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This week's art industry roundup covers major developments including the sale of Frieze to Hollywood powerbroker Ari Emanuel for $200 million, the opening of Frieze New York amid a cautious market, and the appointment of Alexander Rotter as global president of Christie's. Other highlights include the collapse of a record $32 million Gustav Klimt sale due to restitution issues, Phillips adding country-of-origin details to lot descriptions due to tariff confusion, and gallery moves such as Petzel now representing Tschabalala Self and Hauser & Wirth selling its Upper East Side townhouse for $10.5 million. The Mellon Foundation announced $15 million in emergency funds for state arts councils to offset cuts by the National Endowment for the Humanities.

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Rosemarie Trockel, the elusive German artist known for her wildly varied and conceptually challenging work, is the subject of a rare profile in ARTnews. The article traces her emergence from the 1980s Cologne art scene, where she became notorious for refusing interviews and producing art that defies easy categorization—spanning knitting machines, video, sculpture, and drawing. A key photograph from her teenage years, showing her in a room plastered with celebrity cutouts, is presented as a rare origin story, though its authenticity is left ambiguous. The piece highlights her declared constants of "woman, inconsistency, reaction to fashionable trends" and her insistence that art should remain a process of discovery rather than a vehicle for fixed meaning.

Artist Foundations’ Net Worth Has Nearly Tripled to $9 B., Led by Cy Twombly Foundation’s $1.5 B. in Art and Assets

New research from the Aspen Institute’s Artist-Endowed Foundation Initiative (AEFI) reveals that artist-endowed foundations in the U.S. now control roughly $9 billion in assets, nearly triple the $3.5 billion reported in 2011 and up 17% from $7.7 billion in 2018. The Cy Twombly Foundation leads with $1.5 billion in art and assets, followed by foundations for Alexander Calder, Joan Mitchell, Helen Frankenthaler, and Robert Rauschenberg, each holding over $500 million. The data, drawn from public tax forms, shows that just five of roughly 500 foundations account for more than half the total, with most established by postwar American artists born before 1931.

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Abu Dhabi Art (ADA) held its final edition at Manarat Al Saadiyat before transitioning into a Frieze franchise in November 2025. The fair featured 53 new galleries, a Focus sector highlighting art scenes from Nigeria, Turkey, and South Asia, and a new Emerge section offering discounted booth prices for works under $3,000 to attract emerging collectors. The shift comes as Abu Dhabi’s cultural landscape moves beyond its iconic Saadiyat Island museums—Louvre Abu Dhabi, Zayed National Museum, and Guggenheim Abu Dhabi—toward more grassroots ventures like the MiZa warehouse district, which hosts experimental spaces such as MamarLab and Iris Projects. Mega-gallery Pace returned after a 14-year absence, citing renewed energy in the Gulf market.

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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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A new two-volume collection of Okwui Enwezor's writings, titled "Okwui Enwezor: Selected Writings, Volume 1: Toward a New African Art Discourse" and "Volume 2: Curating the Postcolonial Condition," has been published by Duke University Press in 2025, edited by Terry Smith. Spanning over a thousand pages and covering the years 1994 to 2019, the collection gathers Enwezor's catalog essays, exhibition reviews, and analyses, tracing his evolution as a poet, writer, curator, theorist, educator, and museum director who died in 2019 at age 56.

Christie’s to sell an almost unknown Van Gogh double-sided drawing

A previously obscure double-sided drawing by Vincent van Gogh, created in the final weeks of his life, will be auctioned by Christie's in Paris. The sheet features a study of female pea pickers on one side and a landscape on the other, complete with color notations indicating Van Gogh's intention to develop them into paintings. The work has been authenticated by the Van Gogh Museum and carries an estimate of €100,000-€150,000.

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This week's art industry roundup covers a postponement, financial losses, legal disputes, and leadership changes. New Jersey's Art Fair 14C has been postponed to May 2027, with organizers citing capacity issues unrelated to market conditions. Bonhams reported a 90% pre-tax loss jump to £213 million in 2024 due to impairment charges. A rediscovered Watteau drawing will be auctioned at Christie's Paris, and personal items of Jimmy and Rosalynn Carter are featured in Christie's 'American Collector' sales. In galleries, Amy Sillman left Gladstone for David Zwirner, Trevor Paglen joined Jessica Silverman, and Maya Hewitt joined Theta. The Louvre partially closed after a staff strike demanding director Laurence des Cars' resignation and reassessment of a renovation plan. Belgium's plan to dismantle Antwerp's M HKA museum has sparked resignations and backlash. New appointments include Will Cary as COO of the Barnes Foundation and Patton Hindle as director of arts at the Knight Foundation. MATHAF museum in Doha announced a campus expansion by architect Lina Ghotmeh. Legal disputes emerged between Gian Enzo Sperone and Angela Westwater over the shuttered Sperone Westwater gallery.

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The article reports on the upcoming Art Basel in Miami Beach and the improved mood in the art market, driven by strong auction results. Sotheby's emerged as the clear winner over Christie's in the fall 2024 auctions, achieving over $2.2 billion in total sales across Sotheby's, Christie's, and Phillips. Key consignments included the Leonard Lauder Collection, featuring a record-making Klimt, a Frida Kahlo that became the highest-selling work by a woman artist, and Maurizio Cattelan's golden toilet. The article credits Sotheby's move into the Breuer building—formerly home to the Whitney, the Met, and the Frick—for enhancing the presentation and aura of the previews.

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Artist Ilana Savdie, known for her electrically colorful and biomorphic paintings, presents a new series titled "Glottal Stop" at White Cube in New York. The exhibition explores themes of camouflage, animal mimicry, and the physical toll of global discord, featuring works that use pigmented beeswax, oil, and acrylic to create nearly sentient surfaces. Savdie draws from horror films, Baroque painting, and anatomy books, incorporating suspended painted latex sheets into an immersive, maze-like installation.

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The article explores the distinction between Modern and contemporary art, explaining that Modern art emerged in the late 19th century as a reaction to classical art and the Industrial Revolution, with movements like Impressionism, Cubism, Futurism, and Surrealism redefining painting in response to photography. Contemporary art, by contrast, is a reaction to Modern art, with its start debated between World War II and the 1960s-70s consumerist era, encompassing diverse mediums such as sculpture, street art, and performance art, exemplified by artists like Jeff Koons, Banksy, and Yoko Ono.

Digital Art Pioneer Nancy Burson Collapses the Border Between Mysticism and Quantum Physics

Nancy Burson, a pioneering digital artist, presents her latest solo exhibition "Light Matter" at Heft Gallery in New York, featuring "Quantum Entanglement" paintings that appear as white dots on black canvases but reveal jittering forms and depth when viewed through a phone camera. The 78-year-old artist, known for her 1980s composite portraits blending faces of businessmen and movie stars, continues her exploration of perception and technology, claiming a special gift to perceive the universe's emergent energy grid. The exhibition runs through May 2.

A Smaller Art Brussels Represents a Shift in the Fair Ecosystem Toward a ‘Quality-First’ Approach

Art Brussels, now in its 42nd edition (April 23–26), has downsized from 164 to 138 participating galleries, a 15% reduction that allows the fair to fit entirely within one hall of Brussels Expo. Director Nele Verhaeren openly acknowledged the shift, framing it as a deliberate move toward a 'quality-first' approach that prioritizes visitor experience over sheer scale. The fair introduces a new section called Horizons, curated by Devrim Bayar of the upcoming Kanal-Pompidou museum, featuring seven large-scale works in the freed-up space. Dealers like Xavier Hufkens and Nadja Vilenne support the strategy, noting that galleries must now carefully choose which fairs to attend amid rising costs and geopolitical tensions.

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Reginald Madison, a self-taught painter and sculptor from the Black Arts Movement in Chicago, has joined Uffner & Liu gallery for representation. Paul Soto Gallery now represents John Sandroni, whose work is currently on view in New York. KSS Architects completed a new Learning and Engagement Center at the Newark Museum of Art. Meanwhile, at least eight blue-chip galleries have dropped out of Art Basel Miami Beach, and Karim Crippa has been appointed director of Art Basel Paris. Christie’s four auctions held concurrently with Art Basel Paris totaled $107.4 million, with Yves Klein’s "California (1KB 71)" selling for $21.3 million, a record for the artist in France.

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Donald Moffett's latest exhibition, "Snowflake," opened at Alexander Gray Associates in New York, marking his first solo show in the city since 2019. The exhibition features extruded oil paintings created with cake-decorating tools, including works like "Lot 052525 (nature cult, melt 1)" and "Lot 061625 (nature cult, melt A)," which depict melting snow as a metaphor for the climate crisis. Moffett draws a parallel between this show and his 1989 exhibition "I Love It When You Call Me Names" at Wessel O’Connor Gallery, both titles reclaiming derogatory terms—"homo art" then, "snowflake" now—as acts of defiance. The palette is predominantly black and white, reflecting what Moffett describes as "dark times" and the stark choices of the current political climate.

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Sotheby's has announced the headline lots for the upcoming sale of British socialite and arts patron Pauline Karpidas's collection, set to take place September 17–19 in London. The 250-item auction, described as the 'greatest collection of Surrealism to emerge in recent history,' is led by René Magritte's oil painting *La Statue volante* (1940-41), estimated at £9–12 million ($12–16 million). Other highlights include ten more Magritte works, four Andy Warhol pieces from his 'Art from Art' series, and works by Pablo Picasso, Salvador Dalí, and Leonora Carrington, along with furniture and design objects.

sothebys london to sell greatest collection of surrealism to emerge in recent history in september 1234744885

Sotheby's London will auction the collection of British socialite, collector, and arts patron Pauline Karpidas on September 17 and 18. Described as the 'greatest collection of Surrealism to emerge in recent history,' it includes masterpieces by René Magritte, Salvador Dalí, Leonora Carrington, and Max Ernst, along with works by Andy Warhol, Pablo Picasso, and others. The sale is expected to fetch £60 million ($81 million), the highest estimate ever placed on a single collection at Sotheby's in Europe. Karpidas, who began collecting 50 years ago after meeting gallerist Alexander Iolas, views herself as a 'temporary custodian' for the artworks.

Frida Kahlo: Making of an Icon

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The Museum of Fine Arts, Houston, has launched a major exhibition titled "Frida Kahlo: Making of an Icon," which explores the artist's transformation from a relatively unknown figure during her lifetime into a global cultural phenomenon. Curated by Mari Carmen Ramírez, the show features over 200 objects related to "Frida mania" alongside works by 80 contemporary artists who have been influenced by her legacy. The exhibition traces her life from her childhood in Mexico City and her tumultuous relationship with Diego Rivera to her emergence as a symbol for various social movements.

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At 92 years old, Puerto Rican artist Carmen De Monteflores has emerged as a breakout star of the 2026 Whitney Biennial. Her inclusion in the prestigious exhibition was facilitated by her daughter, renowned performance artist Andrea Fraser, who urged curators to view her mother's vibrant, shaped canvases that had been sitting in storage for decades. De Monteflores, who studied at the Art Students League and the École de Beaux-Arts, abandoned her painting career in 1969 due to the lack of opportunities for women, eventually becoming a psychologist and novelist.

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An early Jean-Michel Basquiat painting, *Crowns (Peso Neto)* (1981), sold for $48.3 million at Sotheby’s contemporary evening sale on Tuesday night, exceeding its pre-sale estimate of $35–45 million. The work, making its auction debut, was created when Basquiat was 21 and features his signature motifs of crowns, black faces, and cartographic lines. Bidding lasted five minutes, with Sotheby’s chairman for China Jen Hua winning on behalf of a phone client. The painting had been held in three private collections over four decades and was previously exhibited at Basquiat’s first solo show at Annina Nosei, documenta 7, the Whitney Museum, and the Fondation Louis Vuitton.

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Shanghai Art Week 2025 is underway, anchored by two major concurrent art fairs: Art021 Shanghai and West Bund Art and Design, running from November 13 to 16. West Bund has relocated to a new venue, the West Bund Convention Center designed by Skidmore, Owings, and Merrill, featuring over 200 participants including 106 galleries in its main sector. Art021 returns to the Shanghai Exhibition Center with 139 galleries from 22 countries, including 33 first-time participants. The Shanghai Biennale opened early at the Power Station of Art, curated by Kitty Scott under the title "Does the Flower Hear the Bee?" featuring 67 artists and collectives. Meanwhile, alternative events like "Artist's Treat," launched by Xu Zhen in collaboration with Hol Platform and ShanghArt Gallery, are drawing attention in repurposed local spaces.

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Richard Hambleton, the Canadian street artist known for his iconic "shadowman" silhouettes that appeared on New York City walls in the 1980s, died on Sunday at age 65, as confirmed by Woodward Gallery. Hambleton emerged alongside Jean-Michel Basquiat, Keith Haring, and Kenny Scharf in the downtown graffiti scene, but a long battle with heroin and crack addiction plagued his life. His career saw a resurgence following a documentary by Oscar-nominated director Oren Jacoby, which premiered at the Tribeca Film Festival in April, leading to renewed exhibitions including his participation in "Club 57: Film, Performance and Art in the East Village, 1978-1983" at the Museum of Modern Art.

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Art Busan wrapped its 14th edition on a high note, with over 100 galleries participating and a special exhibition titled “CONNECT” curated by Wonseok Koh under the theme Territories and Boundaries. The fair, part of Busan Art Week, saw strong engagement from international galleries such as Société (Berlin) and Canada (New York), with directors noting maturing visitors and serious local collectors. A new partnership with Tokyo Gendai will bring 10 Korean galleries to Japan this September, and the fair debuted a Future Art Award for emerging galleries.

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President Donald Trump has proposed eliminating the National Endowment for the Arts (NEA), and arts organizations across the U.S. are already feeling the impact. After a White House budget request in May that excluded the NEA, dozens of institutions received abrupt termination notices for their grant applications, with the NEA citing a shift in policy priorities to focus on projects reflecting the nation's artistic heritage as prioritized by the President. In protest, many senior NEA staff resigned or were asked to retire, leaving the agency in disarray. The cuts are part of broader federal efforts to defund cultural agencies, including the Kennedy Center, the Smithsonian, and the National Endowment for the Humanities, which has seen a 70-80 percent staff reduction and canceled over a thousand grants. Private foundations like the Mellon Foundation and the Helen Frankenthaler and Andy Warhol Foundations have launched emergency funding programs, but the consequences for artists, educators, and community organizations are immediate and destabilizing.

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Leonora Carrington, the British-born Surrealist artist, has seen a dramatic revival of interest in her work, with her paintings breaking auction records and her sculptures gaining new attention. However, a bitter dispute has emerged between supporters of her later bronzes and critics questioning their legitimacy, complicating her legacy. Carrington lived most of her life in Mexico and died in 2011 at age 94, but her reputation has soared posthumously, marked by a 2015 retrospective at Tate Liverpool, her influence on the 2022 Venice Biennale, and a current retrospective traveling from Palazzo Reale in Milan to Musée du Luxembourg in Paris. Her painting *Les Distractions de Dagobert* (1945) sold for $28.5 million at Sotheby’s New York in May 2024, setting a record for a British-born female artist, while her wooden sculpture *La Grande Dame (The Cat Woman)* (1951) fetched over $11.4 million in November 2024.

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The Art Institute of Chicago has been granted an emergency stay by an appellate judge, pausing the restitution of Egon Schiele's drawing "Russian War Prisoner" (1916) to the heirs of Fritz Grünbaum, a Jewish cabaret performer and art collector who died in a Nazi concentration camp. The museum is appealing a New York Supreme Court judge's April 23 order to surrender the artwork, which has been off view since September 2023 when it was seized by the Manhattan District Attorney's office. The museum disputes that the work was looted, citing evidence that Grünbaum's sister-in-law recovered the collection after the war and sold it to a dealer.

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French police have arrested nine individuals, including two Louvre employees, for operating a large-scale ticket fraud scheme targeting the Louvre and the Château de Versailles. The network, which sold fake tickets through guided tours, is estimated to have cost the Louvre around €10 million. The arrests follow heightened scrutiny of the museum's security after a major jewel theft in October.

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A previously unknown red-chalk drawing by Michelangelo, a study for the foot of the Libyan Sibyl from the Sistine Chapel ceiling, sold for $27.2 million at Christie’s New York on Thursday, far exceeding its $1.5–$2 million estimate. The work was submitted to Christie’s online estimate portal last March by an anonymous owner who inherited it from their grandmother; it had hung on a wall for years, assumed to be a copy. After months of authentication using infrared reflectography and cross-referencing with drawings at the Metropolitan Museum of Art and the Uffizi Gallery, Christie’s specialists confirmed it as an authentic Michelangelo. The sale set a new auction record for the artist, surpassing the previous $24.3 million record set at Christie’s Paris in 2022.

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Timothy Martin, a climate activist with the group Declare Emergency, was sentenced to 18 months in prison for smearing paint on a glass vitrine protecting Edgar Degas's sculpture *Little Dancer, Age Fourteen* at the National Gallery of Art in Washington, D.C., in April 2023. He was found guilty of conspiracy and injury to government property, and must also pay $4,062 in restitution, perform 150 hours of community service, and is barred from entering Washington, D.C. and its museums. His co-activist, Johanna Smith, had previously pleaded guilty and served a 60-day sentence.

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The article reports multiple art-world developments: the heirs of German Jewish banker Paul von Mendelssohn-Bartholdy are appealing a court dismissal of their lawsuit to recover a Van Gogh Sunflowers painting, claiming it was sold under Nazi duress. Japan's Kawamura Memorial DIC Museum of Art is selling major works including a Monet Nymphéas (1907) through Christie's as its parent company, DIC Corporation, downsizes and relocates the museum. A man was killed unloading an Andy Warhol-painted BMW Art Car in Washington, D.C., and a newly discovered Picasso portrait of Dora Maar will be auctioned in Paris. Sotheby's will sell a Surrealist collection led by a Frida Kahlo painting estimated at $40–60 million. The article also asks whether Uzbekistan is becoming a major art hub.