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.
This week's art industry news covers significant developments across fairs, auctions, galleries, and museums. Frieze New York announces its 15th edition with a strong Latin American gallery presence, while the India Art Fair reports robust sales, including works by Atul Dodiya and N.S. Harsha fetching up to $600,000. Sotheby's will offer a major Francis Bacon self-portrait from the collection of Joe Lewis, and Christie's is set to sell three masterpieces from Agnes Gund's collection, estimated at over $123 million. Gallery news includes Federica Beretta's return to Opera Gallery and David Zwirner's new representation of painter Louis Fratino.
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.
The 23rd edition of Frieze London opens next Wednesday with its VIP preview in Regent's Park, featuring 168 galleries from 43 countries. The fair arrives amid a subdued art market, with dealers favoring conservative, recognizable works by established names rather than betting on younger artists. Notable presentations include Modern Art showing Sanya Kantarovsky's stoneware sculptures, Lehmann Maupin presenting Do Ho Suh's translucent installations, and Gagosian featuring Lauren Halsey's sculptural tribute to South Central Los Angeles. Hauser & Wirth highlights rising star George Rouy alongside other artists, while White Cube focuses on the natural world with works by Marguerite Humeau, Howardena Pindell, and Sara Flores.
France has passed a landmark restitution law for looted art, marking a significant shift in the country's approach to addressing Nazi-era confiscations and colonial-era acquisitions. The legislation establishes a legal framework for returning artworks and cultural objects to their rightful owners or heirs, streamlining a process that previously required case-by-case parliamentary approval. This law is expected to accelerate the return of thousands of items held in French museums and public collections.
The article recounts the author's personal experience as a collector who passed up the opportunity to buy a complete set of Marcel Duchamp's readymades at a 2002 Phillips de Pury and Luxembourg auction. The set, editioned by dealer Arturo Schwartz in 1964, included iconic works like *Fountain* and *Bicycle Wheel*, but the sale was a financial failure, with many pieces bought-in or selling for far below expectations. The author later acquired some of the unsold works privately. The piece is framed around the concurrent Duchamp exhibitions at the Museum of Modern Art and Gagosian.
The May 2026 New York auctions at Christie’s, Sotheby’s, and Phillips will feature 20 high-value lots priced at $30 million or more, including works by Andy Warhol, Jasper Johns, Pablo Picasso, Piet Mondrian, Jackson Pollock, Willem de Kooning, Cy Twombly, Gerhard Richter, and others. The sales are staggered around the Venice Biennale and Frieze New York, with Sotheby’s holding its contemporary evening auction on May 14 and Christie’s its 20th-century sale on May 18. Notable consignments come from the estates of S.I. Newhouse, former MoMA board president Agnes Gund, and dealer Marian Goodman.
The Cy Twombly Foundation is presenting six rarely seen early works by Robert Rauschenberg at Gagosian's new Upper East Side gallery in New York. The exhibition includes a fragile 1950 assemblage of twigs and glass, a cyanotype made with his then-wife Susan Weil, a 'Black Painting' from around 1952, and a 1961 assemblage, offering a unique glimpse into a period of the artist's output that he largely destroyed.
Italian artist Maurizio Cattelan directed the Renaissance Society’s annual benefit gala, titled "The Silent Party!", held at the Chicago Athletic Club during the week of Expo Chicago. The event subverted traditional gala expectations by requiring guests to remain silent for two hours, communicating only via handwritten notes while navigating a labyrinth of performances. The evening featured contributions from artists including Jacob Ryan Renolds, Davide Balula, and Isabelle Frances McGuire, culminating in a dinner that raised approximately $600,000 for the non-profit institution.
Larry Gagosian is set to inaugurate a newly overhauled ground-floor gallery at 980 Madison Avenue on April 25, marking a major expansion within his long-time New York headquarters. The debut exhibition features the iconic readymades of Marcel Duchamp, including a rare version of 'Bicycle Wheel' and 'Fountain.' This move follows a period of uncertainty for the dealer after Bloomberg Philanthropies acquired the building, prompting Gagosian to invest significant resources into securing and transforming the street-level space.
Gagosian is set to inaugurate a new ground-floor gallery space at 980 Madison Avenue on Manhattan’s Upper East Side with a major exhibition of Marcel Duchamp opening April 25. The show features rare replicas of the artist’s most famous readymades, including the 1964 versions of 'Fountain' and 'Bicycle Wheel,' the latter of which is noted as the only version not currently held by a museum. The exhibition returns Duchamp to the same building where he showed with Cordier & Ekstrom Gallery in 1965 and coincides with a major retrospective at the Museum of Modern Art.
Melissa Chiu has been appointed as the new director of the Solomon R. Guggenheim Museum in New York, transitioning from her long-standing leadership at the Smithsonian’s Hirshhorn Museum and Sculpture Garden. The appointment was the result of a confidential search led by Mariët Westermann, the Guggenheim’s overall director and CEO, who determined that the expanding global "constellation" of museums required a dedicated leader for the New York flagship. Chiu will officially assume the role in September, just ahead of the highly anticipated opening of the Guggenheim Abu Dhabi in 2025.
The print market is experiencing a significant resurgence, defying the broader contraction seen in the global art market. Recent events like the IFPDA Print Fair in New York reported record-breaking attendance of 21,000 visitors, while auction data shows that over 54,000 print lots were sold in 2024—the highest volume in a decade. While total sales value dipped slightly, the decline was far less severe than the 27 percent drop seen in the general fine art sector.
The National Gallery of Canada in Ottawa has received a donation of 24 contemporary artworks from Vancouver-based collector and real estate tycoon Bob Rennie and his family. The gift includes works by American artists Kerry James Marshall and Christopher Williams, and Canadian artists Brian Jungen and Jin-me Yoon, bringing the total number of works donated by the Rennie family to the NGC since 2012 to 284.
Larry Gagosian has opened a major exhibition of Jasper Johns's crosshatch paintings from 1973 to 1983 at his Upper East Side gallery in New York. In a forthcoming Gagosian Quarterly interview, Gagosian explains his motivation simply: he wanted to look at the works. The show features key pieces including all six versions of "Between the Clock and the Bed" (1981), borrowed from top-tier collectors and museums such as the Museum of Modern Art, the Virginia Museum of Fine Arts, and the National Gallery of Art. Gagosian recounts first encountering the crosshatch paintings in 1976 at Leo Castelli's gallery, before he had met Johns, through his connections with Merce Cunningham and John Cage.
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.
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.
Jeff Koons has returned to Gagosian in New York with his "Porcelain Series," on view through February 28, 2026, marking his first exhibition with the gallery after four years with Pace. The show features hyper-polished porcelain sculptures and paintings that reference historical European porcelain workshops such as Sèvres, Meissen, and KPM Berlin, as well as 16th-century prints. Koons discusses the high-low dialogue of porcelain, its ties to readymade objects and Duchamp, and his use of advanced scanning and fabrication techniques to transform humble figurines into luxury art.
The article analyzes the chaotic and contradictory state of the global art market in 2025, a year marked by extreme volatility following President Donald Trump's return to office. Key events include strong sales at Frieze Los Angeles in February, a record $13.8 million sale of a painting by M.F. Husain at Christie's, and a sharp downturn after Trump imposed sweeping tariffs on major trading partners. Major auctions in May fell far short of expectations, with only $837.5 million hammered against estimates of up to $1.6 billion. Meanwhile, Art Basel expanded with a new Qatar fair, but sales at Art Basel Switzerland dropped over 35% from 2024. The year also saw a wave of gallery closures, including the sunsetting of Blum & Poe.
Gagosian will host a survey of Jasper Johns's "Crosshatch" paintings at its Madison Avenue gallery in New York from January 22 to March 14, 2026. Titled "Between The Clock and The Bed," the exhibition is organized in partnership with Castelli Gallery and marks the 50th anniversary of the series, focusing on works from 1973 to 1983. It includes loans from major museums such as the Museum of Modern Art, the Broad, and the National Gallery of Art, as well as works from Johns's own collection. Highlights include pieces from his "Corpse and Mirror" series, "Weeping Women," and all six "Between the Clock and the Bed" paintings.
Gagosian Gallery, in collaboration with Castelli Gallery, will present a landmark survey of Jasper Johns's crosshatched paintings at its 980 Madison Avenue flagship from January 22 to March 14, 2026. The exhibition marks the 50th anniversary of the series' debut in 1976 and includes rarely seen works from 1973 to 1983, lent by major museums such as the Art Institute of Chicago, the National Gallery of Art, the Museum of Modern Art, the Philadelphia Museum of Art, the Broad, and the Virginia Museum of Fine Arts, as well as from Johns's personal collection. Key works include pieces from the "Corpse and Mirror" series, "Weeping Women" (1975), "Dancers on a Plane" (1980–81), and all six "Between the Clock and the Bed" paintings (1981–83).
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.
Sotheby's held a marathon double sale at its new Breuer Building location, selling Gustav Klimt's portrait of Elisabeth Lederer for $236.4 million—the second highest price ever paid for an artwork at auction. The evening featured works from the collection of the late cosmetics heir Leonard Lauder, totaling $527.5 million, far exceeding its low estimate. The subsequent "Contemporary and the Now" sale brought in $178.5 million, with a Jean-Michel Basquiat painting selling for $48.3 million. Overall, the night generated $706 million, with multiple auction records set for artists including Cecily Brown, Antonio Obá, Yu Nishimura, Jess, and Noah Davis.
Jenna Burlingham Gallery, founded in 2010, moved in 2021 to a historic compound called Rope Yard in Hampshire, England. Instead of a traditional white cube, the gallery's interiors are designed to feel like a beloved home, with furnished rooms displaying modern British and contemporary art alongside antiques. The gallery recently celebrated its 15th anniversary, attracting collectors from London and worldwide to its village location.
Dan Nadel, a curator recently hired by the Whitney Museum as curator of prints and drawings, is opening a new exhibition titled "Sixties Surreal" that aims to rewrite the history of 1960s art. The show, co-curated with Laura Phipps, Scott Rothkopf, and Elisabeth Sussman, features a wide range of artists from Luis Jimenez to Shigeko Kubota, alongside canonical figures like Andy Warhol and Yayoi Kusama. Nadel, known for championing marginalized and alternative figures in American art, previously curated "What Nerve! Alternative Figures in American Art, 1960 to the Present" at the Rhode Island School of Design and a Gertrude Abercrombie exhibition at Karma gallery. He is also the author of a recent biography of Robert Crumb.
The Armory Show's VIP preview day on Thursday saw long queues and a cautiously upbeat mood at the Javits Center, despite a shaky art market marked by gallery closures and fair cancellations. Dealers reported serious interest and solid sales, including a $1 million work at Galleria Lorcan O’Neill, a Kehinde Wiley painting for $265,000 at Sean Kelly, and a Kennedy Yanko sculpture for $150,000 at James Cohan. The highest-priced work, Alex Katz's 1962 painting *October 2*, was listed at $1.2 million but remained unsold. The fair attracted major collectors like Don and Mera Rubell and institutional figures such as Thelma Golden and Scott Rothkopf, with the Presents section for emerging galleries also seeing brisk sales.
Mathieu Borysevicz, founder of Shanghai's Bank gallery, launched a six-month pop-up on New York's Lower East Side earlier this year, aiming to introduce his program to new audiences amid growing Asian art interest in the city. By mid-summer, however, Borysevicz observed a sharp market downturn as collectors withdrew, reflecting a broader trend of gallery closures, lawsuits, and fair cancellations that have marked a turbulent period for the art world.
Christophe de Menil, a collector, designer, and patron who cultivated deep relationships with many of the 20th century's most influential artists, died in New York on August 5 at age 92. A member of the renowned Menil family, she was the daughter of John and Dominique de Menil, founders of the Menil Collection in Houston. Her close friends included Merce Cunningham, Andy Warhol, Willem de Kooning, and Jasper Johns. She married artist Enrique Castro-Cid and was the grandmother of artist Dash Snow. De Menil appeared three times on the ARTnews Top 200 Collectors list and built a collection featuring works by René Magritte, Barnett Newman, and others. She also worked as a fashion designer, creating garments for theater director Robert Wilson, and commissioned Frank Gehry and Doug Wheeler for her New York home renovation.
The sixth edition of Upstate Art Weekend (UAW) launched with a party at Assembly in Kingston, New York, founded by Helen Toomer in 2020. The festival has grown from 23 participants to 158 across 6,000 square miles, reflecting the pandemic-era exodus of artists and collectors from New York City to the Hudson Valley region. The event featured a fundraiser for abortion-rights nonprofit Noise for Now and drew a diverse crowd of attendees.