A few years back, electrifying bidding wars and monumental transactions routinely had us all on the edge of our seats in the auction room, but this sort of in-room excitement now feels a long way off. Although you wouldn't necessarily know it from the triumphant post-sale press releases that are just as routinely put out by the auction houses who are keen to signal confidence in the market and, of course, in their performance. But in 2023, there's no denying that the art market finally came back down to earth.
It took a breather for a combination of reasons, including rising interest rates, geopolitical uncertainty, and let's not forget the crypto crash. But the point is not to wax poetic about the state of the art market because Artnet's Intelligence Report is all about data, and we have the numbers to back it up.
Let's refresh with some top line figures: The average price of a fine artwork sold at auction last year dropped almost 16 percent from 2022. Total fine arts sales generated by the big three auction houses—that's Sotheby's, Christie's, and Phillips—dropped 23 percent year over year. And the total spent on fine art at auction in 2023 is down 12.7 percent.
This week we have two speakers here to pull back the curtain on the findings of the latest Intelligence Report, from a conversation first recorded exclusively for Artnet Pro members. First, is Artnet's investigative journalist Katya Kazakina, who won a 2023 National Arts and Entertainment award from the Los Angeles Press Club for her cover story of the last Intelligence Report.
Her feature story this time around is just as fascinating. It delves into the Oscar-worthy performances of those very auction houses. To the casual observer (and often, even to those in the art world) it's not that obvious how the houses carefully stage manage their proceedings and, sometimes, even the results. The practice has become all the more insidious following the repeal of a set of laws governing the auction houses in New York City. The second guest this week is Margaret Carrigan, another sharp market mind and the editor behind our insightful Artnet Pro newsletter "The Back Room."
Read the full story at the heart of Katya and Margaret's conversation, and the entire Intelligence Report, now.

A Peek Behind the Curtain at Auction Houses

Well, it is the end of March, spring has sprung, and April showers are coming in fast and furious. We're back with the monthly Art Angle Round Up, where we focus our attention on three headline-making stories that have made the rounds in the last month. This week, Art Angle hosts Ben Davis and Kate Brown are joined by Artnet brand editor William van Meter.

First up is the latest from controversy-machine Damien Hirst. The former YBA enfant terrible is back in the news for fudging the dates of his signature formaldehyde animal series, which itself follows the news from a few years ago that those same sculptures "leaked noxious gas." Next up is a conversation about the International Center of Photography (ICP), which celebrates its 50th anniversary this year. Ben's story, titled "How Do You Tell Photography’s History? ICP’s Big Birthday Show Embodies the Struggle" and William's "The Exquisite Life of Photographer David Seidner" broach larger questions about what ICP's vision is as a photography museum and more broadly address the state of photography today. Finally, it's our birthday! In February, we marked 10 years of Artnet News, and the trio revisits some of the biggest stories published over the last decade, and the future of art media.

Damien Hirst's Formaldehyde Fail, a Photo Star Rediscovered, and Artnet News Turns 10

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.

Two Critics on the Whitney Biennial

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'

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?

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.

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

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

There is a lot to unpack—literally and figuratively—in the Metropolitan Museum’s new Costume Institute show, “Sleeping Beauties: Reawakening Fashion” which opens on Friday May 10.
It’s about nature and the cycle of life (and as it turns out, there is a lot about death). It also touches on chemistry, biology, mythology, and so much more, all told through the lens of fashion. Added to this litany of themes, the show also tells the story of The Met itself, and the goings-on behind the scenes. It’s about how archived garments are preserved and how they are disintegrating. It’s not just about clothes, but about how they were worn and who wore them. It tells the story of us.
It's a visceral exhibition of over 400 years of fashion that engages the senses. It can be a heady experience. There are the sounds of waves crashing, and birds calling, and poems being read aloud. There is textured wallpaper you can touch—and courtesy of the German artist Sissel Tollas, wallpaper you can scratch and sniff and tubes you can snort. Frankly, this portion of the exhibit kicks like a mule and is unforgettable, with scent being such a powerfully triggering memory force.
“Sleeping Beauties” was curated by this week’s guest Andrew Bolton, the Curator in Charge of The Costume Institute at The Metropolitan Museum of Art, who previously helmed such blockbusters as "Alexander McQueen: Savage Beauty," "China Through the Looking Glass," and "Heavenly Bodies: Fashion and the Catholic Imagination," which were some of the most visited exhibitions in the museum’s entire history. Today’s fashion-exhibit-heavy museum landscape has a lot to do with Bolton’s successes, but with his trained anthropologist’s eye, he never fails to zero in on the intellectual and human connotations in the garments.

Andrew Bolton, The Reanimator: Life, Death, and Sleeping Beauties at the Met

What is a connoisseur? Who can be one? What role do they play in shaping tastes of the art market and the large expanse of art history?
There's perhaps no better place to ask these kind of questions than at TEFAF, the many splendored Dutch fair where art, antiquities, and antiques take center stage. Each spring, the event returns to New York City and a swath of visitors—international and local, new and returning, celebrity and, well, not—flock to the storied Park Avenue Armory. Last week amid those festivities, as dealers sold every kind of treasure from ancient Roman sculptures to contemporary Korean paintings, Artnet and TEFAF
hosted a panel  featuring
three experts discussing the state of connoisseurship today, and how a new generation of collectors is approaching that field.
This week, listen to a recorded version of that lively conversation moderated by Artnet Pro Editor Andrew Russeth, joined by Adam Charlap Hyman, Principal at Charlap Hyman & Herrero; Eleanor Cayre, Art Advisor, Cayre Art Group; and Ebony L. Haynes, Senior Director, David Zwirner & Director, 52 Walker.

What 'Good Taste' Looks Like in 2024

Land art, the movement which emerged in the 1960s and 70s with artists such as Robert Smithson, Nancy Holt, and Michael Heizer erecting monumental works in far-flung destinations, is widely regarded for its engagement with the environment and its elements. These remarkable installations are crafted in concert with the Earth, meant to evolve as sun, storms, and seasons weather them continuously over time.

But what if you homed in on the core of this concept, creating sweeping land artworks in ways and places where they would be truly temporary, imprints made for a moment before disappearing back into the Earth? This is the crux of California-based artist Jim Denevan’s dynamic practice, which involves interacting with topographies and terrains to craft ephemeral compositions that play with the impermanence of our ever-changing world.

Since the mid-1990s, Denevan has traversed the globe creating unfathomably massive works in sand, earth, and ice, often using no more than a rake, stick, or even the soles of his feet. He has etched miles-long Fibonacci circles in Siberia’s frozen Lake Baikal, drawn shore-spanning spirals in San Francisco’s Ocean Beach, and sculpted concentric rings of sand mounds at international public art exhibitions Desert X AlUla in Saudi Arabia and Manar Abu Dhabi. His work has been featured in institutional shows at MoMA PS1, the Peabody Essex Museum, and the Yerba Buena Center for the Arts, as well as the Oscar long-listed documentary Man in the Field, which explored Denevan’s artistic career and his culinary trajectory as the founder of Outstanding in the Field, a roving restaurant set where food is sourced to connect diners with the origins of their meals.

This spring, Artnet collaborated with Denevan on an original project, titled “You Only Live Once,” showcasing the all-new 2024 Lexus GX alongside the artist bringing to life an incredible land artwork in Lake Harper north of Los Angeles. Taking the shape of the universal number “1,” the more than quarter-mile piece is a dramatic testament to making the most of our time on this Earth by confidently pursuing our curiosities and drive for adventure.

Art Angle Presents:Jim Denevan, Creating Massive Land Artworks That Are Here Today, Gone Tomorrow

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.

Damien Hirst's Formaldehyde Fail, a Photo Star Rediscovered, and Artnet News Turns 10

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