As Art Basel’s flagship fair in Switzerland kicks off June 18, the blue-chip art market has made a comeback for top galleries and their ultra-wealthy collectors. We recently reported that tod…
As Art Basel ’s flagship fair in Switzerland kicks off June 18, the blue-chip art market has made a comeback for top galleries and their ultra-wealthy collectors.
We recently reported that today’s SpaceX IPO will only keep the good times rolling. But away from the overall rebound, LA’s art market is headed in a much different direction, we’re told. One famous gallerist told us that he can’t get clients to come to his art space, while one young art adviser told us at LA’s Frieze fair that price points at the booths were vastly below the sums being fetched at fairs in Miami, London, Basel and beyond.
We heard an even more dire forecast this week from one of LA’s top collectors, who said that they’ve recently heard that some of the town’s top dealers are totally giving up hope and focusing their attention on their other global gallery spaces — as no one’s buying art in LA. Said an insider, “It’s the same reason homes aren’t selling in LA.
” The well-known name even went one step further saying, “Look, LA is a sh—y place to live right now. There’s no social life, the entertainment community has its head in the sand and people aren’t working… There are a lot of big hats with no cattle. You don’t want all hat, no cattle. In Silicon Valley, they’ve got big hats and lots of cattle right now.
”But at the same time, a report earlier this year by Art Basel with UBS showed public and private art sales went up by 6% in 2025, hitting $25 billion, and reversing two consecutive down years. And JPMorgan Private Bank’s art-financing portfolio grew 90% in the past three years, as clients are “using fine art-backed lending to diversify liquidity,” a senior lending specialist at the bank told Business Insider in April.
Christie’s, Phillips and Sotheby’s made $2.2 billion in sales last fall at auctions, as a number of estate collections went up for grabs from families like the Lauders and the Pritzkers.
Please follow us on Google to support us United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Art Of Defending: 2022 U.S. World Cup Defender Breaks Down Key Traits For Top PlayersWalker Zimmerman breaks down what it takes to be an elite soccer defender and reveals his two favorites to watch.
Read more »
Why Broncos May Be 'Potential Landing Spot' for QB Mason RudolphWhy the marriage could happen, and why it likely won't.
Read more »
How Cheech Marin helped the ‘Godfather of West Coast graffiti’ break into the art worldA new art exhibition reunites the actor and comedian (and advocate of Chicano art) with Los Angeles graffiti artist Chaz Bojórquez and declares: 'Chicano art is American art.'
Read more »
Qatar vs Switzerland Predictions, Picks & Odds — Saturday, June 13 World Cup MatchQatar vs. Switzerland predictions, picks, and odds for the 2026 World Cup on June 13. Switzerland's depth and defensive structure make them a strong bet to win by three or more goals.
Read more »