So... how is the art market doing these days?
If you want to know the answer, you’re in luck, because the latest issue of Artnet’s biannual Intelligence Report just dropped. It’s a special edition, marking the five-year anniversary of the report, which we debuted back in 2018 as a way of fusing Artnet’s unparalleled market data with the industry-leading abilities of our market journalists.
Unfortunately, the findings this time around are less than festive—in fact, the art market has taken a major hit this year.
To quickly review a few bracing data points collected between January 1 and May 20 of this year—auction sales of trophy lots $10 million dollars and above plummeted 51 percent compared to the equivalent period last year; the fine-art auction market as a whole tumbled 14 percent, to $5 billion dollars worldwide; and, tellingly, the much-speculated-upon Ultra Contemporary art sector of work by artists born after 1974 fell down by 26 percent.
After years of steady growth in the market, these are very troubling numbers—and if you’re an auction house, or an auction consigner, you may be a little freaked out right now.
So hat does this mean? Should art professionals be panicking in the streets? Or should they be doing something else… and maybe making a lot of money in the process?
Recently these questions were at the heart of a live conversation, exclusive for Artnet Pro members, that editor in chief Andrew Goldstein conducted with the Art Detective columnist herself, senior reporter Katya Kazakina, based on Katya's tour-de-force cover story on the state of the art business in the new Intelligence Report.

Why the Art Market's Struggles Spell Opportunity

A weekly podcast that brings the biggest stories in the art world down to earth. Go inside the newsroom of the art industry's most-read media outlet, Artnet News, for an in-depth view of what matters most in museums, the market, and much more.

Arts

Literature

Performing Arts

Design

Food

Fashion & Beauty

Visual Arts

News

As anyone who has been listening to this show recently will already know, the world's largest and most closely scrutinized art event—the Venice Biennale— is now open in Italy. Every two years, different countries compete for the attention of art lovers and judges with individual national pavilions. For the 2024 Biennale, among the most talked about is that of the United States, which chose Jeffrey Gibson as its representative artist.
Gibson is one of the most visible artists currently working, and with his Cherokee and Choctaw heritage, he is also the first Native American to represent the U.S. in Venice. Representing your country at the Biennale is among the highest honors that any artist might receive, and also among the most fraught. Even from this show's title, which is "The Space in Which to Place Me," you can tell that Gibson is pondering what national representation means.
Gibson has transformed the U.S. pavilion's brick exterior with prismatic murals. Inside you find a spectacle that is clearly the work of vast amounts of team labor. There are 10-foot-high figures with ceramic faces draped in beads, ribbons, and large fringe; sculptures of large birds and human busts meticulously decked out in detailed rainbow bead work. Vibrant paintings that incorporate artifacts by unknown indigenous makers were sourced from estate and garage sales.
Meanwhile, a bright red central chamber contains one of the types of work that has become Jeffrey Gibson's signature, a punching bag that he has transformed via intricate bead work into a hanging sculpture, this one featuring the vaunted phrase, "we hold these truths to be self-evident." Whether that line refers to the truths of the Declaration of Independence that it is citing, or to the truths of the other art that surrounds it, you have to decide for yourself.  Gibson's pavilion climaxes with a nine screen video installation featuring a dancer performing a traditional Ojibwe powwow dance to a techno beat, the images ultimately breaking apart into kaleidoscopic abstraction in its mix of historical references and pop, and above all, in its color and warmth.
"The Space in Which to Place Me" is a fine introduction to the themes that define Jeffrey Gibson's career. In the lead up to the opening, host Ben Davis spoke with him about his long road to the Venice Biennale.

How Jeffrey Gibson Went from Almost Quitting Art to the Venice Biennale

It is time for another edition of the Art Angle Roundup, where we look at some of the biggest headlining stories of the past month. But really, let's be honest, in the art world there's just one headlining story, and that is the 60th edition of the Venice Biennale, the so-called "Olympics of the Art World," which opened to the public last Saturday, April 20.
Brazilian curator Adriano Pedrosa's "Foreigners Everywhere" was a major feat, and it brought together more than 330 artists and collectives, the vast majority of whom have not been seen at the Biennale before. So it was truly exciting. And all over Venice, there were scores of collateral shows, galleries that brought their own exhibitions, private foundations pulling their weight as well with all of their palazzos.
Suffice to say, the lagoon was busy.
As we know, it's a challenge to get anywhere fast in a city without cars and bikes, and it's very easy to get lost along the way, but there is, naturally, a lot of great art to see. This week, Art Angle co-hosts Kate Brown and Ben Davis are joined by acting Editor in Chief Naomi Rea, who were all together at the vernissage and are now back to remotely chatting from Berlin, New York, and London respectively.
After a very busy week, a look back at what it was like on the ground in Venice, beginning with the main show curated by Pedrosa (who was a recent guest on the podcast); the protests that took place around the Biennale art week; and finally the national pavilions, the nation-state pavilions, and all of the hits, misses, and stories that came out of it.

The Art Angle Roundup: On the Ground at the Venice Biennale

The art press is filled with headlines about trophy works trading for huge sums: $195 million for an Andy Warhol, $110 million for a Jean-Michel Basquiat, $91 million for a Jeff Koons. In the popular imagination, pricy art just keeps climbing in value—up, up, and up. The truth is more complicated, as those in the industry know. Tastes change, and demand shifts. The reputations of artists rise and fall, as do their prices. Reselling art for profit is often quite difficult—it’s the exception rather than the norm. This is “the art market’s dirty secret,” Artnet senior reporter Katya Kazakina wrote last month in her weekly Art Detective column.
In her recent columns, Katya has been reporting on that very thorny topic, which has grown even thornier amid what appears to be a severe market correction. As one collector told her: “There’s a bit of a carnage in the market at the moment. Many things are not selling at all or selling for a fraction of what they used to.” For instance, a painting by Dan Colen that was purchased fresh from a gallery a decade ago for probably around $450,000 went for only about $15,000 at auction. And Colen is not the only once-hot figure floundering. As Katya wrote: “Right now, you can often find a painting, a drawing, or a sculpture at auction for a fraction of what it would cost at a gallery. Still, art dealers keep asking—and buyers keep paying—steep prices for new works.” In the parlance of the art world, primary prices are outstripping secondary ones.
Why is this happening? And why do seemingly sophisticated collectors continue to pay immense sums for art from galleries, knowing full well that they may never recoup their investment? This week, Katya joins Artnet Pro editor Andrew Russeth on the podcast to make sense of these questions—and to cover a whole  lot more.

Why Are Art Resale Prices Plummeting?

Next week, the art world will descend into the Venetian Lagoon for the Venice Biennale, the most highly anticipated art event of this year. The Brazilian curator Adriano Pedrosa is at the helm of the prestigious group exhibition, which is now in its 60th edition, and his show includes more than 300 artists and collectives presented in the historic Arsenale and the Central Pavilion in the Giardini. Many of these artists, who are largely based or from the global South, are on view for the first time in these revered spaces.
There are multiple ways to look at the show and its title "Foreigners Everywhere," which is inspired by a famous work of the same name by artist collective Claire Fontaine. It is both an acknowledgement of the artistic positions of exile of the immigrant or outsider, but also importantly asks of the audience to think about who exactly is a foreigner... and who is not. Pedrosa argues that deep down we are all foreigners, and this exhibition, which the curator describes as a "provocation," arrives as the world is facing a multitude of emergencies centered around the very concepts of exile and belonging.
Just as everything was coming together over the last weeks ahead of the April vernissage, Artnet's Kate Brown spoke to Pedrosa about what visitors can expect from "Foreigners Everywhere" and his overarching vision for the show. He shared his views on how one should navigate an exhibition of this scale, and discusses his background as a curator in São Paulo, which included organizing pioneering exhibitions of marginalized perspectives and histories during Jair Bolsonaro's populist reign in Brazil. The two also speak about Pedrosa's understanding of what it means to be a foreigner from both a political and artistic perspective.

Why Adriano Pedrosa Sees His Venice Biennale As 'Paying a Debt'

Every two years, the Whitney Museum of American Art returns with its signature and much-anticipated biennial. Founded in 1931, the Whitney Biennial is one of the most historically important art events in the United States, a survey that brings together artists from throughout the country, and more recently, from around the world. Often controversial, the Whitney Biennial is viewed by art fans as more than just a show to enjoy. It is closely scrutinized as a statement about art now.
Well, the 2024 edition of the Whitney Biennial has just opened here in New York, with the title “Even Better Than the Real Thing.” It is curated by Meg Olni, a curator-at-large, and Chrissie Iles, a veteran Whitney curator. It features just a little more than 40 artists laid out across the museum's galleries. Artnet's critic Ben Davis has written a take on the 2024 Whitney Biennial for Artnet—and so has Danielle Jackson, a critic and Artnet contributor. So, how does this show feel, how does it stack up to previous editions, and what does it all mean? Two art critics got together to hash it all out.

Why the Art Market's Struggles Spell Opportunity

Download our free app to listen on your phone