"The contraction of the global art market stretched well into 2025, with the challenging macro environment cited as a key reason behind the closures of several prominent businesses. Middle market powerhouses Blum (with locations in Los Angeles, New York, Tokyo) and Clearing (New York, Los Angeles) both shut shop, while stalwart New York dealerships Sperone Westwater, Tilton and Kasmin also announced their closures."
"By autumn, signs began to emerge of a rebound at the top end, following Sotheby's white-glove sale of the Pauline Karpidas collection in London and big-ticket VVIP-day sales at Art Basel Paris. New York's November auctions heralded a return to form, seeing competitive bidding for trophy lots and valuable single-owner collections. That week, Sotheby's sold Klimt's Portrait of Elisabeth Lederer (1914-16) for $236.3m, now the highest price paid for a work of Modern art,"
"Christie's and Sotheby's closed the year reporting that sales had increased from 2024, with auctions in the second half of 2025 up 26% on those held during the same period last year. Whether this recovery will endure, and be felt across the sector, is less clear. The demand for many contemporary artists whose markets boomed over the past decade seems unlikely to return. Rather, it is classic tastes served mostly by the secondary market that are buoying up the trade."
Global art-market contraction extended into 2025 as a challenging macro environment prompted closures of prominent galleries and dealers. Middle-market firms Blum and Clearing and New York stalwarts Sperone Westwater, Tilton and Kasmin ceased operations, and galleries in London, Munich, San Francisco and Hong Kong also shut. By autumn, top-end sales rebounded with Sotheby's Pauline Karpidas sale and big-ticket VVIP sales at Art Basel Paris. New York auctions produced competitive bidding, including Klimt’s Portrait of Elisabeth Lederer for $236.3m and Frida Kahlo’s El Sueño for $54.7m. Auction houses reported higher sales and a 26% rise in H2 2025 versus the prior year. Recovery was concentrated in classic and Modern works while many contemporary markets remained subdued; new conglomerates launched to serve high-value secondary-market demand.
Read at The Art Newspaper - International art news and events
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