Art-Fair Economics: Why Small Galleries Do Art Fairs Even When They Don’t Make Money

As the middle market shrinks, many dealers are finding they can’t afford to do fairs—but they can’t afford not to, either. Think art fairs are all about sold-out booths, comfortable shoes, and exclusive dinner invitations? Think again. For many small to mid-size galleries, fairs—like Art Basel in Basel, which opens to VIPs today—are an increasingly […]

Art is not a luxury product like Hermes bags: Larry Gagosian (Video)

Gagosian Gallery owner Larry Gagosian on Friday explained why he doesn’t consider art to be a “luxury good” and how the art world has benefited from globalization. “It’s not a luxury good. It’s not a luxury product. I mean it may appear to people who buy Hermes bags, but it’s not a Hermes bag. Sometimes […]

Passion, Not Profit, Is the Biggest Motivator for Collectors, a New Study Says

The surprising results from a new study by Swiss bank UBS suggest that profit is rarely a driving factor. With the 2017 edition of Art Basel in Miami Beach—also known as the art world’s Black Friday—in full swing, Swiss bank UBS has released an extensive survey of art collectors that explores what motivates them, how […]

The State of Cool Britannia: Art Market in Review

When in the late 1980s and early 1990s, the Young British Artists announced themselves in an alcohol-fueled cacophony of controversy it looked as though the British art scene would never be the same again. Here was a media-savvy group untrammeled by artistic or behavioral politeness. Shock and outrage were a key part of their modus […]

Why Would Anyone Pay $450 Million for the ‘Salvator Mundi’? Because They’re Not Buying the Painting

An attempt to psychoanalyze the buyer of Leonardo da Vinci’s ‘Salvator Mundi.’ Every May and November, many around the art world wonder aloud—with varying degrees of frustration—why so much of the media fixates its auction coverage on star lots and gaudy prices. The 36-hour frenzy following Christie’s sale of Salvator Mundi (circa 1500), the so-called “Last da […]

The Art Market Moves East: How Gagosian, David Zwirner, and 14 Other Western Art Businesses Are Trying to Expand to Asia

China has been described as “the largest growth market for the art business, anywhere.” See how auctioneers and dealers are tapping into it. In the past year alone, no fewer than six galleries have opened or announced plans to open an outpost or office somewhere in Asia. Amid announcement after announcement, it may feel like […]

Yayoi Kusama and the Amazing Polka-Dotted, Selfie-Made Journey to Greatness

The artist of “Infinity” rooms has become an Instagram darling.  But two new gallery exhibitions in New York show that she’s much more than that — an almost frighteningly fertile talent. Sometimes I think Yayoi Kusama might be the greatest artist to come out of the 1960s and one of the few, thanks in part […]

Why Have There Been No Great Women Artists? (Linda Nochlin, From 1971)

Implications of the Women’s Lib movement for art history and for the contemporary art scene—or, silly questions deserve long answers. A version of this story originally appeared in the January 1971 issue of ARTnews. While the recent upsurge of feminist activity in this country has indeed been a liberating one, its force has been chiefly emotional—personal, […]

An Eye-Popping Mid-Century Apartment Filled With Pollocks, Klines, and de Koonings

If you had Ben Heller’s eye, you’d have picked 50 straight Derby winners, or signed 100 future Hall of Fame ballplayers when they were 17. “When I think of my old apartment on the Upper West Side,” says the tall, spry Heller, who is 91, “even I’m shocked.” In the mid-1950s, the talent he was […]

What It’s Like to Live With Art That Doesn’t Love You Back

At a time when art is as commodified as oil, a few collectors have chosen to buy works that are messy, perishable and threaten to take over their lives. PAUL LEONG, A YOUNG banker who lives in downtown Manhattan, spends an unusual amount of time thinking about square watermelons. He wonders where to get them, […]

Does Monet Beat the Dow? How Artworks Perform as an Investment

Everyone loves a story about collectors who bought art for a song and sold it for a million. Once in a blue moon, that actually happens. In the case of Impressionist art, though, dappled landscapes and dreamy portraits by Monet, Renoir, and Degas were oftentimes considered investments before the paint on the canvas had dried.   For answers, we […]

The Gray Market: Why Museums Can’t Compete With Private Collectors (and Other Insights)

FALSE EQUIVALENCE: Although I always advise caution about these reports, sales at this year’s freshly entombed Frieze and Frieze Masters were allegedly strong from the jump. Numerous exhibitors were eager to broadcast their results (or at least, pretend to) on VIP preview night. But rather than resurrect the issue of dubious honesty from self-interested actors in a consequence-free […]

What Is the Most Iconic Artwork of the 21st Century? 14 Art Experts Weigh In

How do you choose one defining artwork for a century still in its adolescence? Some of the art world’s leading figures take their best shot. Want to make an art historian laugh? Ask them to name the most iconic artwork of the 21st century. Turns out, it’s not so easy to single out the most […]

Dick Bellamy: The Man Hiding at the Center of Everything

He was slight and unassuming with a bushy mop of dark hair and deep circles under his eyes hinting at the alcoholic dissipation of a poète maudit. His voice was a suggestive murmur, both musical and raspy from smoking too much. Most people called him Dick. To friends he would announce himself as George, a […]

When Dealers, Too, Were Romantics

“Dealers are as important as the artists themselves,” the gallery owner Leo Castelli once said. “Hecannot exist without us, and we cannot exist without him.” Gendered language aside, Castelli’s remark captures the fragile symbiosis between those who make art and those who sell it. Lately, however, dealers have been having trouble keeping up their end of […]

Beyond Supply and Demand: How Artworks are Priced?

The pricing of artworks is not a simple matter. And while the basic economic principles of supply and demand do still apply to the art market, the factors that contribute to an artist’s “supply,” or the availability of their art for sale, and an artist’s “demand,” or how many collectors are willing to buy their […]

Billionaire Basquiat Collector Yusaku Maezawa Went Shopping at Leonardo DiCaprio’s St. Tropez Art Auction

Leonardo DiCaprio knows that if you want to sell a lot of art, you need to bring in the big guns. Among the guests at the actor’s recent star-studded charity auction in Saint-Tropez was Japanese collector Yusaku Maezawa. Best known for his record-setting $110.5 million purchase of a Basquiat at Sotheby’s in May, Maezawa went home from […]

Laing Brown on Collecting Contemporary Art

Sunday  May 28  2:00 – 3:30 – New Media Gallery Talk Laing Brown Talk: Collecting Contemporary Art New Media Gallery is delighted to welcome Laing Brown who will share his extensive experience, personal insights and passion for art in an enjoyable and accessible talk: Collecting Contemporary Art.  Laing lays out the 10 RULES for collecting  contemporary art, and will speak to […]

The art buyer’s dilemma: How to pass on your collection

Art collectors face a dilemma as they update their estate plans: What to do with a collection that is potentially worth hundreds of thousands or even millions of dollars? Whether they’ve bought the pieces as an investment or to fuel a passion, collectors heading into their retirement years are trying to figure out whether to […]

Art Goes Political, but Will That Fly on the London Market?

This will be remembered as a year when art got seriously political. The Whitney Biennial in New York and the inaugural Athens edition of Documenta are just two of the high-profile exhibitions trying to convey and confront the tumult of our times. Dana Schutz’s painting “Open Casket,” showing the mutilated corpse of Emmett Till, the […]