New York Art Market Continues to Thrive Despite Covid Crisis and Executive Exodus

Since the Covid crisis, New York has lost some of its glamour. Greater urban violence. Number of executives fleeing the city… The hyperdynamic megalopolis nevertheless continues to be the first city in the world in terms of the art market. This is due to a high density of particularly wealthy collectors, driven by a spirit of competition. But still at extraordinary auctions, like the highly anticipated one in November 2022 at Christie’s of the collection of Paul Allen, the founder of Microsoft, which could exceed one billion dollars.

This is also due to a particularly dense network of galleries, some of which benefit from spectacular spaces. We even see this season the inauguration of new places like Luxembourg and Co, with a remarkable exhibition of paintings from the years 1924 to 1936 by the Spaniard Joan Miró (the canvases are for sale from 5 million and up to more than $20 million). Similarly, Sprüth Magers (from Berlin, London, Los Angeles) opens by exhibiting 75 models of works by the important Californian artist John Baldessari (1931-2020).