The global art auction market experienced a significant decline in value last year, with sales falling by a third compared to 2023. The Chinese market plummeted by 63% to $1.8 billion, while major hubs like New York, London, and Paris saw declines of 29%, 28%, and 21%, respectively. This cautiousness among collectors is attributed to global economic uncertainty. Notable artists such as Mark Rothko, Jasper Johns, Ellsworth Kelly, and Jean-Michel Basquiat have seen reduced sales, with Picasso's value dropping to $223 million in 2024, a third of the previous year's total.
https://www.businesstimes.com.sg/lifestyle/global-art-market-slumps-chinese-auction-sales-plummetThe global art auction market experienced a significant decline in 2024, with sales plummeting by a third compared to the previous year. The Chinese market was particularly hard hit, with a 63% drop in proceeds, contributing to the overall decrease. Major art hubs such as New York, London, and Paris also saw steep falls, with values decreasing by 29%, 28%, and 21%, respectively. This downturn can be attributed to global economic uncertainty, leading collectors to become cautious. The total value of art sold at auctions globally fell to $9.9 billion, the lowest level since 2009.
https://www.scmp.com/lifestyle/arts/article/3301819/auction-sales-art-plunge-chinese-market-crashes-new-data-2024-shows?module=top_story&pgtype=sectionSan Francisco's Asian Art Museum has sued architect and construction company Swinerton Builders over a new $38m pavilion that failed to meet minimum museum-quality standards. The lawsuit comes as the city's museums, including the Fine Arts Museums of San Francisco, face potential budget cutbacks due to concerns from President Donald Trump's administration about their liberal policies.
https://www.theartnewspaper.com/2025/03/10/san-francisco-museum-layoffs-municipal-budget-deficitThe UK's business models of museums are under threat as they consider charging entrance fees to balance their budgets. The British Museum, among others, has raised ticket prices by 30% in an Olympics year to subsidize free entry for some visitors and regulate crowd size. This move follows the trend of many US museums, including MoMA, which recently increased its general admission price to $30. The decision comes as a cost of living crisis bites, with low pay for museum workers and decreased local authority spending contributing to financial struggles.
https://www.theartnewspaper.com/2025/03/07/tourist-admission-fees-at-uk-national-museums-would-be-ideologically-at-odds-with-their-global-collections-says-new-reportThe Art Newspaper's editor Anna Brady noted that Giovanni Antonio Canal "Canaletto" Bellotto was more focused on capturing the gritty aspects of his views rather than those of his uncle, Canaletto. This is evident in his sold painting "View of Verona with the Ponte delle Navi", which fetched £10.5m at Christie's London in 2021. The Wallace Collection has also been working to conserve its collection of Bellotto's vedute paintings of Venice, aiming to clean and analyze all 28 works by spring 2020.
https://www.theartnewspaper.com/2025/03/10/a-painting-of-venices-grand-canal-previously-thought-to-be-by-canaletto-has-been-attributed-to-his-teenage-nephewIn Johannesburg, artist Delaney's street art aims to bring joy and curiosity to residents by transforming uninviting public spaces. The city's history of apartheid is reflected in its current state of neglected sidewalks and safety concerns, making it rare for people to take a stroll. Delaney's work seeks to change this by creating unexpected pieces of art that spark smiles and questions among passersby, highlighting the need for beauty and community engagement in the city.
https://africanews.com/2025/03/10/delaneys-sculptures-transforming-johannesburg/The month of March is packed with various events in Delhi, including live music under the stars, pampering for humans and animals, and a diverse lineup of immersive cultural experiences. The National Capital Region (NCR) will host several exciting events, including a curated experience that combines art, food, and culture.
https://www.news18.com/lifestyle/exciting-events-to-look-forward-to-this-march-9255789.htmlThe graffiti at CRB in Dhaka, created on March 7, has become a powerful symbol of Bangladesh's struggles for freedom. The artwork, which appeared after the July 5 uprising, is a poignant reminder of the nation's aspirations for genuine freedom and intellectual leadership. Authorities are now facing pressure to acknowledge its significance and protect it from being erased like other politically charged artworks.
https://www.tbsnews.net/bangladesh/latest-hobeki-graffiti-sparks-intrigue-chattograms-crb-area-1088766London's art market is taking a pause to reassess and rethink following recent challenges, according to an analyst. The Eye of the Collector fair, held in the neo-Gothic setting of Two Temple Place, has introduced a new format with no stands, which some visitors found confusing due to the lack of labels. In response to the coronavirus outbreak, La Biennale Paris dealers have partnered with Christie's for online sales, blurring the lines between art fairs and auction houses. The Eye of the Collector fair is returning for its third edition, bringing together around 150 works from over 20 exhibitors in a unique setting.
https://www.theartnewspaper.com/2025/03/10/londons-eye-of-the-collector-fair-put-on-pause