Artist Foundations’ Net Worth Has Nearly Tripled to $9 B., Led by Cy Twombly Foundation’s $1.5 B. in Art and Assets

New research from the Aspen Institute’s Artist-Endowed Foundation Initiative (AEFI) reveals that artist-endowed foundations in the U.S. now control roughly $9 billion in assets, nearly triple the $3.5 billion reported in 2011 and up 17% from $7.7 billion in 2018. The Cy Twombly Foundation leads with $1.5 billion in art and assets, followed by foundations for Alexander Calder, Joan Mitchell, Helen Frankenthaler, and Robert Rauschenberg, each holding over $500 million. The data, drawn from public tax forms, shows that just five of roughly 500 foundations account for more than half the total, with most established by postwar American artists born before 1931.

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Thaddaeus Ropac, a major European blue-chip gallery, opened its seventh location in Milan in January 2025, occupying a prime palazzo previously home to Massimo de Carlo and Peres Projects. The inaugural exhibition pairs Georg Baselitz and Lucio Fontana in a show titled "L’aurore viene." The move has reignited debate about whether Milan is finally poised to become a contemporary art capital, despite past false starts and the city's stronger identity as a fashion and design hub.

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Mitch and Emily Rales, the billionaire founders of the Glenstone Foundation and its private museum in Potomac, Maryland, are divorcing. The foundation, established in 2006, holds net assets of $4.6 billion and an endowment rivaling that of the Metropolitan Museum of Art. The article revisits longstanding criticisms of private art museums, including Glenstone, arguing they function as tax shelters, social climbing tools, and competitors to public institutions. It notes Glenstone's restrictive policies—appointment-only access, a ban on visitors under 12, and a prohibition on gum chewing—and references past unionization efforts by its workers.

10 Shows Around Venice Not to Miss During the Biennale

ARTnews has published a guide to 10 exhibitions in Venice worth seeing during the 2026 Biennale, beyond the central show "In Minor Keys" curated by the late Koyo Kouoh and the national pavilions. Highlights include a major survey of Lee Ufan at the San Marco Art Centre (SMAC Venice), organized by the Dia Art Foundation and curated by Jessica Morgan; "Helter Skelter: Arthur Jafa and Richard Prince" at Fondazione Prada, curated by Nancy Spector; and "Strange Rules" at Palazzo Diedo, conceived by Hans Ulrich Obrist with Mat Dryhurst and Holly Herndon, introducing the concept of "Protocol Art." Other venues include the Gallerie dell'Accademia, Pinault Collection, Berggruen Arts & Culture, Fondazione Sandretto Re Rebaudengo, and a three-night-only performance at Teatro Goldoni.

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ARTnews interviews Mohammed Hafiz, co-founder of Athr Gallery in Jeddah, Saudi Arabia, as part of its Newsmakers series. Hafiz discusses the evolution of the Saudi art scene since Athr's founding in 2009, the gallery's expansion into multiple locations and a foundation offering grants and residencies, and the role of grassroots patrons and collectors before the Ministry of Culture's involvement in 2018. The interview, conducted at the Athr Foundation in Riyadh during the first annual Art Week Riyadh, also touches on Hafiz's personal history with art, including buying his first artwork in high school in the 1990s, and challenges misconceptions that the Saudi art scene began only recently.

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Drax Fine Art, LLC has filed a lawsuit against David Kordansky Gallery, the Sam Gilliam Foundation, and the late artist's widow Annie Gawlak, alleging they conspired to disavow and defame an authentic Sam Gilliam drape painting from 1972. Drax claims the work was acquired from Carl Solway Gallery in Cincinnati, installed in an architectural firm's lobby, and later purchased by Drax. The plaintiff seeks $6 million in damages, accusing the defendants of blocking an auction sale by claiming restoration efforts constituted irreparable damage. The defendants call the claims "absolutely frivolous," asserting the unsigned, undated piece does not conform to Gilliam's practice and may be a studio remnant.

Art Industry News: November 1, 2021

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The global art landscape is undergoing significant shifts, from the cultural erasure facing Afghan artists under Taliban rule to a surge in grassroots restitution efforts led by organizations like the Nepal Heritage Recovery Campaign. Meanwhile, major institutional moves include the appointment of Julieta González as artistic director of Brazil’s Inhotim and the opening of the Nesr Art Foundation in Luanda, Angola, which aims to bolster the local contemporary art scene through residencies and private collection displays.

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San Francisco Art Week is underway, anchored by the 12th edition of FOG Design and Art (January 21–25) on a historic former Army base. The event arrives amid flux for Northern California's art scene, with several prominent galleries closing and two major art schools—the San Francisco Art Institute and the California College of the Arts—recently shuttering. However, new free-admission fairs Atrium and Skylight Above (both January 22–25) signal fresh energy. The article highlights must-see museum shows across the city, including "Lee ShinJa: Drawing with Thread" at BAMPFA, "Rose B. Simpson: Lexicon" at the de Young Museum, "Rising Tides" at the Floating Art Museum, and "Earthseed Dome: Lily Kwong" at the Institute of Contemporary Art, San Francisco.

The 17 Gallery Shows to See During Frieze Week in New York

Frieze New York has drawn collectors, curators, and art enthusiasts to the city, but this article highlights 17 gallery shows across Manhattan that are worth seeing during the fair week. Featured exhibitions include Katharina Fritsch's return to Matthew Marks with monumental sculptures, Kim Dacres' tire-based busts at Charles Moffett, Sasha Brodsky's debut solo show at Margot Samel, Jasper Johns' "Copy/Trace" at David Zwirner, and Lucia Hierro's packing-box sculptures at Marc Straus, among others.

In Venice, 22 unmissable exhibitions on the sidelines of the biennial

À Venise, 22 expositions incontournables en marge de la biennale

The article highlights 22 must-see exhibitions happening alongside the 61st Venice Biennale, which is expected to be affected by geopolitical tensions but still promises artistic vibrancy. Notable events include Bvlgari's dual projects featuring artists Lotus L. Kang, Lara Favaretto, and Monia Ben Hamouda; the unveiling of the Asscher collection at the Ama Venezia foundation with works by Charles Ray, Jenny Saville, and Richard Serra; and the inaugural exhibition "The Only True Protest Is Beauty" at the Fondation Dries Van Noten, showcasing 200 objects across fashion, design, and art. Other highlights include a dialogue between Picasso, Morandi, and Parmiggiani at the Fondazione Bevilacqua La Masa.

Biennale di Venezia 2026. Le grandi mostre da non perdere in città

The article previews major exhibitions in Venice during the 2026 Biennale, highlighting a rich lineup of shows across the city's museums and foundations. Key highlights include a retrospective for Marina Abramović at the Gallerie dell'Accademia, a Peggy Guggenheim exhibition at her former home, and dual shows at Palazzo Grassi and Punta della Dogana featuring artists like Michael Armitage, Amar Kanwar, Lorna Simpson, and Paulo Nazareth. Other notable venues include Fondazione Prada, Ca' Pesaro, and the Museo Correr, with artists ranging from Joseph Kosuth to Jenny Saville.

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The inaugural edition of Art Basel Qatar launched with a unique booth-less format, prioritizing single-artist presentations and regional connections over the typical high-speed frenzy of European fairs. While the pace of transactions was more measured, significant sales were reported, including a $250,000 video installation by Kutlug Ataman sold by Niru Ratnam to an institution and multiple works by regional stars like Ahmed Mater and Ali Cherri. High-value blue-chip items, including a $42 million Picasso, remained tucked away in private viewing rooms to accommodate the region's preference for discretionary collecting.

The US Pavilion Is Taking Online Donations

The American Arts Conservancy (AAC), the nonprofit tasked with executing Alma Allen's 2026 US Pavilion at the Venice Biennale, is soliciting online donations from the public after receiving no corporate or foundation funding. Unlike previous pavilions backed by major foundations like Ford and Mellon, AAC's fundraising relies on private citizens, with a minimum $100 donation requested via its website. The State Department provided $375,000 but requires additional funding, and AAC's Executive Director Jenni Parido, a former pet food store owner, declined to name specific donors, though Instagram posts suggest wealthy Trump allies attended benefit events. Perrotin Gallery, which represents Allen, is providing operational support but not funding.

A Venise, trois maîtres redéfinissent la nature morte

The article announces an exhibition titled "Picasso, Morandi, Parmiggiani – Still lifes" at the Istituzione Fondazione Bevilacqua La Masa in Venice, running from May 7 to July 25, 2026. The show brings together three masters—Pablo Picasso, Giorgio Morandi, and Claudio Parmiggiani—to redefine the still-life genre through a curated dialogue of their works across six rooms. The exhibition is co-organized by Tornabuoni Art, the Musée national Picasso-Paris, and the Fondazione Musei Civici di Venezia, with Cécile Debray, president of the Musée national Picasso-Paris, serving as curator. A fully illustrated catalogue accompanies the show.

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The Andy Warhol Foundation for the Visual Arts and the Helen Frankenthaler Foundation have announced an $800,000 fund to support 80 visual arts programs at small and mid-sized organizations across the United States. Each recipient, previously funded through the National Endowment for the Arts' Challenge America initiative, will receive $10,000 to advance projects stalled after the Trump administration suspended that federal program. The announcement comes amid broader cuts to federal arts funding, including the departure of all 10 NEA grant directors and the termination of grants for organizations like n+1, SculptureCenter, Queer Art, and A.I.R. Gallery, which received notices citing misalignment with the administration's priorities.

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Lady Pink, a pioneering graffiti artist, is creating the inaugural mural commission for MoMA PS1 in Queens, New York. The mural, set to be unveiled on June 26, 2025, features a surreal composition of a stone foot, a subway platform, and the Brooklyn skyline, paying homage to the lost 5Pointz graffiti site. Lady Pink, who began tagging subway cars in 1979 and was included in MoMA PS1's 1981 'New York/New Wave' exhibition, is working on-site with assistants, using both brushes and spray paint.

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President Donald Trump has proposed eliminating the National Endowment for the Arts (NEA), and arts organizations across the U.S. are already feeling the impact. After a White House budget request in May that excluded the NEA, dozens of institutions received abrupt termination notices for their grant applications, with the NEA citing a shift in policy priorities to focus on projects reflecting the nation's artistic heritage as prioritized by the President. In protest, many senior NEA staff resigned or were asked to retire, leaving the agency in disarray. The cuts are part of broader federal efforts to defund cultural agencies, including the Kennedy Center, the Smithsonian, and the National Endowment for the Humanities, which has seen a 70-80 percent staff reduction and canceled over a thousand grants. Private foundations like the Mellon Foundation and the Helen Frankenthaler and Andy Warhol Foundations have launched emergency funding programs, but the consequences for artists, educators, and community organizations are immediate and destabilizing.

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The Barnes Foundation has promoted Will Cary to Executive Vice President and Chief Operating Officer, where he will oversee new revenue initiatives, the Calder Gardens partnership, and a newly formed Brand department. Bukia Vakhania Gallery (formerly Gallery Artbeat) is opening a Berlin location on January 15 with a solo show by Nina Kintsurashvili. Heritage Auctions reported $2.2 billion in sales for 2025, its highest-ever annual total, driven by coins, comics, sports memorabilia, and illustration art. Antenna Space will open a Hong Kong outpost in March 2026, directed by Jeff Li. A Deloitte Private and ArtTactic report reveals that 50% of non-bank art lenders experienced loan defaults in 2024, up from 17% in 2023.

Gagosian to open new ground-floor space at 980 Madison Avenue with major Duchamp presentation

Gagosian is set to expand its footprint at 980 Madison Avenue by opening a new ground-floor gallery space on April 25, 2026. The inaugural exhibition features a landmark presentation of Marcel Duchamp’s iconic readymades, including "Fountain" and "Bicycle Wheel." This selection specifically highlights the 1964 editions produced with Arturo Schwarz, returning these works to the exact building where they made their American debut at the Cordier & Ekstrom Gallery over sixty years ago.

London's Southbank Centre to receive £10m government funding boost

The UK government has announced a £10 million funding boost for London’s Southbank Centre as part of a broader £128 million investment package for 130 cultural venues nationwide. Administered by Arts Council England, the grant is earmarked for urgent infrastructure repairs, including fixing leaking roofs and modernizing rigging systems, coinciding with the center's 75th anniversary. Other major beneficiaries of the Creative Foundations Fund include the Baltic Centre for Contemporary Art and Firstsite gallery.

New fund helps museums make purchases at Frieze New York

The Sherman Family Foundation Acquisition Fund has launched at Frieze New York, providing $50,000 annually to help US museums acquire works from the fair's Focus section, which features solo stands by galleries under 12 years old. In its first year, the Baltimore Museum of Art acquired works by Reika Takebayashi, Seba Calfuqueo, and Joanne Burke, while the Brooklyn Museum acquired two works by Bettina (Bettina Grossman). Each artist also receives an unrestricted $5,000 award.

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Fashion designer Dries Van Noten is opening the Fondazione Dries Van Noten in Venice's 15th-century Palazzo Pisani Moretta, which he and his partner Patrick Vangheluwe acquired last year. The foundation's inaugural exhibition, "The Only True Protest Is Beauty," curated with Geert Bruloot, will open on April 25, featuring over 200 works across 20 rooms. Van Noten, who handed over his brand's creative direction to Julian Klausner in 2024, remains involved in the beauty arm and store design while launching this new cultural venture.

The Venice Biennale has long been a sales platform—now no one is pretending otherwise

The Venice Biennale, traditionally a government-subsidized non-commercial institution where sales were downplayed, is experiencing an unprecedented open embrace of commerce. For the first time, Christie's is hosting an invitation-only selling exhibition in Venice, offering works ranging from Old Masters like Lucas Cranach to Modern and contemporary giants such as Andy Warhol, Louise Bourgeois, and Mark Bradford, with prices from $500,000 to over $35 million. Dealers, auction houses, and private foundations are openly pricing and selling works to collectors, spurred partly by Italy's reduced 5% VAT rate on art imports, now Europe's lowest.

Luca De Michelis, chief executive of Marsilio Arte, on his favourite spots in Venice beyond the Biennale

Luca De Michelis, CEO of Marsilio Arte, shares his personal guide to Venice beyond the Biennale, highlighting historic sites, shopping, dining, and cultural venues. His recommendations include Palazzo Grimani, Micheluzzi Glass, the Gardens of the Church of the Redeemer on Giudecca, Antiche Carampane restaurant, the newly opened Dries Van Noten Foundation, San Giorgio Maggiore island, Codroma for spritz, and the upcoming exhibition 'Strange Rules' at Palazzo Diedo’s Berggruen Arts & Culture.

A Long-Running Case Centering on Alleged Robert Indiana Forgeries Is Resolved with a $102 M. Settlement

A New York jury has awarded $102.2 million in damages to the Morgan Art Foundation in a long-running copyright and forgery case against art publisher Michael McKenzie. The jury found that McKenzie created unauthorized and altered versions of works by Pop artist Robert Indiana, including multiple iterations of Indiana's iconic LOVE prints and sculptures, as well as works such as *The Ninth American Dream* (2001), *USA FUN* (1965), and a sculpture titled *BRAT*. The lawsuit, which began in 2018 shortly before Indiana's death at age 89, alleged that McKenzie and others sought to isolate the artist and profit from selling forged works. McKenzie's lawyer indicated he may appeal.

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The FLAG Art Foundation, based in New York, has pledged £1 million ($1.3 million) to London's Serpentine Galleries to establish a new biennial artist prize. Named the Serpentine x FLAG Art Foundation Prize, it will award £200,000 ($265,000) to an international artist who has been exhibiting for fewer than ten years, along with an exhibition at both institutions and a catalog. The first winner will be selected in 2026, with exhibitions at Serpentine in 2027 and FLAG in 2028. The prize is funded by collector Glenn Fuhrman's foundation and is the largest contemporary art prize in the UK.

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Patrizia Sandretto Re Rebaudengo, a top European art collector and founder of a Turin-based foundation, is partnering with New York's New Museum for a series of commissions. The first commission will be realized by Italian artist Diego Marcon, known for his uncanny videos, with his work titled 'Krapfen'—a musical dance film blending American animation and Italian opera. The New Museum, currently undergoing a renovation and expansion with a seven-story annex, is set to reopen this fall. 'Krapfen' was also co-commissioned by Chicago's Renaissance Society, Paris's Lafayette Anticipations, and the Vega Foundation, run by Canadian collector Elisa Nuyten, and will debut at the Renaissance Society before its New Museum run.

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Justin Vivian Bond, a multidisciplinary artist and performer, is profiled in ARTnews as part of their Newsmakers series. Bond, who received a MacArthur Foundation “genius grant” in 2024, discusses their upcoming performances at Joe’s Pub in New York, including a show titled “Well, Well, Well” inspired by lesbian singer-songwriters and the novel *The Well of Loneliness*. They also mention resurrecting their duo Kiki & Herb in London, and reflect on their 2017 exhibition at the New Museum, “Trigger: Gender as a Tool and a Weapon,” whose wallpaper is now installed at the V&A East Storehouse.

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The Judd Foundation has settled a lawsuit with Kim Kardashian and Clements Design over a 2022 promotional video in which Kardashian promoted knockoff versions of Donald Judd's minimalist furniture. The video, which garnered over 3.6 million views before being deleted, featured tables resembling Judd's La Mansana Table 22 and Chair 84. Under the settlement, Kardashian will acquire authentic Judd furniture from Donald Judd Furniture LLC, and both parties expressed satisfaction with the outcome.

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The Texas Historical Commission announced that buildings repurposed by minimalist artist Donald Judd in Marfa, Texas, have been added to the U.S. National Register of Historic Places. Approved by the National Park Service in May 2025, the designation expands the existing Fort D.A. Russell Historic District to include 15 buildings and a large-scale installation, all altered or created by Judd between 1973 and his death in 1994. The properties are managed by the Chinati Foundation and the Judd Foundation, which operate as separate entities. This is the second Judd-linked historic district in Marfa, following the Central Marfa Historic District’s designation in 2022.