Rare ‘Ocean Dream’ Diamond Sells for Record $17.3 Million at Christie’s

A rare 5.5-carat blue-green diamond known as the 'Ocean Dream' sold for $17.3 million at Christie’s Geneva jewelry sale, setting a record for a fancy vivid blue-green diamond at auction. The sale far exceeded its presale estimate of $9 million to $13 million after a 20-minute bidding battle. In other auction news, Sotheby’s New York sold over $433 million worth of art in its contemporary art sales, including 11 pieces from the Robert Mnuchin collection. Meanwhile, London’s Wellcome Collection agreed to return around 2,000 sacred Jain manuscripts to the Jain religious community under a new restitution framework, acknowledging they were acquired unethically. Several art fairs were announced, including Zero 10 curated by Trevor Paglen at Art Basel in Switzerland, CAN Art Fair Ibiza’s fifth edition, and Art-o-rama’s 20th edition in Marseille. Notable gallery news includes the bankruptcy and closure of French gallery Air de Paris after 36 years, and Carine Karam becoming director of Opera Gallery’s New York outpost. Hong Kong’s M+ and Paris’s Centre Pompidou announced a multi-year strategic alliance, and New York’s Frick Collection entered a three-year partnership with Louis Vuitton.

Paint Drippings: Art Industry News February 23

paint drippings art industry news feb 23

This week’s art industry roundup highlights major shifts across the global market, including Art Basel’s announcement of 290 galleries for its flagship Swiss fair and Sotheby’s adjustment of its buyer’s premium rates. Significant personnel moves include Devyani Saltzman’s abrupt departure from the Barbican, which sparked an open letter from over 170 cultural figures, and Anne-Claire Legendre becoming the first woman to lead Paris’s Arab World Institute.

Human Touch Wins Big With the 2026 Loewe Craft Prize

Jongjin Park won the 2026 Loewe Foundation Craft Prize and €50,000 for his work "Strata of Illusion, 2025," which combines glassblowing and bookbinding techniques using porcelain-coated paper layers. The ceremony took place at the National Gallery Singapore, with a jury led by Loewe's new creative directors Jack McCollough and Lazaro Hernandez, alongside architects Minsuk Cho, Frida Escobedo, Wang Shu, and Patricia Urquiola. Special mentions went to Graziano Visintin for his necklace "Collier" and a collaborative piece by Baba Tree Master Weavers and Álvaro Catalán de Ocón. The exhibition of 30 finalists, selected from over 5,100 applicants across 133 countries, runs at the National Gallery Singapore through June 14.

South Korean ceramic artist Jongjin Park wins 2026 Loewe Foundation Craft Prize.

South Korean ceramic artist Jongjin Park has won the 2026 Loewe Foundation Craft Prize for his piece "Strata of Illusion" (2025), a partially-collapsed seat-like form made from paper and coated in porcelain slip. The award comes with a €50,000 ($58,700) prize, and Park's work will be exhibited alongside other shortlisted entries at the National Gallery Singapore, opening tomorrow and running through June 14.

fashion loewe craft prize 2026 announcement

The Loewe Foundation has announced the shortlist for the 2026 Loewe Craft Prize, selecting 30 finalists from over 5,100 submissions across 133 countries and regions. The winner will be revealed on May 12 at a ceremony in Singapore, receiving €50,000, with two special mentions earning €5,000 each. An exhibition of the finalists' work will be held at the National Gallery Singapore. New Loewe creative directors Jack McCullough and Lazaro Hernandez will join the jury for the first time. The nominated works span ceramics, woodwork, textiles, metal, glass, and more, with finalists hailing from 19 countries including Nigeria, Japan, South Korea, Brazil, and the United States.