News

Editorial Note – Daniel Turriani, Editor-in-Chief

As we move into the latter weeks of October, the fine-art world presents a fascinating mix of stabilisation and recalibration. From the headline-grabbing auction hammering of a long-hidden Pablo Picasso portrait to the institutional assertion of European capitals such as Paris and Berlin, the week of 20–26 October 2025 reveals art-market dynamics in transit. What looks like incremental recovery is in fact a complex re-ordering, where major names continue to attract liquidity while the broader field remains circumspect. As ever, collectors, advisors and institutions must read the signals with nuance: this is not a boom, but perhaps a pivot. What follows is my in-depth analysis of this week’s most important developments.

1. Market & Institutional Developments

a) Art Basel Paris and the revitalisation of Paris as a major fair node

In a broad dispatch by Artnet’s Margaret Carrigan, Art Basel Paris’s 2025 edition emerges as “big-league” and indicative of shifting gravity in European art fairs. 

Commentary: The key takeaway is this: while London remains a major player, Paris is now increasingly presented as the European heavyweight. Dealers such as Pace Gallery and Hauser & Wirth emphasized the scarcity of high-end works (“You can only bring your best work once or twice a year,” said pace CEO Marc Glimcher) – a language usually reserved for the apex New York/Swiss auctions.

What this means: For institutions and serious collectors, the “safe” path is now increasingly about positioning within the Paris calendar. For galleries, a recalibration of itineraries — fewer fairs, deeper stations — may become the norm. Conversely, smaller galleries and lesser fairs risk being squeezed out. The underlying structural shift is not just fair-by-fair, but geographic: the centre of gravity in Europe is quietly drifting toward Paris.

b) Alte Nationalgalerie, Berlin – The Scharf Collection Debuts Publicly

A major private collection (the Scharf Collection) spanning four generations, primarily French art from the 19th and 20th centuries, is being publicly exhibited for the first time at Berlin’s Alte Nationalgalerie. 

Commentary: The significance here is two­fold: First, the opening of a major private collection signals long-term investment in public access and institutional legitimacy—a positive sign for the ecosystem of provenance, exhibition-history and therefore value. Second, the geographic location — Berlin — reinforces the continued relevance of Germany in the continental collecting landscape, even as Paris and London dominate headlines. For collectors focused on 19th–20th-century art (e.g., Monet, Renoir, Bonnard) this exhibition strengthens the secondary market narrative around these names. Moreover, it subtly challenges the myth that only the Anglo-American axis drives fine-art value today.

c) Indigenous Momentum – Tarnanthi Festival Marks Its 10th Anniversary

In Adelaide, the Tarnanthi Festival celebrates its tenth anniversary with Too Deadly, an exhibition of over 200 works by Indigenous Australian artists, curating powerful reflections on colonial legacy, identity and place. 

Commentary: This development is more than regional — it reflects the growing global platform for Indigenous art, and the shift from “token inclusion” to full-fledged curatorial ambition. For the market, the implication is clear: looking beyond the familiar Western canon is no longer optional; it is increasingly structural. Collectors who undervalue this shift may find themselves behind the curve of institutional interest and academic validation.

2. Auction Highlights & Deal Flow

i) Pablo Picasso – Rediscovered Portrait of Dora Maar Sells for ~€32 Million

A portrait of Picasso’s muse and partner Dora Maar, unseen publicly for over eight decades, sold for approximately €32 million (~US $37 m) at auction. 

Commentary: This lot is instructive: the artist is blue-chip, the subject intimately significant, the provenance newly exposed — a strong combination. Yet the hammer price is modest relative to Picasso’s records, indicating cautious demand at the top. What it reveals is the bifurcation of the market: for the highest names/institutions, there is still liquidity; but even they are not operating with the same exuberance as past years. The message: standout works still work—but price tolerance is narrowing.

ii) Single-owner auctions – Gene Hackman Estate to Bring Art & Memorabilia

The estate of late actor Gene Hackman will present a suite of auctions later in November, including art by Milton Avery, Richard Diebenkorn and Hackman’s own paintings. 

Commentary: What makes this notice‐worthy is the convergence of celebrity provenance + fine art + memorabilia. While many such estates surface each year, the inclusion of serious artists (Avery, Diebenkorn) suggests a hybrid form of collecting—in which the ‘story’ (celebrity) amplifies the work’s appeal. For advisors and collectors, this hybrid space could produce opportunities: works from lesser‐known segments of major estates may offer growth potential as their narrative and provenance solidify.

iii) Market Note: Cautious Improvement — “Recovery?”

According to Apollo Magazine’s recent piece, October’s auction results show tentative signs of improvement but with strong caveats. 

Commentary: My reading aligns: we are seeing what might be described as a K-shaped recovery (to borrow the economic metaphor) where works by established artists and names with museum-level pedigree perform relatively well, while the mid- and lower-tiers continue to face headwinds. For the advisory world, this means it is increasingly critical to differentiate between market ready works and speculative ones. The upside remains—but so does selectivity.

3. Exhibitions & Curatorial Moves

a) Gerhard Richter’s Major Retrospective at Fondation Louis Vuitton

The most comprehensive retrospective of Richter’s career – 271 works across four floors of the Fondation Louis Vuitton in Paris – is now underway. 

Commentary: This exhibition is deeply significant, not only for Richter’s market and art-historical standing, but for the broader market narrative. The presentation of abstraction + figuration at this scale reinforces that depth matters—not just in price but in scholarship, exhibition footprint and international reach. For collectors serious about alignment with museum-level imprimatur, such shows act as latent compasses. If your portfolio includes artists with museum retrospectives in major capitals, you are aligned with one of the stabilising vectors in the market.

b) Fair & Design Confluence – Art + Design in Paris

Design Miami/Paris (21-26 October) and Art Basel Paris (24-26 October) overlap, turning the 7th Arrondissement into a hub of art/design synergy. 

Commentary: The hybridisation of art and design fairs is more than a scheduling curiosity: it’s a signal that collectors are increasingly cross-category. Galleries, advisors and institutions must recognise that “fine art” no longer exists in isolation. Works of design, craft and art are entering collective collector awareness. For the market, this convergence creates new entry points—and new complexities in valuation and provenance. Collectors who keep a blind spot on design may miss opportunities.

4. Deals, Curiosities & Signal Moments

• The Berlin unveiling of the Scharf Collection (see above) may foreshadow increased activity in 19th/20th-century works outside the Anglo-American axis.
• The Hackman estate auction signals that storytelling (celebrity + art) is continuing to generate interest beyond standard pathways.
• The Picasso Dora Maar sale reminds us that provenance matters—and hidden or “newly surfaced” works by major artists remain premium bets, albeit with more modest expectations than the recent boom-years.
• The fair design-art convergence in Paris underscores the importance of experience in collecting: fairs are not just transactional, they are theatrical, social, narrative-rich. The galleries that succeed will build storylines, not just inventory.

5. Outlook & Strategic Recommendations

From my vantage as a market strategist:

1. Stick with what you know well. The market still rewards the established names and the exhibition-driven narratives.
2. Be cautious in the “emergent” tier. With selectivity increasing and liquidity narrowing, the mid-market remains risky.
3. Expand your horizon geographically. Berlin, Paris, Melbourne, and emerging Indigenous markets signal that growth may come from less saturated regions.
4. Consider cross-category and story-rich works. Design-art hybrids, celebrity estates, newly surfaced works—these can offer asymmetry.
5. Focus on institutional alignment. Retrospectives, museum backing, major collections coming public—they all contribute to value architecture, which the market respects.
6. Watch for timing and context. Fair calendars, overlapping events, geographic clustering—they all matter for timing acquisitions, exhibitions and resales.

Daniel Turriani, Editor-in-Chief