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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Valentina Castellani, a veteran of Sotheby’s and Gagosian, is releasing a new book titled 'Trading Beauty: Art Market Histories from the Altar to the Gallery'. The publication aims to fill a pedagogical gap Castellani discovered while teaching at New York University, providing a comprehensive chronological overview of the art market from the Renaissance to the post-pandemic era. Published by Gagosian and distributed by Rizzoli, the book features a cover by Maurizio Cattelan and an introduction by Massimiliano Gioni.

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Art Basel has announced the lineup for its 2026 flagship fair in Switzerland, featuring 290 exhibitors from 42 countries. The upcoming edition, scheduled for June, includes 21 first-time participants and an expanded Premiere sector, with Ruba Katrib curating the Unlimited section for large-scale works. Simultaneously, the art world mourns the passing of Dóra Maurer, a central figure of the Hungarian neo-avant-garde known for her multidisciplinary approach to seriality and movement.

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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).

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The Guggenheim Museum has announced its 2026 exhibition lineup, headlined by a Carol Bove survey filling the entire Frank Lloyd Wright–designed rotunda from March 5, 2026. The show, curated by Katherine Brinson, spans 25 years of Bove’s work, including early drawings and her signature twisted metal sculptures. Following Bove’s exhibition, Taryn Simon will take over the rotunda from September 18, 2026, to March 2027, with a photo-based installation that invites visitors to navigate a "whirlwind" of images. Additionally, a group show titled "Guggenheim Pop" will feature Pop art icons like Roy Lichtenstein, Andy Warhol, and Claes Oldenburg alongside contemporary artists such as Maurizio Cattelan, Lucia Hierro, and Josh Kline.

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Kerry James Marshall, a leading American painter, has debuted a new series of paintings as part of his survey exhibition at the Royal Academy of Arts in London. The works, featured in a section titled “Africa Revisited,” examine the involvement of Africans in the transatlantic slave trade, a topic Marshall says is often ignored because it complicates simplistic narratives of good versus evil. One painting, *Abduction of Olaudah and His Sister* (2023), depicts the kidnapping of 18th-century writer Olaudah Equiano, while three others—*Outbound*, *Haul*, and *Cove* (all 2025)—show Black figures actively participating in the slave trade. Marshall’s earlier Middle Passage works from the 1990s are also on view.

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Frieze Los Angeles 2026 opened amid concerns over the city's cooling art market, following a wave of gallery closures and a shift toward nomadic dealer models. Despite the economic downturn and the lingering shadow of previous regional fires, the fair week saw a resurgence of energy with 32,000 attendees and significant blue-chip sales, including a $3.75 million Ed Ruscha at Gagosian and a $2.8 million Njideka Akunyili Crosby at David Zwirner. The week was characterized by a mix of high-end commerce at the Santa Monica Airport and grassroots vitality at satellite events like Felix and the newly launched Post-Fair.

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The New York art scene was bustling with events this week. The New York Botanical Garden held its annual Orchid Dinner at the Plaza Hotel, featuring elaborate floral designs and guests like Martha Stewart and Sigourney Weaver. Meanwhile, Sotheby's hosted the Art for Water benefit auction for the Waterkeeper Alliance, with works by Jeff Koons and Ed Ruscha, and the New Museum celebrated the opening of a major Raymond Pettibon exhibition.

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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.

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German artist Gerhard Richter has opened a major monographic exhibition at the Fondation Louis Vuitton in Paris, titled simply “Gerhard Richter.” The show features approximately 270 artworks, making it nearly three times larger than his 2020 retrospective at the Met Breuer in New York. Curated by former Tate director Nicholas Serota and Dieter Schwarz, former director of Zurich’s Kunstmuseum Winterthur, the exhibition is arranged chronologically to trace the evolution of Richter’s diverse oeuvre—from photo paintings and abstractions to Strip artworks and recent drawings. Highlights include early works like *Tisch (Table)* (1962), his first photo painting, and *Verkündigung nach Tizian (Annunciation after Titian)* (1973), created after his Venice Biennale debut.

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The article examines the seductive and often corrupting influence of extreme wealth in the art world, detailing how high-end dealers, advisors, and collectors indulge in lavish lifestyles involving private jets, couture, and exclusive parties. It highlights recent scandals, including the imprisonment of art dealer Inigo Philbrick and advisor Lisa Schiff for defrauding clients, and a new legal battle between prominent art advisors Barbara Guggenheim and Abigail Asher, who accuse each other of misappropriating millions to fund luxury expenses.

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Frieze has announced over 280 exhibitors for its October fairs in London, with around 160 galleries at Frieze London and 120 at Frieze Masters, running concurrently in Regent's Park from October 15 to 19. In auction news, the original Hermès Birkin bag prototype will be sold at Sotheby's Paris on July 10, and Bonhams has appointed Celine Assimon as chief commercial officer. Galleries saw significant moves: Christian Deydier in Paris is closing due to new EU regulations on imported cultural objects, while Carroll Dunham joined Matthew Brown, Cristina Iglesias signed with Hauser and Wirth, and several other artists changed representation. Meanwhile, Tate Liverpool received £12 million in UK government funding plus philanthropic support for its redevelopment, the Royal Academy of Arts named Simon Wallis as its new secretary and chief executive, and the Whitney Museum suspended its Independent Study Program for a year after controversy over censorship of a pro-Palestine performance. The Robert Rauschenberg Foundation made three new appointments, and the Académie de la Grande Chaumière in Paris faces eviction.

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The article reports on the Museum of Modern Art's retrospective "Jack Whitten: The Messenger," which runs through August 2 and features 175 works including paintings, sculpture, and archival materials. Curator Michelle Kuo describes Whitten's "endless innovation," noting that art handlers were astonished by his pioneering techniques. Whitten, who died in 2018 at age 78, moved from Alabama to New York in 1960, attended Cooper Union, and was influenced by jazz and figures like Willem de Kooning and Romare Bearden. The article also examines Whitten's art market, highlighting his auction record of $2.66 million for "Special Checking" (1974) at Sotheby's in 2019, and noting that while prices are rising, his work remains undervalued compared to peers like Gerhard Richter.

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Kenny Schachter's article for Artnet News draws a parallel between President Jimmy Carter's 1977 energy-crisis plea to lower thermostats and the current art-market response to Trump-era tariff turmoil. He reports that the spring 2025 auction cycle generated $1.25 billion, continuing a decade-long decline from the 2014 peak, with bidders spending less and big-ticket sellers stuck. Schachter also promotes his own no-reserve auction, "Hoarder #6," scheduled for July 8–17 at Phillips, and critiques Trump's economic policies and crypto ventures, name-dropping Justin Sun as a major holder of $Trump tokens.

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Artnet News's 'Wet Paint' gossip column reports from Frieze Week in New York, noting a prevailing cultural pessimism fueled by essays on the death of culture and the impact of the second Trump administration. Amidst this, Jeff Koons's 'Hulk Elvis' sculptures at Gagosian's Frieze booth (priced at $3 million each, with one sold) offered a perverse relief. The column also highlights the second edition of the Esther art fair at the Estonian House, described as an 'aura fair' prioritizing community and a welcoming environment over strict commercial focus, contrasting with the more predictable Frieze fair.

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This week's art industry roundup covers major auction activity, including Christie's $250 million sale of Barnes and Noble founder Len Riggio's collection, and Sotheby's postponement of an ancient Buddhist gemstone auction after criticism from academics and India's Ministry of Culture. Frieze New York, recently sold to Ari Emanuel, reported strong sales with a $3 million Jeff Koons sculpture at Gagosian, while Gagosian's TEFAF New York booth featuring Anna Weyant's jewelry-themed paintings sold out. Other news includes Céline Assimon's appointment as chief commercial officer at Bonhams, the Spring Break Art Show's return, and gallery representation changes.

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At the VIP opening of Frieze New York on Wednesday, dealers reported strong sales despite economic uncertainty from Trump administration policies and trade war threats. The fair, recently sold to Hollywood powerhouse Ari Emanuel, returned to the Shed in Hudson Yards with 67 exhibitors. Gagosian Gallery generated the most buzz, selling one of three Jeff Koons Incredible Hulk sculptures—polychromed steel works priced around $3 million each—and placing a hold on another. Other notable sales included works by Tuan Andrew Nguyen, Tomie Ohtake, Sheila Hicks, Liza Lou, and Gertrude Abercrombie, with galleries like James Cohan, Galeria Nara Roesler, Thaddaeus Ropac, Karma, and Hauser & Wirth reporting brisk business.

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The article reports on the upcoming May 2025 marquee auctions in New York at Christie’s, Sotheby’s, and Phillips, which carry a combined low estimate of about $1.2 billion—similar to last year. However, the market faces headwinds from U.S. trade wars, stock market volatility, high interest rates, and ongoing global conflicts. Major consignors include estates (Len Riggio, Anne Bass), living patrons (Tiqui Atencio, Norman Braman), dealers (Daniella Luxembourg, Barbara Gladstone, Enrico Navara), and institutions (SFMOMA, Virginia Museum of Fine Arts, Phillips Collection). Notable lots include Sheldon Solow’s $70 million Alberto Giacometti at Sotheby’s and Riggio’s $50 million Mondrian at Christie’s. Collector Peter M. Brant is revealed as the seller of Basquiat’s Baby Boom (1982) and a John Currin painting at Christie’s.

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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.

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Rosemarie Trockel, the elusive German artist known for her wildly varied and conceptually challenging work, is the subject of a rare profile in ARTnews. The article traces her emergence from the 1980s Cologne art scene, where she became notorious for refusing interviews and producing art that defies easy categorization—spanning knitting machines, video, sculpture, and drawing. A key photograph from her teenage years, showing her in a room plastered with celebrity cutouts, is presented as a rare origin story, though its authenticity is left ambiguous. The piece highlights her declared constants of "woman, inconsistency, reaction to fashionable trends" and her insistence that art should remain a process of discovery rather than a vehicle for fixed meaning.

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Jean Baudrillard, the French philosopher whose concept of simulation inspired *The Matrix* (1999), is the subject of a new biography by Emmanuelle Fantin and Bran Nicol. The article explores Baudrillard's complex relationship with the art world: he was celebrated by artists and served on *Artforum*'s editorial board, yet he disavowed the Neo-Geo movement that claimed his ideas, arguing that art had become indistinguishable from commerce and lost its critical distance. His 1987 lecture at the Whitney Museum drew thousands, but he used the platform to declare art's irrelevance.

Paint Drippings: Art Industry News November 21

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The Philadelphia Museum of Art has appointed Daniel H. Weiss, former head of the Metropolitan Museum of Art, as its new director and CEO to provide stability following the controversial dismissal of Sasha Suda. The transition occurs amid a legal battle, with the museum filing court documents alleging Suda misappropriated funds and falsified records. Meanwhile, the auction market saw a historic moment at Sotheby’s, where Gustav Klimt’s 'Portrait of Elisabeth Lederer' sold for $236.4 million, setting a new record for the artist and becoming the most expensive Modern work ever sold at auction.

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A series of significant developments occurred across the global art industry this week. Expo Chicago announced a scaled-back edition under new director Kate Sierzputowski, while the Outsider Art Fair revealed its exhibitor list. A long-lost Renaissance portrait by Sofonisba Anguissola resurfaced at the Winter Show. Christie's will sell the collection of the late MoMA trustee Barbara Jakobson, featuring works by Jeff Koons and others. Bonhams made a key hire, and Sotheby's priced a major art-backed securitization. In gallery news, Alissa Friedman returned to Salon 94, Mary Cork joined Lehmann Maupin London, and several artists gained new representation, while New York's Francis Irv gallery announced its closure.

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The article reflects on the final 2025 edition of the Museum Artists list, which tracks the most exhibited artists in U.S. museums each quarter. The author notes that the top artists—such as Marie Watt, Jeffrey Gibson, and Rose B. Simpson—have remained consistent throughout the year, with a narrow band of stars appearing in many shows while a long tail of artists have limited visibility. Below the top 15, notable names include Julie Mehretu, Wangechi Mutu, and Jean Shin, with a cluster of older white female artists like Petah Coyne and Joyce Kozloff also gaining recognition.

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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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Carroll Dunham, a leading painter known for his psychologically charged works, has joined the fast-rising Matthew Brown gallery, which has locations in Los Angeles and New York. Dunham, 75, left Gladstone Gallery after nearly 20 years, citing a desire for change. His first solo show with Brown is scheduled for September 2026 in Tribeca. Dunham will continue to be represented by several established dealers including Galerie Max Hetzler, Blum, Eva Presenhuber, and Gerhardsen Gerner.

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This edition of State of Play, part of Artnet Pro's Asia Pivot newsletter, reports on recent developments across Asia's art world. Taipei Dangdai Art and Ideas and Art Busan both concluded with slower sales and reduced attendance, citing economic and geopolitical uncertainty. Meanwhile, Art Basel announced a new fair in Doha for February 2026, and more Asian galleries are opening spaces in New York. In institutional news, philanthropist Yan Du is launching Yan Du Projects in London, the Simose Art Museum in Japan is hosting its first contemporary exhibition, and the Smithsonian's National Museum of Asian Art has repatriated looted Zidanku Silk Manuscripts to China.

Contemporary Art Market Declines For Fourth Straight Year, as Old Masters and Impressionist Works Rebound: Art Basel UBS Report

Contemporary Art Market Declines For Fourth Straight Year, as Old Masters and Impressionist Works Rebound: Art Basel UBS Report

The contemporary art market has declined for the fourth consecutive year, with auction sales for postwar and contemporary works falling to $4.5 billion in 2025 from a peak of $8.5 billion in 2021. Simultaneously, the market has seen a significant rebound in more established categories, with auction sales of Impressionist and Post-Impressionist works rising 47% and Old Masters climbing 30% last year.

Nominees for the Turner Prize 2026 announced by Tate

Tate Britain has announced the four nominees for the 2026 Turner Prize: Simeon Barclay, Kira Freije, Marguerite Humeau, and Tanoa Sasraku. The shortlist was revealed during a press conference broadcast online. An exhibition of their work will open at the Middlesbrough Institute of Modern Art (Mima) on 26 September, with the winner announced on 10 December. The winner receives £25,000, while each runner-up gets £10,000. The jury, chaired by Tate Britain director Alex Farquharson, praised the diverse range of work spanning installation, performance, and sculpture.

Ceramics Are Everywhere, in Museums, Galleries, and Fairs—Has the Market Caught Up?

Ceramics are experiencing a surge in visibility across museums, galleries, and art fairs in major US cities. The article catalogs numerous recent and upcoming exhibitions, including Kathy Butterly's sold-out show at James Cohan with pieces at $45,000 each, Nicole Cherubini's nearly sold-out show at Friedman Benda with prices up to $65,000, and Ruby Neri's work at Salon 94 peaking at $75,000. Other highlights include Ron Nagle at Matthew Marks, Theaster Gates' Gagosian show celebrating David Drake, NADA Ceramics in Tribeca, and ceramic presentations at Frieze Los Angeles, Post-Fair, Expo Chicago, and David Zwirner. Institutional shows include Toshiko Takaezu at Princeton University Art Museum and a ceramic collection at RISD Museum.