Editor’s Note: This story was originally featured in On Balance, the ARTnews newsletter covering the art market and more. Subscribe here to receive it every Wednesday.
May is a significant time in the art world of New York. Art fairs pop up all over the city, from Hudson Yards to Gowanus to the Estonian House on East 34th Street. Galleries rush to put on impressive exhibitions, and collectors juggle multiple dinner reservations between Tribeca and the Upper East Side. The auction houses are not far behind, with their lineup of prestigious evening sales. By Memorial Day, the art world has given its verdict on the current market, with only Art Basel standing between the end of spring and summer getaways in the Hamptons or Mallorca.
In previous years, the New York fairs were spread out over early and mid-May. However, this year, everything is crammed into one jam-packed week starting with the VIP preview of Frieze on Wednesday. With the market currently undergoing a significant adjustment after two years of declining sales and uncertainty due to the Trump tariffs, the stakes are higher than ever.
Last month, following the release of the annual Global Art Market report by Art Basel and UBS, I referred to the current situation as the „Great Bifurcation.“ The report indicated that global sales decreased by 12 percent last year to $57.5 billion, marking the second consecutive year of substantial contraction. However, it also showed a three percent increase in transaction volume, indicating not a collapse but a fragmentation of the market. Sales above $10 million dropped by 39 percent and now represent only 18 percent of the market’s value, while works priced under $50,000 have gained a larger market share.
Art advisor Candace Worth stated earlier this week, „There’s no doubt we are in a difficult moment. There’s so much unpredictability. The general sentiment among the art-buying public seems to be that they don’t want to spend above a certain price point until they feel a little more confident about what’s going on, globally, financially, politically.“
Worth also pointed out that the current market environment is influenced by the buying spree that occurred before and after the pandemic. The unstable economy plays a role, but there is also a „buying hangover.“
Despite the challenges, collectors are still making purchases, albeit at lower price points. Many dealers have observed buyers being cautious at higher prices and more active at lower levels. This trend could result in a surge of lower-priced works at this week’s fairs.
For example, at Independent last year, most sales were made in the $10,000 to $20,000 range, even though only around 200 works fell into that price category at the fair, according to founder Elizabeth Dee. This year, she anticipates a significant increase in the inventory and sales of such works.
Smaller galleries like Magenta Plains are also experiencing momentum, with an increase in sales despite several gallery closures in recent years. According to the Art Basel UBS report, galleries with turnovers under $250,000 saw a 17 percent sales increase last year, while blue-chip dealers faced a nine percent decline.
While the market poses challenges, optimism remains among market insiders from Los Angeles to Dubai. Some see this as the right time to buy or open a gallery, taking advantage of the distracted world to capture attention.
In conclusion, the art world is in a state of transition, with new collectors emerging and traditional collectors reassessing their strategies. The future remains uncertain, but as galleries and collectors navigate this evolving landscape, one thing is clear: the art market will continue to evolve and adapt.
Ortuzar Projects is following a similar strategy. TEFAF and Marc Selwyn Fine Art have teamed up to showcase works by Lee Bontecou, featuring a sculpture priced above $9 million. Over at Frieze, they will be displaying still lifes by Joey Terrill ranging from $50,000 to $75,000.
Thaddaeus Ropac, the Austrian dealer, remains cautiously optimistic about the art market. He notes that there has been less activity compared to previous years, but sees this as an opportunity for deeper discussions with collectors and curators. Ropac’s booth at Frieze includes works by Oliver Beer, Alex Katz, and Georg Baselitz at varying price points. At TEFAF, he is showcasing Daniel Richter paintings around $475,000.
This week’s art fairs in New York are not just about sales and networking but also serve as a reflection of the art world’s standards and preferences. New York continues to be a hub for the art market, with dealers and auction houses recognizing the value of well-priced, high-quality work.
The various fairs happening this week include Frieze New York at The Shed, TEFAF New York, Independent Art Fair, NADA New York, 1-54 Contemporary African Art Fair, and Esther II. Each fair offers a unique perspective on the art world, showcasing diverse artists and galleries from around the world. Esther positioniert sich nicht als Marke – es ist ein kuratorisches Werkzeug: reaktionsschnell, projektgetrieben und unbelastet von Kontinuität.
Dirigentenvorschau bei Powerhouse Arts (7.-11. Mai)
Bildnachweis: CONDUCTOR Art Fair
Ein Vorgeschmack auf den vollen Start im Jahr 2026, Conductor eröffnet bei Powerhouse Arts mit Arbeiten von Amanda Phingbodhipakkiya, Khaled Jarrar, Modupeola Fadugba und dem brasilianischen Kollektiv MAHKU. Sein Fokus: Künstler und Galerien aus der „Globalen Mehrheit“. Als Herausforderung der strukturellen Grenzen von Legacy-Messen konzipiert, testet Conductor nicht nur, wer zeigen darf – sondern wie sich das gesamte Modell entwickeln könnte.
Zusammen repräsentieren diese Messen nicht nur Internationalismus – sie hinterfragen, was es bedeutet.
Vergessen wir nicht, mit all dem Marktwahnsinn, der über uns hereinbricht, dass diese Woche der Kunst gewidmet ist. Es gibt eine Vielzahl von nicht zu verpassenden Shows in den besten Museen und Galerien der Welt. Tun Sie sich selbst einen Gefallen und besuchen Sie einige von ihnen.