Art adviser Ralph DeLuca argues in Cultured that recent gallery closures, bankruptcies, and lawsuits in the art market are driven by dealers and advisers trying to live like their ultra-wealthy clients, a lifestyle he says clients resent in commission-based vendors. He also suggests that art focused on identity politics and virtue signaling no longer resonates with collectors, who are shifting toward passion and connoisseurship. Meanwhile, Artsy’s Maxwell Rabb offers a more optimistic take, framing the market downturn as an opportunity for reinvention, with quotes from CLEARING’s Babin and ADAA director Kinsey Robb about cutting through market 'fluff' and embracing creative change.
This matters because it captures a pivotal moment of self-reflection and potential transformation in the art market, where long-standing practices around dealer lifestyles and art-world messaging are being questioned. The contrasting perspectives—DeLuca’s critique of aspirational excess and Rabb’s call for reinvention—highlight underlying tensions that could reshape how galleries, advisers, and collectors interact. Additionally, the article reports major auction wins for Sotheby’s and Christie’s, the sale of a Claes Oldenburg sculpture, and a state honor for collector Francesca Thyssen-Bornemisza, underscoring the market’s continued high-stakes activity even amid broader uncertainty.