stop making sense 2025 art market analysis 1234767291

The article analyzes the chaotic and contradictory state of the global art market in 2025, a year marked by extreme volatility following President Donald Trump's return to office. Key events include strong sales at Frieze Los Angeles in February, a record $13.8 million sale of a painting by M.F. Husain at Christie's, and a sharp downturn after Trump imposed sweeping tariffs on major trading partners. Major auctions in May fell far short of expectations, with only $837.5 million hammered against estimates of up to $1.6 billion. Meanwhile, Art Basel expanded with a new Qatar fair, but sales at Art Basel Switzerland dropped over 35% from 2024. The year also saw a wave of gallery closures, including the sunsetting of Blum & Poe.

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Christophe de Menil, a collector, designer, and patron who cultivated deep relationships with many of the 20th century's most influential artists, died in New York on August 5 at age 92. A member of the renowned Menil family, she was the daughter of John and Dominique de Menil, founders of the Menil Collection in Houston. Her close friends included Merce Cunningham, Andy Warhol, Willem de Kooning, and Jasper Johns. She married artist Enrique Castro-Cid and was the grandmother of artist Dash Snow. De Menil appeared three times on the ARTnews Top 200 Collectors list and built a collection featuring works by René Magritte, Barnett Newman, and others. She also worked as a fashion designer, creating garments for theater director Robert Wilson, and commissioned Frank Gehry and Doug Wheeler for her New York home renovation.

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ART SG concluded its 2026 edition at Singapore’s Marina Bay Sands with steady sales and a reported attendance of 43,000 visitors. While the fair lacked the million-dollar trophy sales seen in previous years, blue-chip galleries like Thaddaeus Ropac and White Cube reported significant transactions, including a £475,000 Raqib Shaw painting and a sell-out presentation of Lee Bae works by Johyun Gallery totaling $2.76 million. The event also featured a strategic partnership with S.E.A. Focus, integrating the boutique fair into the main hall to highlight regional talent.

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The fourth edition of Frieze Seoul opened with strong collector turnout and solid first-day sales, despite a turbulent global art market. High-profile attendees included MoMA PS1 director Connie Butler, Hawai‘i Triennial 2025 cocurator Wassan Al-Khudhairi, and Top 200 Collectors Lonti Ebers, Yassmin Ghandehari, and Qiao Zhibing, alongside K-pop stars Lisa (BLACKPINK), RM (BTS), and The8 and Vernon (Seventeen). Major sales included Hauser & Wirth’s $4.5 million sale of Mark Bradford’s triptych "Okay, then I apologize" (2025) and a George Condo painting for $1.2 million, while White Cube, Thaddaeus Ropac, Pace Gallery, and others reported significant transactions. International blue-chip galleries with Seoul spaces are doubling down, presenting top-tier shows of star artists like James Turrell, Antony Gormley, and Lee Bul, with Korea’s private museums also mounting blockbuster exhibitions.

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John P. Axelrod, a prominent art collector and retired lawyer, was killed in a hit-and-run incident on January 3 in Boston's Back Bay neighborhood while walking his dog. The suspect, William Haney, 42, allegedly drove onto a pedestrian mall and struck Axelrod before fleeing; he has been charged with murder and animal cruelty. Axelrod, 79, was a longtime collector of American painting, African American and Latin American art, and decorative arts, and was listed on the ARTnews Top 200 Collectors list from 1997 to 2000.

agnes gund dead moma art collecting 1234752843

Agnes Gund, one of the most influential art patrons in the United States, has died at 87. Her collecting and philanthropy transformed the American art world, particularly at the Museum of Modern Art (MoMA), where she served as president from 1991 to 2002 and remained a life trustee. Gund helped fund MoMA's 2004 expansion, designed by Yoshio Taniguchi, and played a key role in bringing MoMA PS1 under the museum's aegis in 1999. She was a longtime donor of over 250 works to MoMA, including pieces by Jasper Johns, Elizabeth Murray, and Julie Mehretu, and appeared on the ARTnews Top 200 Collectors list every year from 1990 to 2018.

barbara jakobson collector moma trustee dead 1234751166

Barbara Jakobson, a prominent art collector and longtime trustee of the Museum of Modern Art (MoMA), died at age 92 on August 25 in Manhattan due to pneumonia. Known for her extensive network of relationships with artists, dealers, and curators, she was a central figure in the New York art world for decades. Jakobson served on MoMA's board since 1974, helped found the Studio Museum in Harlem in 1968, and persuaded dealer Leo Castelli to donate Robert Rauschenberg's iconic work "Bed" (1955) to MoMA. Her Upper East Side townhouse, filled with works by artists such as Matthew Barney, Diane Arbus, and Robert Mapplethorpe, was a testament to her lifelong engagement with contemporary art.

ken griffin 13th amendment copy sothebys 1234746499

Billionaire hedge fund founder Kenneth C. Griffin has been revealed as the buyer of President Abraham Lincoln's handwritten copy of the 13th Amendment, which sold at Sotheby's for $13.7 million including buyer's premium. The document, one of only four privately held copies, was part of Sotheby's "Fine Books and Manuscripts, Including Americana" sale. Griffin also acquired a signed copy of the Emancipation Proclamation for $4.4 million. The auction house announced the winner on Monday, noting that Griffin secured the amendment by phone after competitive bidding.

New York’s Neue Galerie to Merge with Metropolitan Museum of Art in Major Expansion

The Neue Galerie, a private museum on New York's Upper East Side founded by collector Ronald S. Lauder, will merge with the Metropolitan Museum of Art in 2028. The institution will be renamed the Met Ronald S. Lauder Neue Galerie, or Met Neue for short. Lauder and his daughter Aerin Lauder Zinterhofer will contribute funds toward a $200 million endowment, along with 13 works from their collection, including a prized Gustav Klimt and paintings by German Expressionists. The Met plans to exhibit some holdings at its Fifth Avenue base, but Klimt's "Portrait of Adele Bloch-Bauer I" will remain at the townhouse.

Collector Dimitris Daskalopoulos’s NEON to Conclude After ‘Having Fulfilled Its Mission’

NEON, the Athens-based contemporary art initiative founded by collector Dimitris Daskalopoulos, will conclude its activities later this year after 14 years. Its final project is a trilogy of exhibitions by artist Michael Rakowitz at the Acropolis Museum, with the last installment set for 2026. The organization also announced it has fulfilled its cultural and social mission.

Metropolitan Museum of Art Announces $23M. Gift from Top 200 Collectors Jennifer Rubio and Stewart Butterfield

Jennifer Rubio and Stewart Butterfield, both listed on ARTnews's Top 200 Collectors, have pledged $23 million to the Metropolitan Museum of Art. Rubio, founder of Away, and Butterfield, co-founder of Flickr and Slack, made the donation just two months after Rubio became a Met trustee. The gift will fund the museum's internship program, ensuring all undergraduate and graduate internships are fully paid positions, building on a previous $5 million gift from Adrienne Arsht.

Top Collector John Phelan Fired as Navy Secretary, After Reports of Pentagon Infighting

John Phelan, a prominent figure on ARTnews's Top 200 Collectors list, has been fired from his position as Secretary of the Navy. His departure follows reported disagreements with senior Pentagon officials over a shipbuilding initiative, including a proposal for a "Trump-class" of battleships. Undersecretary Hung Cao will serve as acting secretary.

billionaire collector les wexner jeffrey epstein deposition 1234773967

Billionaire retail magnate and prominent art collector Les Wexner provided a closed-door deposition to the House Oversight Committee regarding his past relationship with Jeffrey Epstein. During the testimony, Wexner characterized himself as "naive, foolish, and gullible" for trusting the disgraced financier, whom he labeled a con man. While Wexner denied any knowledge of or involvement in Epstein’s criminal activities, Democratic lawmakers noted that the 88-year-old offered few new details and frequently cited a lack of memory regarding key events.

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John Phelan, a prominent art collector and the current U.S. Secretary of the Navy, flew on Jeffrey Epstein's private plane in 2006, according to newly released flight logs. The trip from London to New York occurred four months before Epstein's first indictment, and a friend of Phelan's confirmed the flight but stated it was his only interaction with the convicted sex offender.

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Ronald Lauder, the billionaire art collector and heir to the Estée Lauder fortune, is named over 900 times in the recently released Jeffrey Epstein court documents. The emails reveal his assistants frequently scheduling meetings and calls with Epstein in 2017, though the substance of their discussions remains largely unclear. One email suggests Epstein sought to review Lauder's tax returns and will, while another indicates Epstein attempted to arrange a dinner involving filmmaker Woody Allen.

collector leslie wexner denies being jeffrey epsteins co conspirator 1234768161

A recently released set of files related to convicted sex criminal Jeffrey Epstein has implied that his ties to collector Leslie Wexner, the former Victoria's Secret CEO, ran deeper than previously thought. An FBI email released by the Department of Justice referred to potential “co-conspirators” who worked with Epstein, and while heavily redacted, the message clearly references Wexner, the namesake collector behind the Wexner Center for the Arts in Columbus, Ohio. Wexner's spokesperson denied the implication, stating that he was “neither a co-conspirator nor target in any respect” in the inquiry.

dorothy vogel collector dead 1234763028

Dorothy Vogel, who with her husband Herbert built one of the most celebrated art collections of the 20th century while working as a librarian and a postal clerk, died on November 10 at age 90. The couple amassed thousands of Minimalist and conceptual works by artists such as Donald Judd, Roy Lichtenstein, and Sol LeWitt, housing them in their rent-controlled Manhattan apartment. They never sold any artwork and ultimately donated their entire collection to the National Gallery of Art in Washington, D.C.

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ARTnews has added 20 new collectors to its prestigious Top 200 Collectors list for 2025, reflecting the expanding global reach of serious art collecting. The new cohort includes figures from Latin America, the Gulf region, Southeast Asia, and the United States, such as Catherine Petitgas, Ariel Marcelo Aisiks, Sara Alireza, Faisal Tamer, Basma Al Sulaiman, Sheikh Hamad bin Abdullah Al Thani, Purat “Chang” Osathanugrah, Belinda Tanoto, Andreas Teoh, artist Rashid Johnson, Solomon R. Guggenheim Foundation president Wendy Fisher, Napster cofounder Sean Parker, Fanatics founder Michael Rubin, and Oscar L. Tang and Agnes Hus-Tang, who donated $125 million to the Metropolitan Museum of Art. Several new additions are second-generation collectors, and many have built private spaces to show their collections, such as Alexander Petalas’s Perimeter in London, Osathanugrah’s upcoming Dib Bangkok, and Basma Al Sulaiman’s virtual museum BASMOCA.

artnews celebrates 2025 top 200 collectors issue 1234754498

On September 18, ARTnews celebrated the 2025 edition of its annual Top 200 Collectors list with a launch party at the newly opened Faena New York in Chelsea. The event was cohosted by collectors Beth Rudin DeWoody and Miyoung Lee, both trustees of the Whitney Museum. ARTnews Editor-in-Chief Sarah Douglas introduced the hosts, highlighting DeWoody's role as a supportive art patron and Lee as a representative of a younger generation of collectors. Other Top 200 Collectors in attendance included Michael Ovitz, Lonti Ebers, Lisa Goodman, Rodney Miller, Pete Scantland, and James Keith “JK” Brown and Eric Diefenbach. The evening featured a performance by pianist Arsha Kaviani, Cognac from LOUIS XIII, wines from Rioja, luxury perfumes from Xerjoff, and photo cards from Chubb.

top art collector david geffen sued by estranged husband for breach of contract 1234748265

Entertainment mogul and top art collector David Geffen was sued on Tuesday by his estranged husband, model Donovan Michaels, for alleged breach of contract. The lawsuit, filed in Los Angeles Superior Court, claims Geffen promised Michaels lifelong financial support but cut him off after initiating divorce proceedings. The 33-page complaint describes their relationship as exploitative, comparing it to the plot of "Trading Places." Separately, Geffen is also entangled in a legal dispute with crypto billionaire Justin Sun over an Alberto Giacometti sculpture allegedly stolen and traded as part of a fraud scheme.

leonard lauder dead estee lauder art collecting 1234745163

Leonard Lauder, the eldest son of Estée Lauder and a billionaire cosmetics executive, died at age 92. He served as chairman emeritus of Estée Lauder Companies, having previously been president and CEO, and grew the company's sales from $800,000 to over $16 billion. A major art philanthropist, in 2013 he donated 81 Cubist works worth over $1 billion to the Metropolitan Museum of Art, including pieces by Picasso, Braque, Léger, and Juan Gris. He also served as chairman emeritus and trustee at the Whitney Museum.

leonard blavatnik james dyson idan ofer rich list uk 2025 1234742626

The Sunday Times's 2025 'Rich List' shows that Top 200 collector and art patron Leonard Blavatnik's net worth fell by more than £3.5 billion to £25.725 billion, dropping him to #3 on the UK wealth ranking. The list includes over a dozen collectors from ARTnews's 2024 Top 200 Collectors list, such as James Dyson, Idan Ofer, Viatcheslav Moshe Kantor, Alan Howard, and Mohammed Mahdi al-Tajir, with Ofer noted as one of the top five individuals whose wealth rose most. Other figures mentioned include Simon Reuben, John Fredriksen, Sri Prakash Lohia, Lakshmi Mittal, Elton John, and former Christie's stakeholder Joe Lewis.

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Guy Ullens, a Belgian billionaire and pioneering collector of Chinese contemporary art, has died at age 90. The news was announced by the UCCA Center for Contemporary Art in Beijing, which he co-founded. Ullens began collecting Chinese antiquities in the 1980s before shifting to contemporary works, amassing a collection of 1,500 to 2,000 pieces by artists such as Ai Weiwei, Liu Xiaodong, and Zeng Fanzhi. He and his late wife Myriam established the Ullens Center for Contemporary Art in Beijing's 798 Art Zone in 2007, later selling it to Chinese investors in 2017, after which it was renamed UCCA. Ullens also helped build the secondary market for Chinese contemporary art, notably selling Zeng Fanzhi's 'The Last Supper' for $23.3 million at Sotheby's Hong Kong in 2013, a record at the time.

The great Anselm Kiefer arrives in Valencia for an exhibition. There is a rare work for the first time in Europe

Il grande Anselm Kiefer arriva in mostra a Valencia. C’è un’opera rara per la prima volta in Europa

German artist Anselm Kiefer is coming to Valencia for the first time, inaugurating the temporary exhibition program at the CAHH – Centro de Arte Hortensia Herrero. The show, curated by Javier Molins, will run from April 29 to October 25 at the Palacio de Valeriola, featuring Kiefer's works in dialogue with the permanent collection. A highlight is "Danaë," a monumental painting over 13 meters wide that depicts the interior of Berlin's Tempelhof airport and references the myth of Danaë; this work has only been shown once before, in New York in 2022, and is now on view in Europe for the first time.

David Geffen Settles Divorce With David Armstrong After Bitter Legal Fight

Billionaire art collector and entertainment mogul David Geffen has reached a private settlement with his estranged husband, David Armstrong, ending a contentious legal battle. The divorce proceedings gained significant public attention due to the absence of a prenuptial agreement and serious allegations of exploitation and psychological manipulation leveled by Armstrong. While the financial terms remain confidential, the settlement concludes months of litigation over spousal support and asset division following their two-year marriage.

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The Barbican in London will present a major commission by Colombian artist Delcy Morelos, her first in the United Kingdom, from May 15 to July 31. The centerpiece is an oval-shaped pavilion measuring roughly 78 feet in circumference, constructed from soil, clay, spices, and plant materials, sited in the Barbican's outdoor Sculpture Court. It is the third public-realm commission by the Barbican and the first in its Sculpture Court. The project is supported by the London-based Bukhman Foundation, founded by Anastasia Bukhman, a new addition to ARTnews's Top 200 Collectors list.

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MoMA PS1 in New York will eliminate admission fees for all visitors starting in 2026, funded by a gift from collector and creative strategist Sonya Yu. The three-year initiative coincides with the museum's 50th anniversary and expands its existing free admission for New Yorkers to everyone. Director Connie Butler said the goal is to remove barriers and welcome broader audiences, including families with strollers, while Yu cited her own experience as a Chinese immigrant to explain her motivation.

top 200 collectors 2025 issue editor letter 1234753943

The editor's letter for the 2025 ARTnews Top 200 Collectors issue recounts a cinematic moment at Art Week Riyadh in Saudi Arabia, where a government-affiliated collector described their role as "everyone and no one," reflecting the behind-the-scenes, museum-focused art acquisitions under Vision 2030. The issue features a report by Melissa Gronlund on the Gulf art scene, noting that Saudi Arabia is prioritizing museums and noncommercial programming before an independent market can emerge, while private collectors and foundations are also gaining ground. The article also highlights the cooling art market in Europe and the US, with collector Christen Sveaas criticizing blue-chip galleries for over-commercial pricing strategies.

trump inauguration donors major art patrons warren stephens 1234740389

Major art collectors Warren Stephens, Ken Griffin, Paul Singer, and Charles and Helen Schwab were among the top individual donors to President Donald Trump’s 2025 inauguration fundraising committee, according to data from the Federal Election Commission and Open Secrets. Stephens, a major donor to the Arkansas Museum of Fine Art, gave $4 million, the largest individual contribution, while Griffin, Singer, and the Schwabs each donated $1 million or more. The article also details additional political donations from these collectors, including Griffin's $100 million in conservative election spending, and notes that many large corporations like Amazon and BlackRock also contributed.

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Adrian Cheng, the mega-collector and regular on ARTnews' Top 200 Collectors list, has announced his new venture ALMAD Group after resigning as CEO of his family's Hong Kong property firm New World Development Co. (NWD) last year. The company will focus on digital assets, blockchain technologies, and immersive digital experiences across entertainment, sports, and media in mainland China, Southeast Asia, and the Middle East. ALMAD has absorbed Cheng's art-meets-commerce platform K11 by AC, which includes the K11 Craft and Guild Foundation, the K11 Art Foundation, and the K11 Art Malls that pair luxury retail with exhibitions by artists like Damien Hirst and Takashi Murakami.