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The art press is filled with headlines about trophy works trading for huge sums: $195 million for an Andy Warhol, $110 million for a Jean-Michel Basquiat, $91 million for a Jeff Koons. In the popular imagination, pricy art just keeps climbing in value—up, up, and up. The truth is more complicated, as those in the industry know. Tastes change, and demand shifts. The reputations of artists rise and fall, as do their prices. Reselling art for profit is often quite difficult—it’s the exception rather than the norm. This is “the art market’s dirty secret,” Artnet senior reporter Katya Kazakina wrote last month in her weekly Art Detective column.
In her recent columns, Katya has been reporting on that very thorny topic, which has grown even thornier amid what appears to be a severe market correction. As one collector told her: “There’s a bit of a carnage in the market at the moment. Many things are not selling at all or selling for a fraction of what they used to.” For instance, a painting by Dan Colen that was purchased fresh from a gallery a decade ago for probably around $450,000 went for only about $15,000 at auction. And Colen is not the only once-hot figure floundering. As Katya wrote: “Right now, you can often find a painting, a drawing, or a sculpture at auction for a fraction of what it would cost at a gallery. Still, art dealers keep asking—and buyers keep paying—steep prices for new works.” In the parlance of the art world, primary prices are outstripping secondary ones.
Why is this happening? And why do seemingly sophisticated collectors continue to pay immense sums for art from galleries, knowing full well that they may never recoup their investment? This week, Katya joins Artnet Pro editor Andrew Russeth on the podcast to make sense of these questions—and to cover a whole  lot more.

Next week, the art world will descend into the Venetian Lagoon for the Venice Biennale, the most highly anticipated art event of this year. The Brazilian curator Adriano Pedrosa is at the helm of the prestigious group exhibition, which is now in its 60th edition, and his show includes more than 300 artists and collectives presented in the historic Arsenale and the Central Pavilion in the Giardini. Many of these artists, who are largely based or from the global South, are on view for the first time in these revered spaces.
There are multiple ways to look at the show and its title "Foreigners Everywhere," which is inspired by a famous work of the same name by artist collective Claire Fontaine. It is both an acknowledgement of the artistic positions of exile of the immigrant or outsider, but also importantly asks of the audience to think about who exactly is a foreigner... and who is not. Pedrosa argues that deep down we are all foreigners, and this exhibition, which the curator describes as a "provocation," arrives as the world is facing a multitude of emergencies centered around the very concepts of exile and belonging.
Just as everything was coming together over the last weeks ahead of the April vernissage, Artnet's Kate Brown spoke to Pedrosa about what visitors can expect from "Foreigners Everywhere" and his overarching vision for the show. He shared his views on how one should navigate an exhibition of this scale, and discusses his background as a curator in São Paulo, which included organizing pioneering exhibitions of marginalized perspectives and histories during Jair Bolsonaro's populist reign in Brazil. The two also speak about Pedrosa's understanding of what it means to be a foreigner from both a political and artistic perspective.

Every two years, the Whitney Museum of American Art returns with its signature and much-anticipated biennial. Founded in 1931, the Whitney Biennial is one of the most historically important art events in the United States, a survey that brings together artists from throughout the country, and more recently, from around the world. Often controversial, the Whitney Biennial is viewed by art fans as more than just a show to enjoy. It is closely scrutinized as a statement about art now.
Well, the 2024 edition of the Whitney Biennial has just opened here in New York, with the title “Even Better Than the Real Thing.” It is curated by Meg Olni, a curator-at-large, and Chrissie Iles, a veteran Whitney curator. It features just a little more than 40 artists laid out across the museum's galleries. Artnet's critic Ben Davis has written a take on the 2024 Whitney Biennial for Artnet—and so has Danielle Jackson, a critic and Artnet contributor. So, how does this show feel, how does it stack up to previous editions, and what does it all mean? Two art critics got together to hash it all out.

Well, it is the end of March, spring has sprung, and April showers are coming in fast and furious. We're back with the monthly Art Angle Round Up, where we focus our attention on three headline-making stories that have made the rounds in the last month. This week, Art Angle hosts Ben Davis and Kate Brown are joined by Artnet brand editor William van Meter.
First up is the latest from controversy-machine Damien Hirst. The former YBA enfant terrible is back in the news for fudging the dates of his signature formaldehyde animal series, which itself follows the news from a few years ago that those same sculptures "leaked noxious gas." Next up is a conversation about the International Center of Photography (ICP), which celebrates its 50th anniversary this year. Ben's story, titled "How Do You Tell Photography’s History? ICP’s Big Birthday Show Embodies the Struggle" and William's "The Exquisite Life of Photographer David Seidner" broach larger questions about what ICP's vision is as a photography museum and more broadly address the state of photography today. Finally, it's our birthday! In February, we marked 10 years of Artnet News, and the trio revisits some of the biggest stories published over the last decade, and the future of art media.

A few years back, electrifying bidding wars and monumental transactions routinely had us all on the edge of our seats in the auction room, but this sort of in-room excitement now feels a long way off. Although you wouldn't necessarily know it from the triumphant post-sale press releases that are just as routinely put out by the auction houses who are keen to signal confidence in the market and, of course, in their performance. But in 2023, there's no denying that the art market finally came back down to earth.
It took a breather for a combination of reasons, including rising interest rates, geopolitical uncertainty, and let's not forget the crypto crash. But the point is not to wax poetic about the state of the art market because Artnet's Intelligence Report is all about data, and we have the numbers to back it up.
Let's refresh with some top line figures: The average price of a fine artwork sold at auction last year dropped almost 16 percent from 2022. Total fine arts sales generated by the big three auction houses—that's Sotheby's, Christie's, and Phillips—dropped 23 percent year over year. And the total spent on fine art at auction in 2023 is down 12.7 percent.
This week we have two speakers here to pull back the curtain on the findings of the latest Intelligence Report, from a conversation first recorded exclusively for Artnet Pro members. First, is Artnet's investigative journalist Katya Kazakina, who won a 2023 National Arts and Entertainment award from the Los Angeles Press Club for her cover story of the last Intelligence Report.
Her feature story this time around is just as fascinating. It delves into the Oscar-worthy performances of those very auction houses. To the casual observer (and often, even to those in the art world) it's not that obvious how the houses carefully stage manage their proceedings and, sometimes, even the results. The practice has become all the more insidious following the repeal of a set of laws governing the auction houses in New York City. The second guest this week is Margaret Carrigan, another sharp market mind and the editor behind our insightful Artnet Pro newsletter "The Back Room."
Read the full story at the heart of Katya and Margaret's conversation, and the entire Intelligence Report, now.

The contemporary art world is nothing if not confusing. It is simultaneously deeply frivolous, and takes itself way too seriously. Its business dealings combine total mystification with conspicuous consumption, and the exact mechanisms by which one type of art gets celebrated above another are very often impossible to figure out.
If you've ever struggled to make sense of it all, the journalist, Bianca Bosker's new book is worth picking up. It's called Get the Picture, A Mind-Bending Journey Among the Inspired Artists and Obsessive Art Fiends who Taught Me How to See, and it joins books like Anthony Hayden Guest's classic True Colors from 1998 and Sarah Thornton's Seven Days in the Art World from 2008, as an entertaining behind-the-scenes chronicle of art, though in a very different and maybe even more confusing moment. Bosker previously wrote Original Copies (2013) about architecture in China that replicates famous world monuments, and Cork Dork (2017), where she went inside the world of fine wine to try to decode its rituals.
For Get the Picture, Bosker inserted herself in the striving, less-visible layers of the art industry, just beneath the glamorous images. She works the booth at a satellite fair in Miami where a gallery's very survival hinges on a few sales. And as a studio assistant for a painter whose success becomes a major headache as speculators start flipping her work.
In some ways, Get the Picture will confirm all of the worst stereotypes about the contemporary art industry, and in others is the story of someone who slowly learns how to look past the caricatures by throwing herself into the thick of it, finding her own way to appreciate some of art's more eccentric values.