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.

Agosto Machado, Artist and Activist Whose Shrine Sculptures Kept Queer History Alive, Has Died

Agosto Machado, an artist and activist central to New York's Downtown scene and a participant in the 1969 Stonewall uprising, has died following a brief illness. His gallery, Gordon Robichaux, announced his passing but, respecting his wishes, did not disclose his age. Machado was known for creating intricate shrine sculptures from collected ephemera to honor figures from his community, and one of these altars is currently featured in the 2024 Whitney Biennial.

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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.

david zwirner yoshitomo nara artist representation 1234759832

David Zwirner gallery announced it will now officially represent Japanese artist Yoshitomo Nara, with his first solo exhibition planned at Zwirner's New York space. The representation deal was brokered through Nara's international agent Joe Baptista and his Equivalence Art Agency. Baptista was previously a partner at Pace Gallery, Nara's longtime representative, and his departure from Pace had not been publicly announced. Nara was also long represented by Blum Gallery, which closed earlier this year after its final Nara show in Los Angeles. Pace Gallery CEO Marc Glimcher expressed surprise but said Pace will continue to have a relationship with the artist.

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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.

Go Time! Gagosian Christens New Madison Avenue Space With Duchamp Readymades

Larry Gagosian is set to inaugurate a newly overhauled ground-floor gallery at 980 Madison Avenue on April 25, marking a major expansion within his long-time New York headquarters. The debut exhibition features the iconic readymades of Marcel Duchamp, including a rare version of 'Bicycle Wheel' and 'Fountain.' This move follows a period of uncertainty for the dealer after Bloomberg Philanthropies acquired the building, prompting Gagosian to invest significant resources into securing and transforming the street-level space.

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Artnet News published a roundup of five rising artist profiles that defined 2025, highlighting interviews with Alexandra Metcalf and Chase Hall. Metcalf, a British-American artist, blends 1960s psychedelia, 2000s pop music, and Victorian literature in her multimedia works, and debuted at Art Basel with London's Ginny on Frederick. Chase Hall, a painter who uses hot coffee on cotton, explores race and fatherhood, with a solo exhibition "Momma's Baby, Daddy's Maybe" at Galerie Eva Presenhuber in Vienna.

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Art Basel Miami Beach opened its VIP preview on Wednesday with strong early sales, including multiple seven-figure deals. Major galleries like Hauser & Wirth, White Cube, Gladstone, and Pace reported significant sales, with a $3.9 million George Condo painting leading the pack. The fair introduced a new digital-art section called Zero 10, featuring works by Beeple, which drew large crowds. Collectors such as Craig Robins, Mera and Don Rubell, Norman Braman, and Beth Rudin DeWoody were among the early attendees, and the event featured high-profile works by Jeff Koons and Maurizio Cattelan.

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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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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.

National Gallery of Canada receives donation of 24 works from collector Bob Rennie

The National Gallery of Canada in Ottawa has received a donation of 24 contemporary artworks from Vancouver-based collector and real estate tycoon Bob Rennie and his family. The gift includes works by American artists Kerry James Marshall and Christopher Williams, and Canadian artists Brian Jungen and Jin-me Yoon, bringing the total number of works donated by the Rennie family to the NGC since 2012 to 284.

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.

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The Andy Warhol Foundation for the Visual Arts has announced its Fall 2025 grant recipients, awarding over $4 million to 57 arts organizations across 17 states, Washington, D.C., and two international locations. Grantees range from established institutions like the Contemporary Arts Museum Houston and Independent Curators International to smaller artist-run spaces such as Mini Mart City Park in Seattle and Transformer in Washington, D.C. Twenty organizations are first-time recipients, including Path with Arts in Seattle and Access Gallery in Denver. Exhibition support covers solo shows for artists like Ching Ho Cheng, Gisela Colón, and Leilah Babirye, as well as group exhibitions such as “Telenovelas” at the Americas Society and the Counterpublic 2026 Triennial.

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Christie's London will auction a major collection of modern and contemporary art from Belgian collectors Roger and Josette Vanthournout during its March marquee sales week. The collection, estimated at £40 million ($53.8 million), spans six decades of collecting and includes works by René Magritte, Henry Moore, Pablo Picasso, Yayoi Kusama, Lucio Fontana, Agnes Martin, and Max Ernst. It will be offered across three sales: a March 5 evening sale, a March 6 daytime sale, and an online sale from February 25 to March 12. Highlights include Magritte's 'La plaine de l'air' (1940) and Moore's 'Goslar Warrior' (1973–74), each estimated at £3.5–5.5 million.

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Galerie 1900-2000, a Parisian gallery specializing in Dada and Surrealism, has closed its New York branch on Madison Avenue, which opened in February 2023 as a joint venture with Galerie Georges-Philippe & Nathalie Vallois. The Manhattan outpost's last exhibition ended in September, with principal David Fleiss citing a slow market during difficult global times as the reason for the closure, though he did not rule out a future return to New York.

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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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Alma Allen, a sculptor known for sleek, abstract works, has been selected to represent the United States at the 2026 Venice Biennale, marking the country's 250th anniversary. The selection process, run by the US State Department and funded by the newly formed American Arts Conservancy—which the article notes is stocked with Trump allies—has drawn criticism for favoring politically neutral art. Allen's sculptures, often made of marble and wood with digital technology, are described as aesthetically inoffensive and reminiscent of Constantin Brâncuși, with no apparent commentary on current US issues.

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The Princeton University Art Museum (PUAM) reopened after nearly six years, replacing its 1969 building with a 146,000-square-foot complex designed by Adjaye Associates. The new structure features nine interlocking modernist pavilions, a 40-foot mosaic by Nick Cave, and flexible spaces like a central hall convertible into a lecture hall. The museum's collection of 117,000 objects is installed with ahistorical juxtapositions, pairing works such as Andy Warhol's Blue Marilyn (1962) with a 14th-century Virgin and Child, and Titus Kaphar's To Be Sold (2018) with a George Washington portrait. The reopening follows controversy: David Adjaye stepped back from the project in 2023 after allegations of sexual misconduct, which he denied.

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Actor Adrien Brody debuted a new exhibition titled "Made in America" at Eden Gallery in New York, featuring paintings that incorporate pop culture icons like Mickey Mouse, Donald Duck, and Marilyn Monroe alongside collage elements and text. The show has garnered significant media attention, including a profile in the New York Times and praise from Cultured and Interview magazine, partly fueled by the sale of one of Brody's paintings for $425,000 at the amfAR Cannes Gala. However, the art press, including Artnet News, has been highly critical, with ARTnews reviewer Alex Greenberger describing the works as ugly, derivative, and lacking nuance.

adrien brody art eden gallery 1234744419

Actor Adrien Brody debuted a new exhibition titled "Made in America" at Eden Gallery in New York, featuring paintings that incorporate American pop culture icons like Mickey Mouse, Donald Duck, and Marilyn Monroe, alongside collaged materials and text. The show has garnered significant media attention, including a profile in the New York Times and coverage in Cultured and Interview, partly due to a painting sold for $425,000 at the amfAR Cannes Gala. However, the art press, including Artnet News, has been critical, and ARTnews editor Alex Greenberger offers a scathing review, describing the works as ugly, derivative, and lacking nuance.

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A trove of previously undeveloped films shot by Andy Warhol and his team has been recovered and processed. The hour-long collection includes eight new Screen Test portraits, unused footage for known films, and significant pornographic footage predating his famous 'Blue Movie.' The films will premiere in a one-night-only screening at the Museum of Modern Art in New York.

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Gloria Klein, a late New York-based painter known for anxious acrylic arrangements and methodical mathematical systems, is the subject of a new solo exhibition titled "Crisis Management" opening January 9, 2026, at Anat Ebgi New York. The show presents many of her later paintings for the first time, and coincides with the announcement that Anat Ebgi now represents her estate. Klein, born in Brooklyn in 1936, was a queer artist who participated in the feminist publication HERESIES, created portraits of critics Arlene Raven and Lucy Lippard, curated the 1977 exhibition "10 Downtown: 10 Years" at PS1, and was a member of the Criss Cross art cooperative. Despite a recent sale of her work for $30,000 at Frieze Los Angeles in 2023, she remains relatively unknown.

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Christie’s postwar and contemporary art day sale in London on Thursday totaled £12.2 million ($16.4 million), with over 80% of lots sold and 90% of those achieving prices within or above their presale estimates. Standout results included a 2020 painting by Somaya Critchlow selling for £57,150 (est. £15,000–£20,000), a small Etel Adnan painting going for £107,950 (est. £30,000–£50,000), and a Michelangelo Pistoletto mirror piece fetching £234,950—seven times its estimate. However, a Toyin Ojih Odutola painting and a Gerhard Richter gray painting failed to sell, reflecting a selective market.

Dealers at TEFAF Maastricht Report Robust Sales, Offering Works Ranging from Two Inches to Room-Size

Dealers at TEFAF Maastricht Report Robust Sales, Offering Works Ranging from Two Inches to Room-Size

Dealers at the TEFAF Maastricht art fair reported strong sales, defying concerns over global unrest and geopolitical tensions that limited some collectors' travel. The fair, featuring 277 dealers from 24 countries, saw a high caliber of international collectors engaging with works ranging from monumental 18th-century sculptures to minuscule, intricately detailed pieces. First-time exhibitors and veterans alike expressed satisfaction, with one rare books dealer calling it his best year in three decades of participation.

Melvin Edwards, pioneer of Black abstraction, 1937–2026

Melvin Edwards, a pioneering sculptor known for his steel assemblages that explored Black history and experience, has died. He was the first African-American artist to have a solo exhibition at the Whitney Museum of American Art in New York in 1970. His signature series, Lynch Fragments, began in the 1960s as a response to the civil rights movement and evolved over his lifetime to incorporate references to the Vietnam War and African cultural practices.

Time Magazine’s 100 Most Influential List Includes Artist Cao Fei and Photojournalist Lynsey Addario

Time magazine has named artist Cao Fei and photojournalist Lynsey Addario to its 2026 list of the 100 most influential people in the world. Cao Fei is recognized for her multidisciplinary work exploring digital technology and modernity, while Addario is honored for her decades of courageous reporting from global conflict zones, including her Pulitzer Prize-winning coverage of the war in Ukraine. The list also acknowledges prominent art patrons Susan and Michael Dell.

Thomas J Price, Artist Behind Viral Times Square Sculpture, Unveils New Bronze in London

Thomas J Price, Artist Behind Viral Times Square Sculpture, Unveils New Bronze in London

Thomas J Price has unveiled a monumental new bronze sculpture, *A Place Beyond*, at the entrance to the V&A East museum in London. The 18-foot-tall figure, his tallest work to date, depicts a young Black woman in contemporary clothing holding a cell phone, created from a composite of many individuals rather than a single model. The sculpture will greet visitors when the new museum branch opens next month.

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Christie’s London achieved a robust £197.5 million ($265 million) across a triple-header of evening sales, including the 20th/21st Century, Art of the Surreal, and the Vanthournout Collection auctions. The evening was headlined by a record-breaking £26.3 million sale of Henry Moore’s bronze sculpture 'King and Queen', alongside new auction highs for Surrealist artists Toyen and Dorothea Tanning. Despite some pre-sale withdrawals and a marathon four-hour runtime, the house achieved a 96 percent sell-through rate by lot.

career making turner watercolor goes on view artist anicka yi joins pace mosaic artist isaiah zagar dies morning links for march 4 2026 1234775605

Conceptual artist Anicka Yi has joined Pace Gallery in a multi-gallery partnership, marking a significant move for her tech-heavy, microbiology-based practice. Meanwhile, the art world mourns the passing of Isaiah Zagar, the visionary mosaic artist behind Philadelphia’s Magic Gardens, who died at age 86. Additionally, a pivotal JMW Turner watercolor that launched his career in 1799 is set to go on public display for the first time in over two centuries at Gainsborough’s House.