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Art world insiders share their predictions for 2026, anticipating a market rebound after a turbulent 2025 marked by gallery closures and tariff announcements. Key developments include the launch of new art fairs by Art Basel and Frieze in Qatar and Abu Dhabi, the return of the Whitney Biennial and Venice Biennale, and a surge in estate-driven sales as the Great Wealth Transfer accelerates. Experts note a revival of interest in Old Masters and classic taste, with collectors returning to bidding and galleries seeing renewed activity.

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Museums worldwide are urgently searching for new financial models as government funding declines, wealthy patrons pull back, and corporate sponsors face pressure. A global study published in January by the International Research Alliance on Public Funding for Museums found that in 37 percent of responding countries, 71 to 100 percent of museums now receive most funding from private sources. Institutions are exploring endowments, new revenue streams, and collaborative approaches, with the Louvre becoming the first French museum to create an endowment fund in 2009, raising €175 million. The $85 trillion Great Wealth Transfer offers hope, but next-generation donors prioritize transparency and meaningful engagement over prestige.

Veteran Advisor Patti Wong on How the Auction Market Is Recalibrating

Veteran art advisor Patti Wong, who left Sotheby's after three decades to start her own firm, analyzes a significant recalibration in the auction market. She notes a new discipline among auction houses and buyers following the frothy post-pandemic years, with houses becoming more selective, relying heavily on third-party guarantees, and facing greater buyer scrutiny on provenance and estimates. She also highlights the industry's expansion into new geographies like Saudi Arabia and new categories like luxury goods.

The Art Market Year in Review

The art market experienced a turbulent 2025, beginning with a 12% decline in sales from 2024, following a 3% drop in 2023, as reported by the Art Basel and UBS Global Art Market Report. Major auction houses Christie’s, Sotheby’s, and Phillips saw average sales fall 6% in the first half of the year. However, the market rebounded by autumn, with strong sales at London and Paris art fairs and a 15% year-on-year increase in auction sales at the three main houses by December, according to Pi-eX. Key events included Sotheby’s failed sale of Alberto Giacometti’s *Grand tête mince* in May, followed by a record-breaking $236 million sale of Gustav Klimt’s *Portrait of Elisabeth Lederer* in November, and a $31.4 million record for François-Xavier Lalanne’s *Hippopotame Bar*.

How NADA is Cultivating the Next Generation of Collectors Through Salons

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The New Art Dealers Alliance (NADA) has launched a new initiative called NADA Collects, a series of salons and educational events designed to demystify the art-buying process. Through gallery walks, dinners, and informal Q&A sessions, the program addresses the intimidation factor that often prevents potential buyers from entering the contemporary art market. By fostering a space where "no question is too dumb," NADA aims to bridge the gap between galleries and a new generation of collectors who may feel alienated by the perceived elitism of the art world.

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WhatsApp cofounder Jan Koum has filed a lawsuit against interior designer Remi Tessier, alleging a pattern of fraud including inflated prices and undisclosed commissions. One example involves a $7.8 million Picasso painting where Tessier allegedly received a $600,000 secret commission from the gallery. Separately, the National Museum of Korea faced backlash after posting a photo of its director with music executive Bang Si-hyuk, who is under criminal investigation for alleged stock fraud. The article also reports that Sotheby's has appointed Evelyn Lin as Asia chairman of modern and contemporary art, and that global auction sales of Old Masters rose 24% in the first half of 2025, with younger collectors increasingly buying old paintings.

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The National Museum of Korea faces backlash after posting a photo of its director Yoo Hong-jun with Bang Si-hyuk, a music executive under criminal investigation for alleged stock fraud. Separately, WhatsApp cofounder Jan Koum has filed a lawsuit against interior designer Remi Tessier, accusing him of inflating prices and secretly receiving a $600,000 commission on a $7.8 million Picasso painting. The article also reports on Sotheby's appointing Evelyn Lin as Asia chairman of modern and contemporary art, and explores why younger collectors are increasingly buying Old Masters, with Frieze Masters director Emanuela Tarizzo attributing the trend to a generational wealth transfer from Boomers to Millennials.

How the wealth transfer from Boomers to their children will shake up the art market

The article examines how the transfer of wealth from Baby Boomers to younger generations is reshaping the Australian art market. As Boomers downsize or pass away, their tightly held collections—featuring artists like Grace Cossington Smith, Howard Arkley, and Brett Whiteley—are entering auction houses, creating rare buying opportunities. Meanwhile, younger collectors (Gen X, Millennials, Gen Z) face economic uncertainty, leading to a softening in the ultra-contemporary market and a decline in NFTs. New models of online and agency representation are bypassing traditional galleries, and galleries themselves are undergoing generational change, with some closing and others like Ames Yavuz and D'Lan Contemporary expanding.