The Nahmad family sold a Francis Bacon painting titled *Pope* (1958) for $15 million at the VIP opening of Art Basel. The work, which had been purchased by Helly Nahmad gallery for $6.6 million at a Sotheby’s auction in 2019, was the second-highest known price at the fair, trailing only a $40 million Louise Bourgeois *Spider* sold by Hauser & Wirth.
Art Basel 2025 opened in Basel, Switzerland, with nearly 300 leading galleries showcasing high-value artworks despite a turbulent art market. Major works include a Gerhard Richter abstraction (1987) at David Zwirner, priced around $30 million, a Ruth Asawa hanging sculpture sold for $9.5 million, and Picassos at Pace and Helly Nahmad Gallery, with the latter's *Femme nue couchée jouant avec un chat* (1964) listed at $28 million after fetching $21.2 million at auction two years ago. The fair runs through Sunday, offering rare opportunities to view and purchase blue-chip pieces.
Artnet News columnist reflects on the fragile state of the art market as 2025 ends, noting that global instability and troubling news have dampened buyer psychology. Despite this, major auction houses reported strong annual sales—Sotheby's at $7 billion (up 17%) and Christie's at $6.2 billion (up 6%)—and a series of high-profile sales, including the Pauline Karpidas collection auction and Leonard Lauder's Gustav Klimt portrait fetching $236.4 million, have sparked renewed momentum. The article quotes advisors and dealers who sense a market bottom has passed, with buyers returning to auctions and fairs like Art Basel Miami Beach.
The US Marshals Service is auctioning four artworks by Pablo Picasso, Jean-Michel Basquiat, and Diane Arbus that were surrendered to the US Department of Justice in connection with the 1Malaysia Development Berhad (1MDB) scandal. The online-only auction, run by Gaston and Sheehan auction house in Texas, began on July 16 and closes on September 4, with no buyer's premium. The works include Basquiat's *Self Portrait* (1982) and *Red Man One* (1982), Picasso's *Tête de taureau et broc* (1939), and Arbus's *Child with a Toy Hand Grenade* (1962). The pieces were linked to fugitive financier Jho Low and actor Leonardo DiCaprio, who surrendered them after they were located in Switzerland.
Italian artist and Arte Povera pioneer Michelangelo Pistoletto, aged 92, has opened a new exhibition at Helly Nahmad Gallery in London, pairing his latest Mirror Paintings with Cubist works by Pablo Picasso, including Picasso's 1924 painting *Partition, Guitare, Compotier*. In an interview with The Art Newspaper, Pistoletto discusses how his mirror works—first presented in 1963—break down the traditional perspective of art, reflecting society and reality in a 360-degree space-time continuum, and how Picasso's shattering of the image paved the way for his own innovations. He also touches on his Cittadellarte foundation in Biella, his Nobel Peace Prize nomination, and his "Third Paradise" philosophy.
Art Basel has announced the gallery list for its 2025 Miami Beach edition, featuring 283 premier galleries from 43 countries and territories. The fair, taking place December 5-7 at the Miami Beach Convention Center, includes 48 debut exhibitors and will debut the new Art Basel Awards, presented in partnership with BOSS. The event will highlight Latinx, Indigenous, and diasporic artistic positions, with a strong focus on the Americas, including galleries from New York, Los Angeles, and Latin America.