"You could be forgiven for thinking at various points in the past year that it might be the end times for the global art industry. An ongoing wave of gallery closures, long stretches of lacklustre auction results, art fairs "pausing" or cancelling their forthcoming editions-it has all felt a bit grim, and it's only human to worry that the grimness will never end."
"There is another way of looking at the shake-ups and shutdowns that have defined the art trade in 2025. Instead of a collapse, the process might better be thought of as the right-sizing of an industry where collectors were not alone in making big speculative bets on enormous growth that simply did not materialise-at least, not on the timeline needed for them to pay off. With sympathy to the people who fell on hard times as a result, the industry overall may be wiser and better equipped after the pain."
"Philip Hoffman, the founder and chair of the Fine Art Group, one of the leading art advisory firms, points to a contrast between the expansion-rich years preceding 2023 and now. "What we saw is a massive ramping up of old models when the business was good in anticipation that the sky would go on forever," he says. "The last three years have shown that's not true at all.""
An ongoing wave of gallery closures, weak auction results, and art fairs pausing or cancelling editions has strained the global art industry. Recovery is likely, but returning to pre-2023 scale is questionable. Experts characterize recent shake-ups as right-sizing after speculative bets on sustained growth failed to materialize in the expected timeframe. The contraction has caused hardship for many, yet may leave the market wiser and more resilient. Some industry leaders are forming leaner, globally-minded advisory partnerships that prioritize complementary expertise over gargantuan scale. The new approach seeks sustainable operations suited to current demand rather than a return to expansion-driven models.
Read at The Art Newspaper - International art news and events
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