May in New York is one of the artworld’s annual “vibe check” moments. Artists, gallerists, curators, critics, collectors, and assorted spectators use the fairs, auctions, gallery exhibitions, and myriad other events to assess the market, the zeitgeist, the emerging “it” kids, and the establishment’s commitment to keeping the lights on. Everyone wants to talk sales and prices in hushed tones, and announce their artists’ grants or prizes or commissions with calculated enthusiasm. Eavesdropping and networking become olympic sports. If you love a good “palace intrigue” drama as much as you care about art, it can be a great deal of fun.
But for those of us who’ve spent the past week binge-watching our stories, the plot has become a little harder to follow. Optimism about the promise of record-breaking auction prices has been tempered by the utter gutting of the National Endowment for the Arts. From the West, there’s bittersweet enthusiasm around fresh blood from Los Angeles—a lot of artworks originally intended for display there ended up debuting here in New York due to that city being on fire earlier this year. From all other directions, it’s the political climate that was the exasperated talk of the town. Would Canadian or Chinese collectors want to spend money in Trump’s America? Would Latin American artists even want to show up to their own exhibitions? Those of us who arrived from Europe swapped anecdotes about half-empty inbound flights and sticker-shock at inflation. Speaking of sticker shock, no one seemed to know how to price works this year! A few artists have incredulously mentioned they think their dealers were overpricing their work, while I was surprised to find extremely accessible offerings at some fairs—with prices less than half of what I would’ve estimated. Some gallerists reported pre-sold-out shows, others have mentioned they took big financial losses by participating this year, with one bemoaning “the era of smaller galleries using the fairs for a cash infusion has ended.”