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paint drippings art industry news jan 26 2740130

This week's art industry roundup covers major developments across auctions, galleries, and institutions. Christie's will auction René Magritte's 'Les grâces naturelles' (ca. 1961) as the star lot of its Art of the Surreal evening sale in London on March 5, with an estimate of £6.5–9.5 million. Zona Maco in Mexico City has announced 241 exhibitors for its 22nd edition, including a new section called Forma. The London Art Fair reported strong sales for British women abstract painters, while Vienna's Spark Art fair canceled its 2025 edition for a strategic pause until 2027. In gallery news, Amy Sherald signed with Creative Artists Agency, and several other artist-gallery representation changes were announced. The U.K. government pledged £1.5 billion to support cultural organizations from 2025 to 2030, and Tarek Atoui was named the next Turbine Hall commission artist at Tate Modern.

met opera may sell prized marc chagall paintings 1234770398

New York's Metropolitan Opera is considering selling two monumental Marc Chagall murals, 'The Sources of Music' and 'The Triumphs of Music' (1966), valued at $55 million by Sotheby's, to address a severe financial crisis. The Met has already drawn $120 million from its endowment, reduced performances, and struck a controversial $100 million deal to perform in Saudi Arabia, which has drawn scrutiny over human rights abuses. The murals, which hang in the Grand Tier, would remain in place even if sold, and the Met is also exploring naming rights and theater leasing.

met opera murals financial tools 2740082

The Metropolitan Opera is considering selling its two iconic Marc Chagall murals, 'The Sources of Music' and 'The Triumph of Music,' which have been appraised at $55 million. The institution's general manager, Peter Gelb, has proposed a sale with the condition that the buyer agrees to leave the works in place at Lincoln Center, with a donation plaque.

metropolian opera chagall murals explained 2739770

New York's Metropolitan Opera announced it may sell its two iconic Marc Chagall murals, *The Sources of Music* and *The Triumphs of Music*, which have adorned the building's Grand Tier since 1966. The proposal includes a caveat that the paintings must remain in place at the opera, with the owner recognized on a plaque. Sotheby's valued the artworks at a total of $55 million within the past year. The financially beleaguered institution has drawn $120 million from its endowment and reduced its performance schedule since the pandemic, and previously used the Chagalls as collateral for a $35 million loan from J.P. Morgan in 2009.

How Much Is That Chagall in the Window: Metropolitan Opera Faces Funding Crisis After Saudi Deal Collapse

The Metropolitan Opera in New York faces a $30 million deficit after a $200 million funding deal with Saudi Arabia collapsed. The Saudi government withdrew from the agreement, which would have sent Met performers to the Royal Diriyah Opera House for three weeks each February, citing economic pressures from the Iran War and the blockage of the Strait of Hormuz. To address the shortfall, the Met is considering selling two monumental Marc Chagall paintings—The Sources of Music and The Triumph of Music (1966)—valued at $55 million, along with other options like selling naming rights or seeking a similar deal with another country.