8 million. Key sales included a Gerhard Richter painting for $11.77 million and a Sanyu work for $8.17 million, while Sotheby's sold a Joan Mitchell painting for $17.6 million, the season's top lot.

Participating Artists and Curators Push Back on Venice Biennale’s Relocation of Israeli Pavilion, Call for Exclusion of Russia, Israel, and US

Seventy-three artists and curators participating in the main exhibition of the 2024 Venice Biennale have issued an open letter objecting to the organizers' decision to relocate the Israeli national pavilion to the Arsenale. They argue this move creates an intimidating atmosphere contrary to the late curator Koyo Kouoh's vision of "radical solidarity" and will necessitate a heightened security presence. The signatories, which include key curators tasked with realizing Kouoh's exhibition, also call for the exclusion of Israel, Russia, and the United States from the event, citing their governments' alleged commission of war crimes.

Researchers at Art Gallery of Ontario identify painter and subject of 18th-century portrait of Black woman

Researchers at the Art Gallery of Ontario have identified the artist and sitter of an 18th-century portrait of a young Black woman. The painting, purchased in 2020, is now titled 'Portrait of Eleonora Susette' (1775), revealing the subject as a woman born around 1756 in the Dutch colony of Berbice (now Guyana). The artist is Berlin-born Jeremias Schultz, who painted the portrait in Amsterdam after Eleonora Susette was brought there by her enslaver, the artist's cousin.

Artist and Filmmaker Steve McQueen Wins $172,000 Erasmus Prize

British artist and filmmaker Steve McQueen has been awarded the 2024 Erasmus Prize by the Dutch Praemium Erasmianum Foundation. The prize includes a cash award of 150,000 euros (approximately $172,000) and a specially designed booklet featuring the script of the 16th-century scholar Desiderius Erasmus.

Picasso’s ‘Guernica’ Could Leave Madrid for the First Time in Over 30 Years

The Basque regional government has formally requested a temporary loan of Pablo Picasso's 'Guernica' from Madrid's Museo Reina Sofía to the Guggenheim Museum Bilbao for a period from October 2026 to June 2027. This would mark the painting's first movement since 1992 and is timed to coincide with the 90th anniversary of the bombing of Guernica. The request faces strong opposition from the Reina Sofía, which has released a conservation report stating the monumental canvas is too fragile to travel.

Lynda Roscoe Hartigan Named Director of Smithsonian American Art Museum

Lynda Roscoe Hartigan has been appointed as the new director of the Smithsonian American Art Museum (SAAM) in Washington, DC, effective September 8. She returns to SAAM, where she began her career and later served as chief curator, from her current position as executive director and CEO of the Peabody Essex Museum in Salem, Massachusetts. She succeeds acting director Jane Carpenter-Rock, who will remain as deputy director.