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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As the fall auction season returns to New York, Christie’s and Sotheby’s are preparing for evening sales amid an uneven art market. The article reveals key consignors behind major lots, including a Frida Kahlo painting from 1931, estimated at $6–8 million, owned by Miami-based Francisco and Fiorella Pérez Díaz, and three French Post-Impressionist works from the collection of the late Argentine patron Nelly Arrieta de Blaquier. The market context includes underwhelming results at Art Basel in Switzerland but strong attendance at Frieze London and Art Basel Paris, with collectors showing willingness to spend only on exceptional, well-priced works.

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Jeff Magid, a New York, Los Angeles, and Mexico City–based art collector, plans to open Cuernavaca Tres, a public art foundation in Mexico City, in 2026. In an opinion piece for ARTnews, he argues that the current downturn in the art market—marked by declining sales and gallery closures—is not due to economic cycles or financialization, but rather a simple mismatch: there are more galleries, auctions, fairs, and artists than ever, while the number of buyers has not kept pace. Magid criticizes the luxury retail model adopted by many galleries, which prioritizes exclusivity and status signaling, and contends that this approach fails to attract enough new collectors to sustain the market.

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Los Angeles-based painter Lauren Quin has joined Pace Gallery, following the closure of her previous gallery Blum & Poe earlier this summer. Her first exhibition at Pace's Los Angeles space is scheduled for 2026, and her work will also appear in the gallery's booth at Frieze Seoul next month. Quin, known for densely layered abstractions, has been on a rapid ascent since earning her MFA from the Yale School of Art in 2019, with her paintings held by major institutions including the Museum of Contemporary Art in Los Angeles, the Walker Art Center, and the Hirshhorn Museum. Pace founder Arne Glimcher, a longtime supporter, gave Quin a solo show at Pace-affiliated 125 Newbury in 2024, which she credits as a turning point in her practice.

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This week's art industry news covers major auction results, gallery changes, and restitution developments. At Christie's Old Masters evening sale in London, Canaletto's "The Return of the Bucintoro on Ascension Day" set a new auction record for the artist at £31.9 million ($43.9 million), leading the sale to a total of £60.8 million. Sotheby's Old Masters evening sale brought in £14.5 million, with three new records including Diana de Rosa's "Salome with the Head of Saint John the Baptist" selling for £317,500. A rare early watercolor by Man Ray, "Nude Playing Musical Instrument" (1913), resurfaced after decades and will be auctioned at Dreweatts. In gallery news, Blum gallery laid off most of its staff and plans to cease brick-and-mortar operations, while Waddington Custot announced a new Paris space, and Company Gallery hired Subhas Kim Kandasamy as executive director. White Cube now represents Firenze Lai, and JD Malat Gallery launched a new initiative for UAE artists. In restitution, the Netherlands returned 119 Benin Bronzes to Nigeria, and the Museum of Fine Arts, Boston, transferred two Benin works to the Oba of Benin.

Alma Allen Speaks Out on Backlash Over U.S. Pavilion Commission: ‘A Little Stressful’

Sculptor Alma Allen has spoken out for the first time about the backlash he faced after accepting the commission to represent the United States at the Venice Biennale. In a rare interview on the podcast *Time Sensitive*, recorded at his home in Tepotzlán, Mexico, Allen described the response as “a little stressful” but said he never hesitated when curator Jeffrey Uslip invited him last fall. His selection sparked controversy because the State Department’s requirement that proposals “reflect and promote American values” while not promoting DEI initiatives led higher-profile artists like William Eggleston and Barbara Chase-Riboud to refuse. Allen’s former galleries, Mendes Wood and Olney Gleason, dropped him after he accepted, though he has since joined Perrotin. He also hinted that his exhibition, “Call Me the Breeze,” will include work about conflict and surveillance.

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The article examines the posthumous market resurgence of painter Robert Colescott, who died in 2009. After his commercial profile faded, Los Angeles dealer Tim Blum and his gallery Blum & Poe began working with the artist's estate in 2017, staging five solo shows and rescuing a disorganized estate with works stored in shipping containers in Arizona. Major auction prices followed, including a record $15.3 million for 'George Washington Carver Crossing The Delaware' in 2021. In 2024, after Blum & Poe closed, Gladstone Gallery took over representation. A current exhibition at the Tacoma Art Museum, 'The One-Two Punch: 100 Years of Robert Colescott,' runs through March 29.

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Darren Bader's first exhibition with Matthew Brown Gallery in New York, titled "Youth," features his signature conceptual works that blur the line between humor and philosophical inquiry. The show includes pieces like "jam on It," a mound of fruit spread placed on a Stephen King novel, and a bin soliciting sock donations, including a pair printed with Edgar Allan Poe's face and injected with Botox. Gallery director Jack Eisenberg describes the challenges of sourcing jam in New York, highlighting the absurd yet meticulous nature of Bader's practice.

Who is Alma Allen, US Pavilion Artist for the 2026 Venice Biennale?

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The US Department of State has confirmed that sculptor Alma Allen will represent the United States at the 2026 Venice Biennale. Allen, a Utah-born, Mexico-based artist known for abstract biomorphic sculptures, was selected after a fraught selection cycle that included updated guidelines requiring proposals to promote American values. He was approached directly by curator Jeffrey Uslip, who will organize the US pavilion, and accepted the offer despite reportedly being advised against it by his former galleries Mendes Wood DM and Olney Gleason, which subsequently cut ties with him.

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Matt Bangser, a longtime director at Blum gallery (formerly Blum & Poe), will join Art Intelligence Global (AIG) as senior director on September 8. Bangser spent 16 years at Blum overseeing global sales and securing major estates like Robert Colescott, and previously held senior posts at Van de Weghe Fine Art, Phillips, and Christie's. His move follows the closure of Blum's Los Angeles and Tokyo galleries last month, when founder Tim Blum announced he was leaving the traditional gallery model. AIG co-founder Amy Cappellazzo said Bangser's experience across galleries, auction houses, and artist studios made him a rare hire.

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Tim Blum, co-founder of the influential Blum & Poe gallery, is stepping away from the traditional gallery model after more than 30 years. He told ARTnews that the decision was driven by burnout with the relentless cycle of art fairs, openings, and obligations, not by financial strain. His Tokyo and Los Angeles locations will close after summer exhibitions, and a planned New York space may not open as a conventional gallery. Blum will instead pursue a more flexible model involving special projects and collaborations, while continuing to buy and sell art personally.

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Adam Lindemann, a collector-turned-dealer, announced he will close Venus Over Manhattan, the New York gallery he founded 14 years ago. The gallery's final exhibition, a solo show for painter Susumu Kamijo, will run until July 18. Lindemann revealed the decision in an opinion piece for Artnet News, citing the challenges of straddling the roles of collector and dealer, as well as the politics of art fairs. He plans to return to collecting full-time.

In the Studio With 33 of the Hottest Art Stars on the Planet

Vanity Fair profiles 33 emerging art stars who have broken into the upper echelon of the art world within the last five years, despite a contracting art market. The feature, written by Nate Freeman and photographed by Jeff Henrikson, highlights artists like Jadé Fadojutimi, Anna Weyant, and Chase Hall, whose work commands high prices and long waiting lists from top collectors. The selection was based on research including gallerist interviews, museum acquisitions, auction results, and dealer insights.

Who Are the 10 Top-Selling Living American Artists?

Artnet's Auction Price Database reveals the top 10 living American artists by auction sales value in 2024, with the U.S. art market generating $4.3 billion. The list includes Cindy Sherman ($180.9 million total sales, record $6.8 million for Untitled Film Stills), Mark Bradford ($226.6 million, record $12 million for Helter Skelter I), and Mark Grotjahn ($241 million, record $16.8 million for Untitled (S III Released to France Face 43.14)). Sherman is the only woman and photographer on the list; Bradford is the only African American and represented the U.S. at the 2017 Venice Biennale; Grotjahn is a California-based abstract painter.

Blum Gallery’s Sudden End Shocked the Art Industry. What Happened?

On July 1, 2025, Tim Blum, the powerhouse Los Angeles dealer behind Blum Gallery, announced the sudden closure of his gallery after a 35-year run. The closure includes his Culver City headquarters, his Tokyo space, and a planned Tribeca location that will no longer open. Blum publicly framed the decision as a voluntary "sunset" due to systemic industry issues like over-expansion and burnout, but interviews with artists and staff reveal a more chaotic reality: the closure blindsided employees and artists, many of whom learned about it from news reports or a last-minute staff meeting that excluded Tokyo staff. Sources cite weak sales at Art Basel and Art Basel Hong Kong, poor business decisions—including buying out partner Jeff Poe and renovating a costly New York space—and a lack of severance or transition time as underlying factors.

art arne glimcher pace 125 newbury interview

Arne Glimcher, the 87-year-old founder of Pace Gallery, opened a satellite gallery called 125 Newbury in Tribeca in 2021 after his son Marc, Pace's CEO, told him he would have to wait three years for a show slot. The gallery, named after Pace's original Boston address, operates under Pace's umbrella but focuses on experimental, scholarly exhibitions that often feature artists not represented by Pace. Glimcher recently mounted a Kiki Smith show pairing her 1990s paper mannequins with bronze birds, and he continues to take risks, such as funding a pond for Max Hooper Schneider's exhibition. Despite the gallery not being self-sustaining, Glimcher remains committed to supporting original art and connoisseurship.

How Will the Venice Biennale Impact Alma Allen’s Market?

Artist Alma Allen has been selected as America's representative at the Venice Biennale, sparking controversy due to the unusual selection process under President Trump. The pavilion is commissioned by the newly formed American Arts Conservancy, led by Jenni Parido, who previously ran a pet food lifestyle shop and entered Trump's orbit through Mar-a-Lago pet charity events. Following the announcement, Allen's galleries Olney Gleason and Mendes Wood DM dropped him, but he was quickly picked up by high-profile gallery Perrotin. The article examines how the Biennale and its attendant drama might affect Allen's market, noting his longtime collectors include Beth Rudin DeWoody, Peter Morton, Jack Pierson, and others, while his auction prices have remained modest.

Barbara Chase-Riboud Says She Declined US Pavilion Offer Because It Was ‘Not the Moment’

Sculptor Barbara Chase-Riboud has revealed she declined an offer to represent the United States at the 2025 Venice Biennale, stating that for her, "this was not the moment." The offer was made by the American Arts Conservancy, the nonprofit organization commissioning the US Pavilion. The revelation comes amid ongoing scrutiny of the selection process that ultimately led to artist Alma Allen being chosen, following reports that the Trump administration removed diversity language from application materials.

Exhibition | Janet Laurence, 'Once Were Forests' at Cassandra Bird, Paris, France

Cassandra Bird Paris, supported by Zimmermann, presents 'Once Were Forests,' an immersive solo exhibition by Australian artist Janet Laurence. The show features a major installation alongside new sculptures, paintings, and photographs that explore ice, forest, and water as carriers of time, memory, and life. Soundscapes from Australian forests and birdsong deepen the sensory experience, inviting visitors into a contemplative space where ancient ecologies, present nature, and possible futures converge.

Out of the wrapper and into the gallery: the art of chocolate

Artist Anya Gallaccio discusses her use of chocolate as an art material, tracing her first experiments in 1992 at Rodolphe Janssen gallery in Brussels, where she commissioned chocolate guns, and her 1994 solo show "Brown on White" at Galerie Krinzinger in Vienna, where she painted gallery walls with melted couverture chocolate. The work invited visceral audience reactions, including licking the walls, and engaged with themes of desire, decay, and the colonial and class histories of chocolate consumption.

tim blum gallery closure

Tim Blum, co-founder of the influential Los Angeles gallery Blum & Poe, announced the closure of the gallery last week. Blum, who took over after Jeff Poe left the business in 2023, cited personal burnout and a system-wide problem of over-expansion as reasons for the decision. In an interview with CULTURED editor-in-chief Sarah Harrelson, Blum reflected on his 35-year career, his role in building LA into an art-market capital, and his plans to stay involved in the art world in a new, alternative form.

Everything to know about David Geffen Galleries as a new LACMA emerges

The Los Angeles Times reports on the upcoming David Geffen Galleries, a new building that will become the centerpiece of the Los Angeles County Museum of Art (LACMA) as it undergoes a major transformation. Designed by architect Peter Zumthor, the structure is part of a long-delayed, multi-billion-dollar renovation project that aims to modernize the museum's campus and consolidate its collection under one roof. The article details the timeline, design features, and the controversies surrounding the project's cost and scope.

Tim Blum will phase out traditional gallery model, close Los Angeles and Tokyo locations

Tim Blum, co-founder of the influential Los Angeles gallery Blum (formerly Blum & Poe), announced he will phase out the traditional gallery model, closing the gallery's permanent public spaces in Los Angeles and Tokyo. Blum cited burnout from the relentless demands of art fairs and gallery openings, emphasizing the decision is about the system, not the market. The gallery, which introduced American audiences to Japanese artists like Yoshitomo Nara and Takashi Murakami and gave early shows to Mark Grotjahn and Anna Weyant, will shift to a more flexible model involving collaborations and special projects. A previous New York space closed in 2023, and a Tribeca space's future remains undetermined.

Leaner, nimbler and more discreet: why some art advisory firms are growing in a downturn

A growing number of "super advisory" firms are being founded by former top-level auction house executives, offering leaner, more discreet art advisory services without the high overheads of major auction houses and galleries. Notable examples include Art Intelligence Global (AIG), launched by Amy Cappellazzo and Yuki Terase after leaving Sotheby's, and Patti Wong & Associates, founded by former Sotheby's Asia chair Patti Wong. These firms leverage decades of experience and personal client relationships to compete in a cautious market where major auction houses have cut staff and digitized operations.

Picasso or Bitcoin? How art’s status is changing among the super-rich

Christie's and Sotheby's reported nearly flat first-half 2025 sales of $2.1bn and $2.2bn respectively, with Christie's 20th/21st-century art sales down 2% but luxury up 29%. The Mei Moses Art Index shows over 50% of auction lots sold at negative compound annual returns, which analyst Michael Moses calls 'the worst overall financial performance in the 21st century.' Meanwhile, Bitcoin, gold, and stocks have significantly outperformed art, with BlackRock's Bitcoin ETF alone attracting $84bn—far exceeding the global art market's total value. A record $43.9m Canaletto sale to a Bezos-linked buyer underscores that top-tier works still command attention, but the broader trend suggests wealthy investors are prioritizing financial returns over art as a status symbol.

The Slow Death of the Contemporary Art Gallery

The article reports on the decline of the traditional contemporary art gallery model, driven by rising rents, changing collector behavior, and the rise of new artist categories. Tim Blum closed his Blum & Poe galleries in Los Angeles and Tokyo, citing systemic issues rather than market conditions. Art Basel and UBS data show the art market shrank overall but the number of sales increased, indicating a shift toward mid-priced works. Collectors are moving away from "blue-chip" artists toward "red-chip" artists who gain value through viral hype and cultural relevance, exemplified by Olaolu Slawn's accessible solo show at Saatchi Yates. Celebrities like actor Adrien Brody are also entering the market, though his work has been criticized as derivative. Meanwhile, smaller galleries like Tiwa Gallery, Landdd, and Marta are thriving by focusing on genuine connection, and retail spaces like Gentle Monster and Dover Street Market are blending art with commerce.

Exhibition | Olivia Sterling, 'Jelly' at Dirimart Pera, Istanbul, Turkiye

Dirimart presents Olivia Sterling's first solo exhibition in Istanbul, titled 'Jelly,' at its Pera location from May 7 to June 14, 2026. The show explores themes of race, power, and desire through scenes involving food, the body, and stains, using fruit and dark colors as metaphors for consumption and objectification. Sterling's paintings incorporate letters that expose how race is constructed through language, while the title 'Jelly' evokes flexibility, fluidity, and a grotesque bodily quality that mirrors the instability of identity and social conventions.

Exhibition | Claudia Keep, 'Waggle Dance' at Marguo, Paris, France

American artist Claudia Keep presents a new solo exhibition, 'Waggle Dance,' at the Marguo gallery in Paris. The exhibition features a poignant body of paintings that depict bees, flowers, and insects at a larger-than-life scale, conceived as records of an ever-changing world and imbued with an awareness of fragile ecological timelines.

HUB-Robeson Galleries to host exhibition by Jamaican-born interdisciplinary artist

The HUB-Robeson Galleries at Penn State University will host a solo exhibition by Jamaican-born interdisciplinary artist Krystle Lemonias titled "Puss an dawg nuh ave di same luck." Running from March 5 through July 19 in Art Alley, the showcase features textile-based installations and mixed-media works that utilize repurposed materials, such as baby clothes, to explore the intersections of labor, identity, and the Black diaspora.