Editor’s note: This story originally appeared in On Balance, art news Newsletter about the art market and beyond. Register here Receive it every Wednesday.
Happy Wednesday! Here’s a roundup of the moves and shakers in the art trade this week.
- Praise Shadows hires Rebecca Hayes as Director of Sales: Hayes will lead the sale of the Boston gallery’s new space downtown. She previously held positions at the Museum of Modern Art and the Addison Gallery of American Art.
- Lehmann Maupin and Jessica Silverman represent Youguimi: The two galleries will jointly represent You at Art Basel Hong Kong next week, showcasing new work by the artist. The two will also hold solo exhibitions of their work in the coming months.
- Para Site appoints James Taylor-Foster as executive director: The Hong Kong-based non-profit has appointed curators as it celebrates its 30th anniversary.
- London’s Timothy Taylor to close New York outpost after ten years: The gallery said the decision was taken “to ensure the long-term stability of the gallery and its surrounding community” art news.
Big number: $4.5 B.
That’s how much auction sales of post-war and contemporary art took place last year, according to the latest data available. Art Basel and UBS Art Market Reportwritten by economist Claire McAndrew of Arts Economics. The figure marks another decline in contemporary art sales, which have been declining since peaking at $8.5 billion in 2021. On the brighter side, the global art market edged up 4% last year, with sales totaling $59.6 billion, driven largely by a resurgence in the Old Masters, Impressionist and Post-Impressionist markets.
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“Buy one, get one free” deals have long been the art market’s not-so-secret handshake — collectors pushing the envelope on popular artists by agreeing to buy two works and donate one to a museum. This arrangement makes everyone involved happy: collectors gain access, institutions receive gifts, and galleries can claim they are nurturing artists’ long-term reputations rather than fostering speculation. At the height of the post-pandemic boom, these deals have become almost commonplace, especially for ultra-contemporary painters where demand outweighs supply. Now, according to The Art Newspaperthis practice is quietly fading. As demand cools and prices rise, the math no longer works as it once did. Collectors lose their financial advantage, and galleries no longer need the same gatekeeping mechanisms when buyers are easier to find. While such transactions have not completely disappeared, they have receded to a smaller market share and are sometimes replaced by outright cash donations. This shift reflects changes in leverage: In today’s market, participants are more selective and far less desperate.
