Art Business Conference Addresses Market Shifts

News Summary

The sixth edition of the Art Business Conference brought together over 200 participants from the art sector to explore the evolving art market amidst economic uncertainties. Key discussions included the impact of tariffs, buyer behavior shifts, and legal complexities in art transactions. Notably, Christie’s reported robust recent sales, signaling resilience despite challenges. Experts underscored the importance of succession planning for galleries as generational wealth transfers reshape sales dynamics. Attendees were cautioned on using AI tools for sensitive artistic work, stressing the need for intellectual property protection.

New York – The sixth edition of the Art Business Conference took place in Midtown Manhattan on May 22, 2025, drawing over 200 participants from all sectors of the art world, including gallery staff, auction specialists, art lawyers, shippers, and insurers. The annual conference, founded by Louise Hamlin, aimed to provide insights into the evolving state of the art market amid current economic concerns.

During the conference, which was chaired by Julia Halperin, former Artnet executive editor, several panels and discussions took place, featuring leading professionals from the art industry. A central takeaway from the event was that the art market is experiencing a recalibration following a period of robust sales. Economic uncertainty and rising interest rates are prompting adjustments among buyers and sellers.

Christie’s CEO Bonnie Brennan reported that the auction house’s recent sales totaled $700 million, surpassing figures from the same months in previous years. This statistic highlights a degree of resilience in the market, despite some underlying challenges. Brennan pointed out that bidding wars for works by female Surrealists and pieces by artist Simone Leigh showcase continued interest and vitality in certain segments of the art industry.

Art market advisors, Megan Fox Kelly and Alex Glauber, characterized the recent sales as “more measured,” suggesting that although the market is adjusting, it is not in crisis. Clients are reportedly becoming more selective with their purchases, indicating a shift in buyer behavior.

The conference also tackled the issue of tariffs and their implications on the art market. While most artworks remain exempt from tariffs, there is prevalent confusion regarding raw material costs and compliance requirements. Kinsey Robb from the Art Dealers Association discussed the broader impact tariffs have on market activity and the compliance challenges that galleries face.

Legal discussions during the event highlighted the complexities surrounding international art transactions, particularly concerning the country of origin related to tariffs. For instance, artworks created by French artists in China would be classified and taxed as Chinese art. This adds another layer of complication for gallery owners and art dealers navigating global markets.

Experts at the conference expressed that the future of the art market remains uncertain, advising participants to prepare carefully for ongoing shifts within the industry. One focal point of discussion was the largest transfer of generational wealth presently taking place and its anticipated effect on market dynamics over the coming years. This shift is expected to diversify sales categories, particularly with the rise of non-fungible tokens (NFTs) and emerging artists gaining prominence.

Additionally, several workshops and panels addressed the transition of galleries as founders step down, underscoring the importance of early succession planning. The need for transitioning gallery brands was emphasized as a critical component for long-term sustainability in the changing landscape of the art market.

Lastly, attorney Aimee Scala presented caution regarding the use of free AI tools for sensitive artistic work due to privacy concerns. This advisory underscored the importance of protecting intellectual property across various industries, including the art world.

As the art market navigates these complex challenges, professionals are urged to be proactive in adapting to new realities, ensuring they remain resilient and forward-thinking in response to the ongoing economic and regulatory changes affecting the industry.

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