Gustav Klimt's final portrait, 'Dame mit Fächer (Lady With a Fan),' sold for £85.3 million ($108.4 million) at Sotheby's London, setting a new record for the most expensive work of art ever auctioned in Europe. The painting, which was still on Klimt's easel when he died in 1918, surpassed its pre-sale estimate of over £65 million after a ten-minute bidding war.
Asian collectors and dealers are increasingly choosing to skip Art Basel's flagship Swiss edition in favor of Art Basel Paris, citing the French capital's more appealing experience. Amid a market contraction, figures like Monique Leong are skipping Basel for the second year, while others such as Kankuro Ueshima, Rosy Wu, and Kazunari Shirai still attend. Notable appearances include K-pop star RM of BTS, who made his first public appearance after military service as Samsung Art TV's global ambassador. The fair saw Asian languages spoken widely, and young first-time collectors brought private guides to maximize their visit.
Sotheby’s modern art evening sale on Tuesday night generated $303.4 million, with a 97.6% sell-through rate and a hammer total of $256.5 million. The top lot was Henri Matisse’s *La Chaise Lorraine* (circa 1919), which sold for $48.4 million after a prolonged bidding war. The house withdrew three lots before the sale to improve optics, and 85% of the lots were guaranteed, mostly by third parties. Asian collectors were active at seven-figure price points, contrasting with sparse high-end bidding at Christie’s the previous night.
Sotheby's held a marathon evening sale in New York on Tuesday night, achieving $706 million in total sales—the highest single-evening total in the auction house's history. The standout was the collection of Leonard A. Lauder, which alone brought $527.5 million, led by Gustav Klimt's *Portrait of Elisabeth Lederer* (1914-16) that sold for $236.4 million after a 20-minute bidding war. A second sale of contemporary and ultra-contemporary works added $178.5 million, with Jean-Michel Basquiat's *Crowns (Peso Neto)* (1981) topping that session at $48.3 million. Notably, no lots were withdrawn across both sales, and Asian collectors drove bidding on many high-value lots. Maurizio Cattelan's gold toilet *America* (2016) sold for $12.1 million, drawing only one bid.
Sotheby's held its debut evening sale at the Breuer building in New York on November 18, achieving a record-breaking $706 million total. The highlight was the white-glove auction of Leonard A. Lauder's collection of 20th-century masterpieces, which alone brought $527.5 million. Gustav Klimt's portrait *Bildnis Elisabeth Lederer* (1914-16) sold for $236.4 million, setting a new record for the artist and for Sotheby's Modern category. The evening also included a strong Contemporary sale led by Maurizio Cattelan's golden toilet at $12.1 million, with active bidding from Asian collectors.
Major galleries reported significant seven-figure sales on the opening day of Art Basel Hong Kong. Hauser & Wirth sold works by Louise Bourgeois and George Condo for millions, while David Zwirner sold paintings by Liu Ye and Marlene Dumas for $3.8 million each. Pace Gallery's CEO noted a renewed energy, and other blue-chip dealers like White Cube and Lehman Maupin also reported high-value transactions, particularly with Asian collectors and institutions.
Sotheby’s achieved $303.9 million in its modern art auction in New York, led by Henri Matisse’s *La Chaise Lorraine* (circa 1919) at $48.4 million and Pablo Picasso’s *Arlequin (Buste)* at $42.6 million. The sale included an auction record for a painted bottle, René Magritte’s *Femme-bouteille* (1955), which sold for $974,000. The auction featured conservatively priced material from smaller estates, with a 97.6% sell-through rate and a 63% increase over a similar sale last year.
Gladstone Gallery is relocating its Seoul location to the Hannam-dong neighborhood later this year, doubling its exhibition space. Designed by architect Minsuk Cho of Mass Studies, the new outpost will occupy two floors of the 739-28 Hannam Building, across from Pace Gallery and near the Leeum Museum of Art. The space is set to open in late summer ahead of Frieze Seoul in September, with a solo exhibition by Ed Atkins—his first in the city—inaugurating the gallery. Gladstone first opened in Seoul's Gangnam district in 2022, joining a wave of Western galleries entering the Korean market.
Art Basel has concluded and the London sales have wrapped, marking a busy first half of 2025 for Asian art markets despite economic uncertainties and geopolitical challenges. New players and trends have emerged: international auction houses aligned their Hong Kong sales with Art Basel Hong Kong for the first time, South Asian art has had a banner year at auction and in institutions, and West Asia is rising with Sotheby's inaugural sale in Saudi Arabia and Art Basel's planned Qatar fair. Asian galleries are expanding into Western capitals, while Western galleries are picking up Asian talent, such as Korean artist Anna Park joining Lehmann Maupin and Rim Park partnering with Kraupa-Tuskany Zeidler. Japanese artist Yu Nishimura had his first U.S. solo show at David Zwirner, and the Labubu plush toy by Kasing Lung became a pop culture sensation.
Sotheby's London contemporary evening sale on Tuesday brought in nearly £62.5 million ($84 million), within its pre-sale estimate of £55 million to £74 million. The 48-lot sale achieved an 83% sell-through rate, with five works selling for over £5 million each, led by Tamara de Lempicka's 'La Belle Rafaëla' (1927) at £7.4 million and Pablo Picasso's 'Nu assis dans un fauteuil' (1964–65). The auction saw strong bidding for a Basquiat work on paper, 'Untitled (Indian Head)', which sold for £5.4 million, and a standout result for Yu Nishimura's 'through the snow' (2023), which tripled its high estimate at £230,000.
The article reviews the Van Gogh year in 2025, highlighting several key developments. The Van Gogh Museum in Amsterdam faces potential closure unless the Dutch government increases its annual building subsidy from €8.5m to €11m, leading the museum to file a legal complaint. At auction, two Van Gogh paintings sold, with "Parisian Novels" (1887) fetching $62.7m at Sotheby's, a record for his Paris period, and eight drawings were sold, including "Sower in a Wheatfield with setting Sun" (1888) for $11.2m. Acquisitions included "Tarascon Stagecoach" (1888) given to LACMA via the Henry and Rose Pearlman Foundation, and "Head of a Peasant" (1885) bought by Korean-born gallery owner Hong Gyu Shin, marking the first known Van Gogh acquisition by a Korean.
The fourth edition of Frieze Seoul (3-6 September) took place alongside the Korea International Art Fair (Kiaf) at the Coex convention centre in Gangnam, amid economic concerns and a slower art market. Despite a modest 0.8% expected growth in South Korea's economy and fewer Western exhibitors, the fair saw strong institutional attendance, including curators from M+, the Museum of Modern Art, and the San Francisco Asian Art Museum, as well as celebrity visitors like BTS members and Blackpink's Lisa. Galleries reported cautious but steady sales, with a notable presence of Asian collectors, particularly from Japan, and a Stand Prize awarded to Kohesi Initiatives for a politically charged booth by Timoteus Anggawan Kusno.
Maureen Gallace is making her South Korean debut with 'April 2026,' an exhibition of new paintings at Gladstone Gallery’s Seoul location. The presentation features the artist’s signature small-scale works, which depict the rural and coastal landscapes of the American Northeast through a minimalist, distilled visual language. These paintings continue Gallace's exploration of the tension between architectural geometry and natural environments, blending direct observation with the hazy quality of memory.
NADA Miami and Untitled Art opened on December 2, 2024, in Miami Beach, both targeting the mid-tier and emerging art markets. The fairs saw strong early sales and a predominantly American and local audience, with fewer European and Asian collectors than in previous years. Dealers reported a rebound in market confidence, with sales activity signaling a recovery in the mid-career and emerging segments, though not reaching the frenzy of earlier boom periods. The fairs also showcased a shift away from bright figuration and identity politics toward deeper reflections on reality, mediatization, and materiality.
Purat 'Chang' Osathanugrah, a longtime art collector, has taken over the leadership of Dib Bangkok, Thailand's first international contemporary art museum, following the death of his father Petch Osathanugrah in 2023. The museum, housed in a repurposed 75,000-square-foot warehouse in Bangkok's Khlong Toei district, is set to open on December 21. In an interview with Artnet News, Osathanugrah discusses the transition from private collector to institutional steward, recent acquisitions including works by Peihang Benoit and Frederic Anderson, and the museum's mission to make art accessible to the public while honoring his father's legacy.
Berlin's Meyer Riegger and Parisian Galerie Jocelyn Wolff will open a joint gallery in Seoul's Hannam-dong district on 2 September 2025, marking their first permanent Asian outpost. The new space, named Meyer Riegger Wolff and led by director Gaia Musi, will represent artists from both galleries including Clemens von Wedemeyer, Miriam Cahn, and Marcel Duchamp. The inaugural exhibition, "Heute Nacht geträumt (Dreamed Last Night)" (2 September–7 November 2025), will explore drawing across four centuries in a salon-style format.
Hong Kong’s art market showed signs of a significant rebound during the March art week with two rare "white glove" auctions, where every lot was sold. Christie’s led the momentum with a 100 percent sell-through rate totaling HK$655.8 million, followed by Sotheby’s, which achieved HK$548.4 million and set a record for the most valuable work by a female artist sold at auction in Asia with Joan Mitchell’s La Grande Vallée VII.
Auction houses Sotheby's, Christie's, and Bonhams are seeing a surge in participation from wealthy Southeast Asian collectors, particularly Millennials and Gen Z. Elaine Holt of Sotheby's Asia reports significant growth in collector activity from the region, with strong bidding at recent Hong Kong sales. Christie's Asia-Pacific president Francis Belin notes Southeast Asia is now the firm's third-largest buying market in Asia-Pacific, led by Singapore and Indonesia, with notable increases from Vietnam. Bonhams' managing director for Asia, Julia Hu, reports a 67% year-on-year rise in Southeast Asian auction spending. Younger buyers are driving demand, with Millennials and Gen Z accounting for 37% of Bonhams' Hong Kong buyers and 40% of Sotheby's Hong Kong marquee sales. A Renoir painting sold for $23.56 million to a collector in their 30s, highlighting youthful buying power.
Jonathan Crockett, deputy chairman of Phillips in Asia, reflects on the auction house's 10-year journey in the region, from a small Hong Kong office to a major presence in the West Kowloon Cultural District. He recounts his career path from Christie's and Sotheby's to founding his own advisory firm, then joining Phillips to launch its Asian operations, overcoming brand confusion and building a robust client network.
Sotheby’s resumed Modern & Contemporary Art auctions in Singapore in 2022 after a 15-year hiatus, signaling renewed confidence in the region. In an interview, Jasmine Prasetio, Managing Director for Southeast Asia at Sotheby’s, discusses how Singaporean and Singapore-based collectors are increasingly active in both local and global sales, actively bidding on and acquiring works by Singaporean artists such as Georgette Chen, Kim Lim, and Jane Lee. Notable auction results include Georgette Chen’s “Lychees and Peaches” achieving $1.5 million in July 2023 and Jane Lee’s “Melt VII” selling for $140,877.
Chinese art collector and philanthropist Yan Du will open Yan Du Projects (YDP), a non-profit space dedicated to contemporary Asian and Asian diasporic art, in a Grade I-listed townhouse on Bedford Square, London, this October. The venue will host exhibitions, site-specific commissions, public events, and artist residencies, with an opening show by Chinese painter Duan Jianyu. Designed by Hong Kong-based Beau Architects, the space features a modular "suitcase project" interior that respects the building's listed status and reflects diasporic themes. YDP is distinct from Yan's earlier Asymmetry Art Foundation (founded 2019) and her private collection, aiming to promote under-represented Asian artists through flexible, artist-curated programming.
Art SG 2026, a major art fair in Singapore, has been announced, bringing together leading international galleries, artists, and collectors in the region. The event showcases contemporary art from Asia and beyond, featuring a curated selection of galleries and special exhibitions.