Frieze New York's VIP opening on Wednesday saw strong attendance despite economic uncertainty following President Donald Trump's April 2 tariff announcement, which caused stock market volatility. Gallerists reported early sales driven by institutional buyers, with works by Tuan Andrew Nguyen, Rashid Johnson, Lorna Simpson, Claire Tabouret, and WangShui finding homes at museums including the Moderna Museet, Dallas Museum of Art, and Heredium Museum. Notable sales included Jeff Koons's Hulk (Tubas) for over $3 million at Gagosian and a solo stand sellout for Claire Tabouret at Perrotin.
The fair's resilience underscores the enduring strength of institutional collecting even as private collectors, particularly from Europe, Canada, and Latin America, have become more cautious due to tariff-related instability. Dealers noted that museums, with budgets approved earlier, are seizing opportunities to acquire works in a less frenetic market. Frieze's director Christine Messineo emphasized the fair's integration with New York's institutional calendar, suggesting that art fairs remain vital connectors between galleries, museums, and collectors during uncertain economic times.