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.
Deeper Dive: News & Info About This Topic
- Cultured Magazine: Salman Toor & Keith McNally on the Art Market
- Wikipedia: Art Market
- Artnet: Spring 2025 NYC Art Fairs Guide
- Google Search: Art Market Trends 2025
- New York Times: Auctions Art at Sotheby’s, Christie’s, Phillips
- Google Scholar: Art Auctions 2025
- Art News: New York Art Fair – Frieze Preview Market
- Encyclopedia Britannica: Art Fairs
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
