What is the story about?
What's Happening?
The art market is experiencing significant changes, as detailed in Artnet's Intelligence Report: The Mid-Year Report 2025. The report highlights recent upheavals, including numerous gallery closures and shifts in business models. The cover story by columnist Katya Kazakina explores these challenges, noting the impact on the art industry and the emergence of new strategies for running art businesses. Interviews with industry leaders, such as Mariët Westermann of the Guggenheim Museum, provide insights into the current state of the market and the adaptations being made by galleries and artists.
Why It's Important?
The changes in the art market reflect broader economic and cultural shifts, affecting artists, galleries, and collectors. The closure of galleries and the need for new business models indicate a transformation in how art is bought, sold, and appreciated. This period of upheaval presents both challenges and opportunities for stakeholders in the art industry, as they navigate the evolving landscape. The insights from industry leaders and the analysis provided in the report offer valuable guidance for adapting to these changes and ensuring the sustainability of art businesses.
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