Frieze New York opens its doors to VIPs today kicking off more than a week of frenzied art world activity in the city.
It will be followed by the TEFAF art fair, which opens tomorrow, and major sales held by auction houses Christie's, Sotheby's and Phillips.
More than 60 galleries are taking part in Frieze including big hitters such as Pace, White Cube and
Gagosian which is dedicating a stand to Jeff Koons and his Hulk Elvis sculptures.
All eyes will be on New York to see if it offers any respite from the global slump affecting the art market.
Analysis by HENI News predicted a 26% fall in auction sales value in 2025 compared to last year with an estimated $1 billion worth of modern and contemporary art due to be sold at Christie’s, Sotheby’s and Phillips starting on May 12.
The marquee sales are on course to be down by more than a quarter on last year's May auctions which saw around 1,700 works sold for a total $1.4 billion.
This year 1,500 works will head to auction with a total estimate of $1.02 billion including a Jean-Michel Basquiat once owned by David Bowie, a $70million Giacometti bronze and works collected by the late Barnes & Noble billionaire, Leonard Riggio and his wife Louise.
Read more on the story at HENI News here.