The art market has been shaken by the closing of several high-profile galleries. In the first half of 2025 alone, Blum Gallery, Venus Over Manhattan, Kasmin Gallery, and Clearing all shut their doors. Reasons range from personal burnout to systemic strain and geopolitical pressures.
According to Artnet’s gallery tracker, nearly 60 galleries worldwide have closed in the past 12 months — a rate not seen since 2008.
Have we grown too accustomed to the art market’s relentless expansion, like the “too big to fail” banks of the 2008 financial crisis? Is it the harsh reality of a crumbling system or, perhaps, simply overreaction? As curator Carrie Scott noted in her response to the art world’s alarm: “Let’s stop pretending this is some art world-only apocalyptic drama.” She is right: it is not an isolated collapse but part of the cyclical rhythms of a global market, one deeply entangled with broader economic and political events – and let’s not forget the most unpredictable ingredient: humans.
While these listed closures are concentrated in the U.S., Europe is hardly immune: its market faces volatility of its own – geographically, politically, and morally. The direction remains unpredictable. Against these odds, large-scale infrastructure continues to show resilience – Art Basel reaffirmed its stronghold with the rebrand of Paris+ and will launch in Qatar in 2026 under artistic director Wael Shawky.
The 2025 Art Basel & UBS Global Art Market Report noted that mid-market sales in the €250,000–€1m range rose 6% across Europe, even as the ultra-high-end contracted.
These expansions underscore how durable global fair culture has become. At the same time, the gallery system itself is shifting: mega-galleries increasingly scoop up younger artists who once relied on small and mid-size spaces for their first career steps. As art advisor Allan Schwartzman observed earlier this year: “The middle is being hollowed out, with power concentrated at the poles of mega-galleries and nimble independents.”
In addition, generational change is accelerating shifts in taste and investment interest. With that comes a new set of values and heightened polarisation of art as a commodity vs. art as one of the most important human creations – two value streams we still seem unable to bring together in their flawed but necessary relationship.
Bank of America estimates that $84 trillion (€71.54 trillion) in wealth will change hands in the U.S. alone over the next two decades, reshaping the collector base.
Collecting always reflects time and worldview – and both are changing. This generational turn is influencing taste, even as demand for 19th- and 20th-century artists such as Picasso, Monet, Magritte, and Van Gogh remains robust. Scarcity and institutional prestige keep their prices high – the Neue Nationalgalerie in Berlin is even building a new museum space dedicated to 20th-century art (to be opened in 2026). While postwar and contemporary figures like Gerhard Richter, Yayoi Kusama, David Hockney, Jean-Michel Basquiat, Jeff Koons, and Simone Leigh compete for top auction slots, reflecting a younger, more global collector class.
Italy, meanwhile, is angling for a comeback. The government’s decision to cut VAT extensively has dealers buzzing about new liquidity. Italian dealer Massimo De Carlo suggested this move could “reset Italy’s international competitiveness, if paired with infrastructure support.” However, it remains to be seen whether tax incentives can outweigh the gravitational pull of a packed international fair calendar, with which Artissima has to compete, as they are all still coming this year – from Frieze London and Art Basel Paris to Art X Lagos, Art Cologne, and Art Basel Miami.
This week, Sotheby’s Hong Kong sold "There Was One Summer returning Over and Over; There Was one Dawn I grew Old Watching" (2023) by emerging artist Li Hei Di for a surprising double its high estimate - 2.6 million HKD (approx. €284,000).
Amid these mega-events and shifting power dynamics, the driving force of the ecosystem remains artists themselves and, in the process, the collectors whose sustained engagement supports them. Today’s art world is deeply globalised: galleries and institutions operate across multiple cities, artists are represented internationally, and collectors diversify across regions and media. Against this backdrop, the myth of exclusivity – the art market’s infectious desire – deserves reconsideration within the contradiction between a cluttered art calendar and VIP mentality. Is the future still about scale, global reach, and dominance? Or will the next chapter be defined by smaller, more meaningful engagements: deep, sustained relationships with art, artists, and their markets? Maybe closures speak more about a longing to connect, slow down, and take time.
As 2025 enters its final stretch, Art Basel reports “surprisingly high-end results, mid-market resilience, new collaborations, and a rising French market” – hardly a surprise with Art Basel Paris around the corner. Yet beneath the glamour and speculation, one truth remains: the art market is among the most unregulated and volatile arenas we have. That volatility is part of its magic and seduction, but also a warning for investors. The best advice for both collectors and artists is to invest in the human side of the art world – relationships, genuine engagement, and long-term commitment – rather than chasing the fleeting promises of glamour and fame.