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.

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The 2026 IFPDA Print Fair concluded at the Park Avenue Armory with record-breaking attendance of over 21,000 visitors and robust sales across various price points. This edition marked a significant pivot for the fair following its formal expansion to include drawings dealers, rebranding as the International Fine Prints and Drawings Association. Notable sales included a sold-out edition of Cecily Brown etchings at Two Palms and six-figure works by David Hockney and Rashid Johnson at Galerie Maximillian.

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The Los Angeles art scene is navigating a complex recovery as it prepares for Frieze Los Angeles 2026. The city is grappling with the lingering trauma of devastating wildfires that destroyed significant private collections, alongside economic instability caused by massive layoffs in the entertainment industry and recent political unrest. This combination of environmental and financial crises has led to a notable market downturn, resulting in the closure of several high-profile galleries including Blum, Tanya Bonakdar, and Sean Kelly.

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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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Bob Monk, a longtime director at Gagosian who worked closely with artists such as Ed Ruscha and Richard Artschwager, died on December 15 at age 75 due to complications from a heart condition. Monk spent over two decades at Gagosian, and his career also included stints at Leo Castelli Gallery, his own SoHo gallery Lorence-Monk Gallery, and Sotheby's, where he headed the contemporary prints and contemporary art departments.

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Frieze has announced plans to launch a new art fair in Abu Dhabi in partnership with the Department of Culture and Tourism, converting the existing Abu Dhabi Art into a Frieze-branded franchise by 2026. This follows a previously reported but unrealized deal between Abu Dhabi and Art Basel, which instead chose to launch a fair in Qatar. Meanwhile, a new London art space called Ibraaz, funded by Swiss Tunisian banker Kamel Lazaar and focused on global majority arts, will open October 15. Gagosian also announced Jeff Koons's return to the gallery with a solo show titled "Porcelain Series." Additionally, the Robert Rauschenberg Foundation is selling the artist's Florida compound due to hurricane damage, and Pepperdine University closed an exhibition early after artists withdrew works over alleged political censorship.

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The FOG Design and Art Fair celebrated its 10th anniversary with a buoyant 2024 edition at San Francisco's Fort Mason Center, opening January 18. The fair saw brisk sales, including a Jim Hodges canvas sold for $115,000 at Gladstone Gallery and multiple works by Anicka Yi, Yayoi Kusama, Wolfgang Tillmans, and Ruth Asawa at David Zwirner. Tina Kim Gallery sold works by South Korean artists Kim Tschang-Yeul and Ha Chong-Hyun, as well as two Pacita Abad pieces, with one fetching $200,000 to $250,000. The San Francisco Museum of Modern Art (SFMOMA) acquired several works for its permanent collection via the FOG Forum Fund, including pieces by Maria Pergay, Duyi Han, and Katie Stout.

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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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Artnet News reports on the rising market for African American painter Bob Thompson, who died at 28 in 1966 but produced thousands of works in a five-year span. His vibrant, narrative paintings—inspired by Old Masters, Greek mythology, and Modernism—have long influenced artists and curators, yet only recently commanded high auction prices. In 2024, all 16 lots offered sold, totaling $4 million, with a record $1.26 million for *Music Lesson* (1962) at Christie’s. The article traces his career from Louisville to Europe, his estate history with dealer Michael Rosenfeld, and current interest from collectors and institutions like the Whitney Museum and Smithsonian American Art Museum.

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Yukako Yamashita will step down as director of Art Collaboration Kyoto (ACK) after leading the fair since 2022. The four-day fair, which concluded at the Kyoto International Conference Center, featured 72 galleries from 19 countries and regions, with 29 Japan-based galleries hosting 30 international galleries in shared booths—its largest edition yet. Highlights included Annely Juda Fine Art's sale of three David Hockney works and Kurimanzutto selling 75 percent of its solo booth with artist WangShui. The fair also launched the Bangkok Collaborate Kyoto Fellowship with Bangkok Kunsthalle, awarding WangShui and Takuro Tamayama a month-long residency in Bangkok. ACK will return next year from November 6 to 9.

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Yukako Yamashita will step down as director of Art Collaboration Kyoto (ACK) after leading the fair since 2022. The four-day event, which concluded at the Kyoto International Conference Center, featured 72 galleries from 19 countries and regions, with 29 Japan-based galleries hosting 30 international galleries in shared booths—its largest edition yet. Highlights included Annely Juda Fine Art's sale of three David Hockney works and Kurimanzutto selling 75 percent of its solo booth with artist WangShui. The fair also launched the Bangkok Collaborate Kyoto Fellowship, awarding WangShui and Takuro Tamayama a residency in Bangkok. ACK will return November 6–9, 2025.

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Arthur “Art” Green, a key Chicago Imagist painter and original member of the Hairy Who, died at age 83 in April. The news was announced by Garth Greenan Gallery in New York, which represented him. Green rose to prominence in the mid-1960s alongside five fellow School of the Art Institute of Chicago graduates, exhibiting together as the Hairy Who from 1966 to 1969. Their work offered a humorous, hallucinatory take on American culture, blending Surrealism, Art Brut, and advertising conventions. Green developed a rich personal iconography featuring ice cream cones, wood grain, flames, and fingernails, and taught for decades, influencing a generation of artists.

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The Louvre was forced to close on Monday after staff launched strike action demanding urgent building renovations, improved security, increased staffing, and protesting a planned 45% ticket price increase for non-EU visitors. The strike follows a turbulent period for the museum, including a daylight theft of French crown jewels worth $102 million, a water leak damaging hundreds of documents, and safety concerns closing galleries. Meanwhile, Banksy's Walled Off Hotel in Bethlehem has reopened for the first time since 2023, after closing following the Hamas attacks of October 7, 2023, and the ensuing Israel-Hamas war. The hotel, which opened in 2017, sits opposite the West Bank barrier and features original Banksy works, positioning itself as a cultural platform for peace and Palestinian artists.

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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.

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Art Basel Paris is undergoing a major transformation for its third edition, officially rebranding from 'Paris+ par Art Basel' and moving into the newly renovated Grand Palais. The historic venue, fresh from a $500 million restoration, allows the fair to expand its footprint by 26 percent, hosting 194 galleries compared to last year's 154. The move includes the opening of the ornate balconies for emerging galleries and a new sector called Premise, signaling the fair's transition from a successful 'preamble' to a permanent fixture in the French capital.

The Business of KAWS: What Data and a Museum Show Reveal About His Market

The San Francisco Museum of Modern Art (SFMOMA) is currently hosting a major survey of KAWS, marking the final stop of a three-city tour that highlights the artist's unique blend of commercial savvy and institutional ambition. The exhibition features a range of works from diamond-encrusted sculptures for Kid Cudi to a 'genius' membership drive that sold 1,000 KAWS-branded museum memberships at $300 each. Despite a significant cooling in his auction results—dropping from a 2019 peak of $112.9 million to just $7.72 million last year—the artist continues to draw massive crowds, particularly among younger demographics.

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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 Whitney Museum of American Art is preparing to open its new Meatpacking District building, designed by Renzo Piano, on May 1. The museum's exhibition space will nearly double, with two floors dedicated to its collection, and it expects to attract visitors from the nearby High Line. Despite potential criticism, insiders like former MoMA curator Robert Storr and former Whitney director David Ross express strong support for the move, contrasting it with expansions at MoMA and the Guggenheim. The article also traces the museum's origins from Gertrude Vanderbilt Whitney's rejected gift to the Met, its early days under director Juliana Force, and its previous homes, including the Marcel Breuer-designed Upper East Side building.

Nan Goldin: Why The Ballad of Sexual Dependency is So Important

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Gagosian London is hosting an exhibition of all 126 photographs from Nan Goldin’s seminal work, "The Ballad of Sexual Dependency," to mark the 40th anniversary of the photobook's publication. The exhibition traces the evolution of the project from its origins as a DIY slideshow performance in New York nightclubs to its status as a cornerstone of contemporary photography, featuring intimate portraits of Goldin’s inner circle across New York, Berlin, and beyond.

Collaborations: Robert Rauschenberg, Laurie Anderson, Trisha Brown, and Merce Cunningham at BAM

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The Brooklyn Academy of Music (BAM) is hosting "Dancing with Bob," an international tour celebrating the centennial of Robert Rauschenberg’s birth. The program features restagings of seminal avant-garde dance collaborations, most notably the 1983 masterpiece "Set and Reset," which combined the choreography of Trisha Brown, the music of Laurie Anderson, and the visual design of Rauschenberg. The tour also includes a rare professional restaging of the 1977 piece "Travelogue," a collaboration between Rauschenberg and Merce Cunningham.

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Rana Begum’s solo exhibition, "Reflection," is currently on view at the Gallery at Windsor in Vero Beach, Florida, following its debut at the SCAD Museum of Art. The exhibition showcases Begum’s signature style, which utilizes industrial materials like metal bars and reflectors to create elegant abstractions influenced by American Minimalism and Islamic architecture. The show traces her journey from a young immigrant in the UK to a Royal Academician, highlighting her ability to manipulate light and color through geometric forms.

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Painter Louis Fratino has joined the mega-gallery David Zwirner, adding the powerhouse to his existing representation by Berlin's Galerie Neu and New York's Sikkema Malloy Jenkins. This multi-gallery arrangement is a departure from the typical practice of artists severing ties with smaller galleries when aligning with a global giant.

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A significant number of New York art galleries, including major players like Pace Gallery, David Zwirner, and Marian Goodman, will close on January 30 to join a nationwide general strike protesting expanded Immigration and Customs Enforcement (ICE) operations. The strike is a response to allegations of federal overreach, including the use of deadly force against protestors and the detention of Native Americans, which have fueled widespread outrage.

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Christie’s announced a projected sales total of $2.1 billion for the first half of 2025, matching its H1-2024 figure. While art categories like Impressionist, modern, and Old Masters saw modest growth—Old Masters sales rose 15% to $55 million—luxury categories (handbags, watches, cars, jewelry) surged nearly 30% to $468 million, now accounting for 22% of the total. Notable sales included René Magritte’s *La reconnaissance infinite* (1933) for £10.3 million and Piet Mondrian’s *Composition with Large Red Plane, Bluish Grey, Yellow, Black, and Blue* (1922) for $46.7 million. Guaranteed lots remained low at 1.5%, and the sell-through rate held steady at 88%.

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Sotheby's held its inaugural Abu Dhabi Collectors' Week at the St. Regis Island Resort on Saadiyat Island, transforming the venue into a luxury showcase with handbags, diamonds, watches, a non-selling art display worth $500 million, and rare cars. The week culminated in open-air auctions under a full moon, netting $133 million—far exceeding the $17 million from Sotheby's first Middle East luxury sale in Saudi Arabia earlier this year. Highlights included a 1994 McLaren Formula 1 car sold for $25.3 million, a Jane Birkin Hermès handbag that fetched $2.9 million, and a 31.68-karat pink diamond called The Desert Rose that went for $8.8 million. A jewelry and timepieces sale achieved white-glove status, taking $25.4 million.

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Tony Shafrazi, the legendary and controversial New York art dealer, is returning to the art fair circuit for the first time since 2012 with a booth at the Independent 20th Century fair in New York. He is presenting works by Armenian sculptor Zadik Zadikian, whose installation of gold bricks Shafrazi first exhibited in Tehran in 1978 before they were lost in the Iranian Revolution, alongside paintings by Brandon Deener. Shafrazi, now in his 80s, closed his New York gallery in 2011 and was banned from Art Basel in 2012 for breaking the fair's rules.

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The Chelsea Art Fair returned for its sophomore edition at New York's legendary Chelsea Hotel, hosting a one-day event with five exhibitors—56 Henry, Lomex, Magenta Plains, Ramiken, and Castle—plus a special presentation by Off Paradise. VIP preview drew early arrivals including collector Beth Rudin DeWoody, DJ Mark Ronson, and Whitney Museum curator Dan Nadel, with around 3,000 people registered for the public day. Dealer Ellie Rines of 56 Henry reported strong sales, swapping out a work within 30 minutes of the preview's start.

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Greece's culture minister Lina Mendoni has publicly criticized the British Museum for hosting a lavish £2,000-a-ticket Pink Ball in the gallery housing the Elgin Marbles, calling it a display of 'provocative indifference' that treats the ancient sculptures as mere 'decorative elements.' The event, co-hosted by museum director Nicholas Cullinan and Isha Ambani, drew celebrities like Mick Jagger, Naomi Campbell, and Janet Jackson, and follows similar criticism of a fashion show held in the same space last year. Separately, disgraced Miami art dealer Les Roberts, previously charged with selling forged Andy Warhols, has opened a shop called Labubu Headquarters selling collectible figurines, despite bond conditions restricting him from art dealing. Other news includes Richard Diebenkorn's estate joining Gagosian, the Getty Trust and World Economic Forum hosting a cultural table during Art Basel Paris, Interpol adding stolen Louvre jewelry to its database, and the shortlist for the 2026 Deutsche Börse Photography Foundation Prize.

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Greece's culture minister Lina Mendoni has publicly criticized the British Museum for hosting a lavish £2,000-a-ticket Pink Ball near the Elgin Marbles, attended by celebrities including Mick Jagger, Naomi Campbell, and Janet Jackson. Mendoni accused the museum of showing 'provocative indifference' by using the ancient Greek sculptures as mere 'decorative elements' for entertainment, echoing similar criticism from a fashion show held in the same gallery last year. Separately, disgraced Miami art dealer Les Roberts, previously charged with selling forged Andy Warhols, has opened a shop called Labubu Headquarters in Coconut Grove selling collectible monster figurines, despite bond conditions restricting him from working in the art industry. The article also reports that Richard Diebenkorn's estate has joined Gagosian, the J. Paul Getty Trust and the World Economic Forum will host a cultural table during Art Basel Paris, and Interpol has added stolen Louvre jewelry to its database.

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Sean Combs, the rapper and record executive known as Diddy, was sentenced on Friday to 50 months in federal prison and fined $500,000 for two counts of transportation for prostitution. He was acquitted of racketeering and sex trafficking charges. The sentencing followed a trial that included testimony from his ex-girlfriend Cassie Ventura and an anonymous former employee alleging abuse. Combs apologized in court, calling his behavior "disgusting, shameful and sick." Judge Arun Subramanian noted that Combs's "immense financial resources enabled his crimes."