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Beyond the NFT hype cycle that dominated headlines in 2021-2022, blockchain technology is quietly establishing itself as a serious infrastructure for art provenance and authentication. While adoption remains gradual, the technology's real-world applications are expanding among major auction houses, galleries, and collectors seeking verifiable ownership records. In 2018, Christie's New York became the first major auction house to register a sale on blockchain with its $318-mil

Artificial intelligence is quietly transforming how the world's premier auction houses operate, though perhaps not in the dramatic ways headlines might suggest. Rather than replacing human expertise, AI is augmenting traditional connoisseurship in targeted, practical applications that are reshaping authentication, valuation, and buyer engagement. AI systems are analyzing vast databases of historical sales, market trends, and item characteristics to provide accurate pricing re

With the second edition of Tokyo Gendai set to commence in just over a month, Japan’s newest art fair has unveiled its programming, which includes a series of talks, curated exhibitions, commissions, and satellite events. The fair will take place from July 5 to July 7, with a VIP preview day on July 4, at Pacifico Yokohama. Seventy-two galleries are participating, including prestigious names like Almine Rech, BLUM, Perrotin, Sadie Coles HQ, and, for the first time, Pace Galle

Recent developments in the non-fungible token (NFT) art market have positioned Bitcoin as a dominant force. A significant surge of $8.3 million in sales over the past 24 hours has catapulted Bitcoin NFTs into a leading position. This comes as NFT.NYC week kicks off, generating heightened interest and introducing a new front-runner in the NFT market, surpassing other blockchains like Solana and Avalanche. Bitcoin has achieved prominence as the primary blockchain for NFT artwo

The global art market encountered substantial challenges throughout 2023, marked by a downturn in auction sales on both sides of the Atlantic and a noticeable absence of significant estates up for sale. However, despite these hurdles, the market experienced a modest decline of only 4 percent in value, estimated at $65 billion, according to the annual art market report jointly published by Art Basel and UBS. Notably, this figure exceeded the pre-pandemic estimate of $64.4 bill

The surge in online sales has markedly invigorated the lower echelons of the art market, potentially sounding the death knell for traditional showroom auctions, according to the chief executive of Artprice, a leading market analysis firm, which unveiled its annual report this month. Artprice reported a decline in the number of high-profile auctions in 2023 compared to the preceding year, resulting in an overall turnover reduction of 14%, settling at $14.9 billion. Nevertheles

Introduced in September 2022, the Charities Act authorizes charities, encompassing national museums, to divest themselves of artifacts when faced with a compelling ethical mandate. This was a departure from the constraints imposed by the National Heritage Act 1983, which limited the trustees of prominent UK institutions, such as Tate and the Victoria & Albert Museum, from removing items from their collections unless under specific conditions, for example, if an item is a dupl

In the resurgence of the art world post-pandemic, unconventional cities are gaining prominence as sought-after destinations for art enthusiasts and industry professionals alike. Five cities, often overlooked in traditional art circuits, are now emerging as vibrant hubs for creative encounters. 1. Busan, South Korea: While Seoul has attracted international attention, Busan, in the southeastern region, is enhancing its cultural standing. As a bustling port city, it serves as a

The dynamic realm of Non-Fungible Tokens (NFTs) continues to captivate and evolve, overcoming recent challenges to herald an anticipated era of substantial growth. Despite adversities like workforce reductions at OpenSea, projections indicate a robust surge from $1.6 billion in 2023 to a staggering $3.2 billion by 2027. This comprehensive exploration delves into the multifaceted aspects of the current NFT market, shedding light on key indicators, transformative potentials, re

The sale of significant single-owner collections has traditionally been a cornerstone of strategy for major auction houses, prominently including Christie's and Sotheby's, with Phillips also playing a role, though to a lesser extent. These institutions routinely engage in fierce competition, vying for substantial sums that can range from tens of millions to several hundred million dollars, all in an effort to secure valuable consignments from noteworthy living collectors and

The art world, once beleaguered by the challenges posed by the Covid-19 pandemic, is experiencing a renaissance in the realm of art fairs, and this upward trend is poised to persist into the coming year. In the initial throes of the pandemic, the abrupt halt to in-person art fairs prompted reflections within the art community on the financial, health, and environmental sustainability of transporting art and people globally. However, premature predictions of a significant indu

In the wake of the tumultuous journey through the Covid-19 pandemic, the art world now finds itself at a crossroads, grappling with the ramifications of inflation, soaring interest rates, and geopolitical conflicts. As Art Basel Miami Beach reaches its 21st year, where sun, sand, and champagne blend seamlessly with gallery displays, outdoor art installations, and beach parties, beneath the surface lies a narrative of change and recalibration within the global art business. In

The Australian art auction market in 2023 demonstrated resilience amid challenging economic conditions, including inflation, high interest rates, and global conflicts. Despite these challenges, total sales are expected to reach $140 million by the conclusion of the upcoming week, a figure nearly commensurate with the previous year's total of $143.93 million. Notably, the art market experienced an atypical surge in 2022, driven by the sale of works from the collections of Cbus

Highlights from the Fifth International Artwork Trade Week The Fifth Shanghai International Artwork Trade Week, held from November 9 to November 13, demonstrated a robust recovery in the city's art market, according to recent data released on Wednesday. The event, comprised of over 100 art fairs and 30 auctions as part of the annual Artwork Trade Week, underscores the municipality's ambition to position Shanghai as a premier global trading hub for art. During this year's iter

Sotheby's Recent New York Auctions and what they tell us about the state of the art market. The modern art sale conducted by Sotheby's on Monday evening witnessed robust bidding and favorable prices for artworks attributed to notable artists such as Claude Monet and Mark Rothko. However, the culmination of the New York auction portrayed a nuanced representation of collector interest, achieving a total of US$190.4 million, or US$223.3 million inclusive of fees. The final aggre

Sotheby's navigated a challenging sale; however, resilience persists within the market. In the midst of a conflicted region, Sotheby's conducted its Middle East sale on Tuesday, procuring high prices for select pivotal lots, albeit achieving a mere 54 percent sell-through rate. The extent to which this will assuage the apprehensions of observers within the Middle East art market, anticipating the reverberations of the Israel-Gaza conflict, remains uncertain and is significant

London remains the preeminent hub of the European art market. It consistently upholds its position as the epicenter of the art world, eclipsing the attention garnered by Paris. External factors, such as Brexit and the global pandemic, momentarily raised questions about whether London would relinquish its prominence to Paris. However, subsequent analysis has dispelled such conjecture as unsubstantiated. In the sphere of art commodification, London continues to assert itself as

Artist Kevin McCoy, known for his creation of the first NFT, has successfully defended his ownership of the token in a lawsuit which could form an important precedent. Kevin McCoy, Quantum (2014). Image courtesy Sotheby's. Artist Kevin McCoy, known for his creation of the first NFT, has successfully defended his ownership of the token in a lawsuit filed against him and auction house Sotheby's. The suit, filed by an anonymous plaintiff represented by Canadian holding company

The expansion of Western art businesses into the Asian market has been extensively documented. Notably, Hong Kong has emerged as a leading hub for the art market, hosting all three major auction houses and attracting prominent galleries such as Gagosian, Hauser & Wirth, and David Zwirner. In recent years, the art scene in Seoul has also gained momentum, resulting in the expansion of Gladstone and Pace galleries to the city. According to UBS and Art Basel's A Survey of Global

The Chinese art market in 2021 was surprisingly strong despite the pandemic and threats of a recession, according to the tenth annual Global