Despite a volatile, ever-changing global situation—with economic volatility, polarized electorate, and ongoing geopolitical tensions in headlines daily—the art market appears to be holding steady. Over the past five weeks, I’ve attended Zona Maco in Mexico City, Frieze LA, and Arco in Madrid, as well as followed the London and New York auctions closely. One thing is clear: though collectors are engaged, selectivity is key.
At Frieze LA, blue-chip names dominated. As I noted in the Artnet News article Hope Runs High at Frieze LA as Art Buys Drive Fire Relief, the show was a success both in terms of interest and purchasing. Sales were strong at the top end—David Zwirner placed an Elizabeth Peyton painting for $2.8M, while a Keith Haring work at Gladstone Gallery found a buyer for $2M. Early sales were brisk, with several works placed in major collections within the first hours of the fair.
At Zona Maco, Latin American artists saw healthy demand, with collectors focused on established names and works with strong provenance. Arco Madrid underscored Spain’s growing role in the international art scene. I’ve been spending more time in Madrid and expanding my expertise in Spanish art—something that resonates with both Latin American collectors in Miami and those moving to Spain, reflecting a deepening connection between these markets.
Auction results reinforced the trend: Christie’s London 20/21 Century Evening Sale landed at £82.1M, with 94% sold by lot, while The Art of the Surreal Evening Sale totaled £48.1M, with 96% sold by lot, confirming strong demand for top-tier works. Sotheby’s Modern & Contemporary Sale in London reached £62.5M, with 90% sold by lot, but saw mixed bidding, further proving that buyers remain highly selective. In New York, the February auctions followed a similar pattern—blue-chip works moved, but collectors passed on anything perceived as second-tier.
The market is stronger than it was six months ago, but being strategic in your buying is more important than ever. In this climate, even experienced collectors can benefit from a second opinion to confirm the wisdom of acquiring a particular work. If you’re looking to make a move—whether acquiring, selling, or refining your collection—I’m ready to help you navigate the opportunities ahead.
I’ll be in Madrid for most of June and have already scheduled several gallery visits and artist studio tours for clients. If you’d like to join, or if you’re interested in a deeper understanding of the Spanish art market and Madrid art scene, I’d love to chat.
3/15/25