morning links july 23 2025 1234748160
Sotheby's Upper East Side headquarters at 1334 York Avenue faces financial uncertainty after its tenant, Weill Cornell Medicine, scaled back plans for a research center due to federal healthcare budget cuts. The National Institutes of Health funding freeze has reduced Weill Cornell's projected grants from over $300 million in 2024 to $130 million this year, leading to potential layoffs and halted construction. S&P Global estimates the building has lost nearly half its value since 2020, now worth $443 million, and has assigned Sotheby's a speculative B- credit rating amid declining global art sales. Separately, Italy's culture minister Alessandro Giuli demanded historian Ernesto Galli della Loggia resign from the Council of National Committees after he criticized the government's cultural policies, sparking a public feud. Art Basel Miami Beach announced 285 exhibitors for its 2025 edition, and a UK report showed only one percent of artworks with deferred export licenses were acquired by museums in 2024-25, a sharp decline from previous years.
