TEFAF New York 2025 opened with 91 exhibitors, featuring a mix of blue-chip and emerging artists. Galleries reported sales including a €250,000 relief by Anne Imhof at Sprüth Magers, a $500,000 Sean Scully painting at Lisson Gallery, and multiple Ruth Asawa works at David Zwirner ranging from $50,000 to $2.8 million. Thaddaeus Ropac sold works by Daniel Richter for €840,000. The fair aims to attract younger buyers while maintaining its prestige, with fewer objects priced above $10 million than in previous years.
This edition of TEFAF New York matters because it reflects the current art market downturn, with global sales down about 12% year-over-year and major galleries like David Zwirner, Lisson, and Thaddaeus Ropac experiencing profit losses. The fair's head of operations, Will Korner, emphasized that the contraction is not uniform across all market segments, and dealers noted that experienced collectors are still buying but taking more time to close sales. The event serves as a bellwether for how high-end art fairs are adapting to shifting collector behavior and economic pressures.