Editor’s Note: This story originally appeared in On Balance, the ARTnews newsletter about the art market and beyond. Sign up here to receive it every Wednesday.
Happy Wednesday! Here’s a round-up of who’s moving and shaking in the art trade this week.
- Praise Shadows Hires Rebecca Hayes as Sales Director: Hayes will lead sales at the Boston gallery’s new downtown space. She previously held roles at the Museum of Modern Art and the Addison Gallery of American Art.
- Lehmann Maupin and Jessica Silverman to Co-Represent Guimi You: The two galleries will jointly represent You and present new work by the artist at Art Basel Hong Kong next week. Each will also stage a solo exhibition of her work in the coming months.
- Para Site Names James Taylor-Foster Executive Director: The Hong Kong nonprofit has appointed the curator as it marks its 30th anniversary.
- London’s Timothy Taylor to Close New York Outpost After a Decade: The decision was made “to ensure the long-term stability of the gallery and the community around it,” the gallery told ARTnews.
The Big Number: $4.5 B.
That’s how much auction sales of postwar and contemporary art generated last year, according to the latest Art Basel & UBS Art Market Report, written by economist Clare McAndrew of Arts Economics. The figure marks another year of decline for contemporary art sales, which have fallen consistently since an $8.5 billion peak in 2021. On a brighter note, the global art market saw modest 4 percent growth last year, totaling $59.6 billion in sales, driven largely by resurgences in the Old Masters, Impressionist, and Post-Impressionist markets.
Read This
For a stretch, “buy one, give one” deals were the art market’s not-so-secret handshake—a way for collectors to cut the line on a hot artist by agreeing to purchase two works and donate one to a museum. The arrangement flattered everyone involved: collectors gained access, institutions received gifts, and galleries could claim they were nurturing artists’ long-term reputations rather than feeding speculation. At the height of the post-pandemic boom, these deals became almost routine, especially for ultra-contemporary painters with more demand than supply. Now, according to the Art Newspaper, the practice is quietly fading. As demand cools and prices rise, the math no longer works as it once did; collectors lose the financial upside, and galleries no longer need the same gatekeeping mechanisms when buyers are easier to come by. While such deals haven’t disappeared entirely, they have retreated to a narrower slice of the market, sometimes replaced by straightforward cash donations. The shift reflects changing leverage: in today’s market, participants are more selective—and far less desperate.
