Art market

Sotheby’s UK profits dropped by almost a quarter last year amid 'Brexit red tape'

An auction house spokesperson says Companies House figures do not represent full scope of business

New York’s Malin Gallery to close after eight years in Chelsea

The contemporary art gallery will shutter amid allegations of overdue payments to artists and vendors

Jeff Poe steps down from Blum & Poe, a mainstay of the Los Angeles gallery scene

Jeff Poe and Tim Blum have been running the gallery together since 1994

Angela Flowers, dealer at the heart of British art for 50 years, has died aged 90

Flowers built a global empire from Hong Kong to Hackney and always championed artists

Bored Ape Yacht Club collectors sue Sotheby’s over NFTs auction

The auction house’s 2021 sale helped lend legitimacy to the line of cartoon apes, the plaintiffs claim, and was “misleading promotion”

Chelsea gallery Hollis Taggart expanding again despite fears of a slowing market

The gallery’s space will grow by nearly 700 sq. ft thanks to an expansion into the space next door

Art marketinterview

'Bruton has been better for business than London ever was': Bo Lee and Workman founders on opening a gallery in Somerset

Jemma Hickman and Alice Workman have pooled their talents and launched a gallery just off the trendy town of Bruton's high street

Leonardo's $450m Salvator Mundi returns as an NFT

The Mona Lisa and Van Gogh’s Starry Night have also been released as digital assets

Phillips launches Dropshop, selling newly commissioned works direct from artist to collector

The auction house is pursuing the primary market with the new digital platform, which will sell monthly "drops" of limited editions by artists such as Cj Hendry

Chicago dealer Kavi Gupta denies withholding payments of more than $600,000 from artist Jeffrey Gibson

Chicago dealer Kavi Gupta denies withholding payments of more than $600,000 from artist Jeffrey Gibson, who will represent the US at the 2024 Venice Biennale

Can private funds soothe public cuts? Frieze London looks to boost UK arts sector with launch of new awards and initiatives

Celebrating its 20th anniversary, the fair has announced a spate of schemes playing matchmaker between philanthropic groups and organisations in need

JTT, a closely watched New York gallery unafraid to take risks, will close permanently

The gallery, which moved to Tribeca in 2022, will shutter when its current show comes down on 11 August

Art marketanalysis

Does the punishment fit the crime? Art fraudsters face erratic sentencing

Recent high-profile cases, such as those of Daniel Elie Bouaziz and Angela Gulbenkian, demonstrate that lengths of sentences vary widely, with little consistency in judges’ reasoning

Art and Bollywood go off to the races: Mumbai to get first major art fair this November

Art Mumbai, run by the founders of one of India’s biggest auction houses, will see around 50 galleries take part in its inaugural edition

Drake buys Tupac Shakur ring at Sotheby's for $1m

The Canadian superstar revealed himself as the Crown Ring's new owner in an Instagram story

EU dealers lobby to slash VAT rates on art sales

A directive that aims to create a single value-added tax system will enable member countries to set their own reduced rates internally

'Forget the Brexit blues: for art, London is still where it’s at'

There are plenty of encouraging dynamics in the city this summer

Revered New York non-profit Artists Space will bring live portrait-drawing sessions to The Armory Show

A mainstay of the downtown scene, Artists Space is the second non-profit given prominent placement at the fair under the Armory Spotlight initiative

Detroit-area photography dealer pleads guilty to $1.5m art fraud scheme

Wendy Halsted Beard was arrested last year after an FBI investigation

Art Basel names new director for Miami Beach fair

Bridget Finn, a partner at a Detroit-based gallery and co-founder of one of Brooklyn's legendary DIY spaces, will oversee North America's most important art fair

Dealer Massimo De Carlo to launch private foundation in northwestern Italy

The Italian gallerist's planned complex will be the first private hub dedicated to contemporary art in the province of Asti

Art marketanalysis

What goes around comes around: the art of finance

As a show at the Monnaie de Paris explores how money and creativity have been intertwined since the early 19th century, Sotheby’s is set to move into the Whitney’s former home

Frieze buys The Armory Show and Expo Chicago

The London-based franchise expands further into the US market with the acquisition of two of its largest fairs

Could we be on the verge of another art market crash?

With auction sales faltering and a respected commercial gallery going into administration, Ben Lewis sees echoes of the slump of 2008

Simon Lee Gallery enters administration following tax dispute

The London commercial gallery is now under the control of insolvency practitioners after a petition from Barclays Bank

Trial of Parisian antiques dealer accused of forging French furniture delayed due to ill health

93-year-old Jean Lupu, who allegedly faked 17th- and 18th-century royal furniture, and his wife say they are unable to stand trial due to illness and stress

The Photography Show fair will relocate to New York’s Park Avenue Armory in 2024

The long-running photography fair was last held at the Upper East Side institution until 2016, when it decamped to Midtown

Phillips launches annual David Hockney auction in London

The standalone sales come off the back of numerous high-profile projects involving the British artist

Art Market Hamptons fair postponed until 2024

The Hamptons’ longest-running art fair has been called off this year due to “unforeseen logistical issues”

Auctionsanalysis

Long-lost canvas by Flemish painter Michael Sweerts propels Christie's Old Master sale in London to its best result in seven years

The auction house made £53.9m (with fees) from 38 lots, and saw a new record established for Fra Angelico