stop making sense 2025 art market analysis 1234767291

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.

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Ripley’s Believe It or Not! has been revealed as the buyer of Maurizio Cattelan’s 18-karat gold toilet sculpture “America” (2016), which sold for $12.1 million at Sotheby’s “Now & Contemporary” auction on November 18, 2025. The work, consigned by billionaire collector and Mets owner Steve Cohen, hammered at $10 million after a single bid, just above the value of its raw gold. Sotheby’s had previously only identified the buyer as a “Famous American Brand.” Ripley’s announced the acquisition on Instagram, calling it the most valuable object in its collection and noting plans for public display, possibly allowing visitors to sit on the fully functional toilet.

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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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Günther Uecker, the German postwar artist known for hammering nails into canvases to create abstract works, died at age 95. His death was announced by his New York gallery, Lévy Gorvy Dayan, after he had been hospitalized in Düsseldorf. Uecker was a core member of the avant-garde ZERO group, founded in 1957 by Otto Piene and Heinz Mack, and his nail-based abstractions—applied to surfaces from canvases to lightboxes and TV sets—defined his practice from the 1950s onward. He participated in major exhibitions including Documenta and MoMA's 1965 "The Responsive Eye," and continued working daily in his Düsseldorf studio into his 90s.

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Frieze Los Angeles launched with significant early momentum as Endeavor CEO Ari Emanuel acquired three quilts by artist Yvonne Wells from Fort Gansevoort before VIP hours officially began. The fair's opening day saw robust activity, including the $3.7 million sale of an Ed Ruscha painting, while major galleries like Pace Prints and Opera Gallery announced strategic expansions into Los Angeles and Houston respectively.

10 Art Shows to See in Los Angeles This April

April in Los Angeles features a diverse array of art exhibitions, from major institutional retrospectives to politically charged group shows. Highlights include a 60-year retrospective of the influential printmaking studio Gemini G.E.L. at its own space, a survey of the Grunwald Center at the Hammer Museum, and shows celebrating LA performance art icons Bob & Bob and Rachel Rosenthal. The month also sees a newly discovered collection of matchbook miniatures by Joe Brainard and Dave Muller's work on social connection at ArtCenter.

The 20 Most Expensive Artworks Hitting the Auction Block This Season

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.

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Tishan Hsu, a 74-year-old artist who began creating abstract paintings with sculptural elements in the 1980s, has recently gained significant recognition. His first-ever museum survey was held at the Hammer Museum in Los Angeles in 2020, followed by his debut at the Venice Biennale in 2022. Now, Hsu is showing new works at Lisson Gallery in New York through January 24, his first exhibition with the gallery after joining its roster. These paintings on wood boards incorporate artificial intelligence, a tool Hsu has embraced to generate surreal imagery that merges skin, organs, and natural forms, alongside a video created using a gaming engine.

new museum sets reopening date in march phillips to sell ex us ambassador to denmarks collection morning links for january 13 2026 1234769584

The New Museum in New York will reopen on March 21 after a two-year closure, following a major expansion designed by OMA’s Shohei Shigematsu with Rem Koolhaas that adds 60,000 square feet, nearly doubling exhibition space. The reopening weekend offers free admission and features new commissions by Tschabalala Self, Klára Hosnedlová, and Sarah Lucas, along with the inaugural exhibition “New Humans: Memories of the Future” showcasing over 200 artists. Separately, Phillips will auction the collection of former US Ambassador to Denmark John L. Loeb Jr., comprising the largest private trove of Danish art, with highlights by Vilhelm Hammershøi, Bertha Wegmann, P. S. Krøyer, and Anna Ancher, expected to exceed $12 million.

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A judge at London's Kingston Crown Court sentenced Larry Fraser to 13 months in jail for stealing a Banksy print of the iconic *Balloon Girl* image from Grove Gallery in September 2024. Fraser, who pleaded guilty, used a hammer to break a glass door and stole the print in 36 seconds, hoping to pay off a drug debt. The Metropolitan Police's Flying Squad recovered the artwork within days after Fraser and accomplice James Love stashed it on the Isle of Dogs. Love was acquitted by a jury, claiming he was unaware of the theft until after the fact.

The 9 Exhibitions to See in April 2026

ArtReview's editors have selected nine notable exhibitions opening globally in April 2026, highlighting shows that explore materiality, memory, and political history. Featured exhibitions include "Several Eternities in a Day: Form in the Age of Living Materials" at the Hammer Museum in Los Angeles, showcasing artists using organic materials rooted in Brown and Indigenous thinking; a major Veronica Ryan retrospective at London's Whitechapel Gallery; and a historical exhibition in Prague revisiting Jiří Kolář's contested participation in the 1969 São Paulo Bienal under Brazil's military dictatorship.

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Naotaka Hiro's latest paintings, on view at Bortolami gallery in New York through November 1, were inspired by a harrowing experience seven years ago when he discovered a stranger living in the crawlspace beneath his Los Angeles home. Hiro now creates his works by lying supine with his canvas suspended just 13 inches above his body—the exact height of that crawlspace—often cutting holes through the canvas and wrapping it around himself with ropes to paint from all angles. The resulting abstractions, filled with forms resembling plants, fish gills, and veins, function as a 360-degree body scanner and a form of self-exploration.

A renewed focus on rigour and connection at Expo Chicago

The 2026 edition of Expo Chicago marks a strategic shift under the leadership of new director Kate Sierzputowski, featuring a leaner roster of 130 galleries at Navy Pier. The fair has introduced a more spacious layout and a new curatorial role, filled by Essence Harden, to deepen institutional ties and scholarly rigor. Notable participants include local mainstays like Monique Meloche Gallery and Gray, alongside international exhibitors from South Korea, South Africa, and Nigeria, as well as high-profile New York newcomers like Karma.

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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.

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Marley Freeman is preparing for her new exhibition "no when" at Karma's Chelsea gallery, running through July 18, 2025. The article delves into her background as the daughter of a textile dealer, which deeply influences her abstract paintings made from gesso, acrylic, and oil. Freeman's career includes breakout shows with Karma in 2019 and 2022, and her works are held by LACMA, the Hammer Museum, and the Whitney Museum. She has collaborated with artists Lukas Geronimas and Jared Buckhiester, and her current show features collaborative pieces.

phillips reveals lineup for its march sales in london including scandinavian masterworks and 800 k emin painting 1234774500

Phillips has unveiled the lineup for its upcoming Modern and Contemporary art sales in London, scheduled for March 5 and 7. The auctions are headlined by a significant group of Scandinavian masterworks from the collection of former US Ambassador John L. Loeb, led by Vilhelm Hammershøi’s "Interior of Woman Placing Branches in Vase on Table" (1900), estimated at up to £2 million. Other major highlights include a rare Andy Warhol "Mao" painting, a Banksy work formerly owned by Robin Williams, and pieces by Tracey Emin, El Anatsui, and Donald Judd.

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The Hammer Museum in Los Angeles has appointed Michael Wellen as its new chief curator and Regan Pro as chief of learning, engagement, and research. Wellen joins from Tate Modern, while Pro was previously at the Lucas Museum of Narrative Art. The appointments fill key leadership roles that had been vacant, with the chief curator position open since 2023.

renoir painting missing for a century sells in paris for 2 million 1234763955

A Renoir painting that had been missing for a century sold for $2 million at auction in Paris. The work, titled *L’enfant et ses jouets – Gabrielle et le fils de l’artiste, Jean* (circa 1910), depicts the artist’s young son Jean with his nursemaid Gabrielle. It had never been published or exhibited and was discovered in remarkably good condition. Auction house Joron-Derem offered the painting in its Tableaux Modernes sale at Hôtel Drouot on November 25, where an international collector secured it for a hammer price of €1.45 million ($1.68 million), with buyer’s fees bringing the total to about €1.8 million ($2 million). The painting had been gifted by Renoir to his pupil and close friend Jeanne Baudot, then passed to her adopted son Jean Griot, who kept it in his bedroom until his death in 2011.

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American artist Llyn Foulkes has died at age 91, as confirmed by Kent Fine Art. Known for defying stylistic categorization, Foulkes was an early pioneer of Pop art, showing at Fergus Gallery in the mid-1960s ahead of Andy Warhol. He won the painting prize at the Paris Biennale in 1967 and represented the United States at the IX São Paulo Art Biennial that same year. His work incorporated collaged elements and explored themes of photography, Americana, and commercial pop culture. Foulkes was also a jazz musician, performing with R. Crumb and forming the Rubber Band, which appeared on Johnny Carson's Tonight Show. He invented a one-man-band instrument called the Machine and participated in Documenta 13 in 2012, with a retrospective at the Hammer Museum in 2013.

gustav klimt portrait of elisabeth lederer auction record 1234762083

Gustav Klimt's 'Portrait of Elisabeth Lederer' (1914–16) sold for $236.4 million at Sotheby's New York on November 18, 2025, after 20 minutes of bidding. The painting, which started at $130 million, was won by a phone bidder represented by Sotheby's specialist Julian Dawes, with the hammer price at $205 million. The work was the highlight of the Leonard A. Lauder Collection sale, a 55-work trove valued at over $400 million, and proceeds will go to the Lauder trust. The portrait had been restituted after Nazi-era confiscation and was acquired by Lauder in the mid-1980s.

Curating Around Social Urgencies: How Artists Refuse Quietism

The article focuses on the curatorial approach and artistic ethos of the 2025 edition of the 'Made in L.A.' biennial, highlighting how artists are actively engaging with pressing social and political issues rather than retreating into quietism or abstraction. It examines specific works and the overall thematic drive of the exhibition, which is organized by the Hammer Museum and the Huntington Library, Art Museum, and Botanical Gardens.

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The Hammer Museum in Los Angeles has announced the prize winners for its 2025 Made in L.A. biennial. Ali Eyal received the $100,000 Mohn Award, Carl Cheng won the $25,000 Career Achievement Award, and Greg Breda was selected by public vote for the $25,000 Public Recognition Award. The winners were chosen by a jury of curators from prominent institutions.

‘Really encouraging’: Phillips’s modern and contemporary sale continues New York auction momentum

Phillips’s modern and contemporary evening sale on 19 November generated nearly $54.8 million ($67.3 million with fees), a 25% increase over the same sale last year. Out of 33 lots, only two failed to sell, achieving a 94% sell-through rate. The top lot was Francis Bacon’s *Study for Head of Isabel Rawsthorne and George Dyer* (1967), which hammered at $13.5 million, followed by an untitled Joan Mitchell work from 1957-58 at $12 million. The sale also included natural history objects for the first time, such as a juvenile Triceratops skeleton nicknamed 'Cera,' which sold for $4.35 million. Female artists performed strongly, with Ruth Asawa’s copper wire sculptures sparking lengthy bidding wars and Firelei Báez setting a new artist record that was later broken at Christie’s the same evening.

Slim Phillips London Sale Totals $13.9 Million, Off 32 Percent From 2024

Phillips London's evening sale of Modern and contemporary art on Thursday totaled £10.3 million ($13.9 million), a 32 percent drop from the equivalent sale in 2024. The 45-minute auction saw 4 of 26 lots withdrawn before bidding, and 4 of the remaining 22 failed to sell, including works by Banksy, Andreas Gursky, Sigmar Polke, and Andy Warhol. The top lot was Jean-Michel Basquiat's *Untitled (Pestus)* (1982), which sold for £2.37 million ($3.19 million), just below its estimate. A new auction record was set for Emma McIntyre, whose painting *Seven types of ambiguity* (2021) more than doubled its high estimate to fetch £167,700 ($225,355).

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A coalition of Los Angeles’s leading art institutions, including the Getty, LACMA, MOCA, and the Hammer Museum, has officially pledged to adopt the Bizot Green Protocol. This collective commitment, which also includes the gallery Hauser & Wirth, establishes climate-minded guidelines for museum operations such as widening temperature and humidity parameters for galleries and reducing air travel for loans. The move was largely catalyzed by the devastating impact of recent wildfires on the region's cultural infrastructure.

Manetti Shrem Museum Fall 2025 Exhibitions Explore the Borderlands; Environmental Justice

The Jan Shrem and Maria Manetti Shrem Museum of Art at UC Davis presents two fall 2025 exhibitions: “OJO” Julio César Morales, a midcareer survey exploring the U.S.-Mexico border as a lived human experience through over 50 works in various media, and “Breath(e): Toward Climate and Social Justice,” a group exhibition from the Hammer Museum at UCLA that connects environmental and social injustice. The exhibitions run through Nov. 29, with a free public opening celebration on Sept. 28 featuring artists, curators, art making, and music. Morales’ show marks his California homecoming after a decade in Arizona as a senior curator and museum director, and includes an outdoor neon commission, “tomorrow is for those who can hear it coming” (2025).

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Christie's 21st-century evening sale on Wednesday, November 2025, achieved a hammer total of $99.7 million on 44 lots, within the pre-sale estimate of $87.5–$127 million. With fees, the final total reached $123.6 million. The sale opened with 18 lots from the collection of Chicago philanthropists Stefan Edlis and Gael Neeson, featuring works by Cindy Sherman, Andy Warhol, Tom Wesselmann, and Diego Giacometti. A Giacometti coffee table sparked a seven-minute bidding war, selling for $4.53 million. Three artist records were set: Firelei Báez ($1.1 million), Olga de Amaral ($3.1 million), and Joan Brown ($596,500). Only one work, by Cecily Brown, failed to sell.

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Solange has launched the Saint Heron Community Library, a new initiative making rare and out-of-print art books available to the public for free borrowing. The digital library, run through her Saint Heron platform, includes exhibition catalogs for artists such as Barbara Chase-Riboud, Henry Ossawa Tanner, Martin Puryear, Gary Simmons, and Pope.L, as well as texts like Cedric Dover's 1960 book *American Negro Art*. Books are loaned for 45 days, though most are already checked out. The collection also features works by Black thinkers and writers including Audre Lorde, Ntozake Shange, Octavia Butler, and Wanda Coleman.

MoMA PS1 Rooftop Sprouts Salad Party

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Artist Julia Sherman and urban farmer Camilla Hammer have transformed the rooftop of MoMA PS1 into a functional salad garden and social space. The initiative recently celebrated its launch with a rooftop party featuring herb-infused cocktails and fresh produce grown on-site. The garden serves as a platform for Sherman’s "Artist-Made" salad series, where notable figures from the art world collaborate on culinary creations.

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Jackie Amézquita, a Los Angeles-based artist originally from Guatemala, has developed a unique brick-making process using soil and masa de maíz (corn dough) mixed with organic materials like blue pea flower, cocoa, cochineal, and charcoal to create vibrant, colorful bricks. Her work, including the 2023 installation *El suelo que nos alimenta* commissioned by the Hammer Museum for the Made in L.A. biennial, uses soil from each of LA's neighborhoods to explore themes of migration, memory, and colonial legacies. Amézquita's practice is deeply personal, drawing on her family's migration history—her mother moved from Guatemala in 1987, and her grandmother fled Mexico during the Cristero War—and her own eight-day walk from Tijuana to LA, during which she collected soil samples as an archive of memory.