
THIS WEEK IN THE ART MARKET - FRIDAY 16TH MAY 2025
Art Market News
KOYO KOUOH, CURATOR OF THE 2026 VENICE BIENNALE, HAS DIED AGED 57
Koyo Kouoh, executive director and chief curator of Zeitz Museum of Contemporary Art (Zeitz MOCA) in Cape Town and artistic director of the 61st Venice Biennale, has died at the age of 57. Kouoh was the first African woman to hold the role of artistic director of the Venice Biennale, with the presentation of the exhibition’s title and theme scheduled for 20th May. Kouoh was born in Douala, Cameroon, before moving to Switzerland at the age of 13. Having initially studied administration and banking, she began to focus her attention on writing and editing, eventually co-editing Töchter Afrikas (1994). Kouoh’s experience in contemporary art began with her role as co-curator of Dakar’s photography biennale ‘Bamako Encounters’ in 2001 and 2003. Kouoh has noted the importance of her time in Dakar, having shared, “Dakar made me who I am today. It’s the place I came of age professionally, where I really became a curator and an exhibition-maker.” During her time in Dakar, Kouoh also launched RAW Material Company in 2008, an artist residency and exhibition space. Kouoh has continued her curatorial work alongside RAW, including roles such as curatorial advisor for Documenta 12 and 13 (2007 and 2012), and curator of the 38th edition of EVA International in Limerick, Ireland, in 2016. However, Kouoh’s global recognition grew significantly through her role at Zeitz MOCA, where she built a renowned Pan-African programme. Since her passing, there have been a flurry of tributes; Otobong Nkanga, a Nigerian visual artist, shared, “Kouoh was a source of warmth, generosity and brilliance, she always stated that people are more important than things and we feel her absence greatly today.”
Koyo Kouoh
$47.5 MILLION MONDRIAN PAINTING LEADS CHRISTIE’S NEW YORK SALE
Christie’s held an auction of the collection of Leonard and Louise Riggio on 12th May, in New York. Piet Mondrian’s Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue (1922) claimed the top spot for the highest hammer price reached across the two evening sales at Christie’s that night, after fetching US$ 47.56 million. The Riggio collection sale amassed a total of US$ 272 million and included highlights like René Magritte’s L’empire des lumières (1949), which sold for US$ 35 million, and Pablo Picasso’s Femme à la coiffe d'Arlésienne sur fond vert (Lee Miller) (1937), which sold for US$ 28.01 million. The second sale of the night reached a total of US$ 217 million with all lots sold, including Claude Monet’s Peupliers au bord de l’Epte, crépuscule (1891), which sold for US$ 42.96 million, and Mark Rothko’s No. 4 (Two Dominants) [Orange, Plum, Black] (1950–51), which sold for US$ 37.85 million. Furthermore, two artist records were broken during this sale; Dorothea Tanning surpassed her 2022 record of US$ 1.44 million at Christie’s with the sale of Endgame (1944) for US$ 2.34, while Remedios Varo’s Revelación (El relojero)sold for US$ 6.22 million, an amount that narrowly exceeded her previous record of US$ 6.19 million at Sotheby’s in 2020.
Piet Mondrian, Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue, (1922)
FRIEZE NEW YORK 2025 REPORT: WHAT SOLD AND WHAT THE DEALERS SAID
Last week saw Frieze New York’s 2025 edition, featuring over 65 galleries and welcoming 25,000 visitors from across 60 countries. Dealers reported consistent demand across the different market tiers from private collectors, institutions, and foundations. Mitre Galeria was the recipient of the 2025 Focus Stand Prize for its solo presentation of Luana Vitra. This year’s edition saw the spotlight placed on performance and public art, as well as a number of initiatives and talks; there was also a new sound installation by Carlos Reyes that added a further sonic layer to the visitor experience. Sales reported included a Tracey Emin painting at White Cube for £1.2 million, as well as a number of works sold by Hauser & Wirth, including pieces by Lorna Simpson, Rashid Johnson, and Amy Sherald. Gagosian reported a positive response to their solo presentation of Jeff Koons, with Hulk (Tubas) selling in the early hours of the first day. A Georg Baselitz painting was sold for €1,000,000 at Thaddaeus Ropac, and Pace placed all six of its Adam Pendleton paintings within the first few hours. Overall, there was incredibly positive feedback from galleries, and Christine Messineo, Director of Americas, Frieze, shared, “Frieze New York 2025 defied expectations, amplifying the momentum of our strong start to the year in Los Angeles. We are proud to have created a fair that feels responsive to the moment while maintaining the high standards that Frieze expects from galleries, collectors and institutions. The energy throughout the week – on the floor, in the programming and across the city – was extraordinary.”
Kishio Suga’s Sliced Stones installation of eight sculptures at Mendes Wood DM
WHY IS THE ART MARKET TURNING GULF-WARDS?
With slumps in the art market felt across the globe, there has been notable interest in the Gulf region and the potential it holds. With the United Arab Emirates’ (UAE) status as a tax haven, it has attracted international money, particularly from Russia. Auction houses have shown interest in the region, with Sotheby’s holding its inaugural sale in Diriyah at the start of the year and Christie’s establishing an outpost in Riyadh. In addition, a number of cultural projects have been funded as part of the Saudi Vision 2030 which is looking to increase tourism in the region. 2025 also saw the inaugural edition of Art Week Riyadh and the second edition of the Islamic Arts Biennale. As for the collector demographic, Sotheby’s noted that 35% of the buyers at their recent auction were new clients and with 63% of Saudi Arabia’s population under 30, Millennials and Gen Zs will be crucial for the future. Speculation on the growth of the art market within the region has been growing, as well as the potential collector base that can be nurtured.
NEW TATE LIVERPOOL KICKS THINGS OFF WITH A LOOK BACK AT CHILA KUMARI SINGH BURMAN
Following a four-year period of refurbishment, Tate Liverpool will be re-opening its doors in 2027. The museum will reopen with the first retrospective of the Liverpool-born artist Chila Kumari Singh Burman, whose works are imbued with cultural influences and traditions. Most notably, Burman’s Remembering a Brave New World adorned the façade of the Tate Britain during the 2020 pandemic and in 2022, Burman was appointed Member of the Order of the British Empire for her contributions to the arts. Exploring themes of representation, gender, and identity, Burman’s practice is also inspired by her working class and Punjabi heritage. Burman played a pivotal role in the Black British Arts movement in the 1980s, alongside figures like Lubaina Himid, Sonia Boyce, and Sutapa Biswas. Helen Legg, the director of Tate Liverpool shared, “[Burman] was always the artist we wanted to show on reopening, as part of a celebration of the rich culture of the North.”
Exhibition view: Chila Kumari Singh Burman, Remembering a Brave New World, Tate Britain, London, 2020
2025 JOAN MIRÓ PRIZE AWARDED TO KAPWANI KIWANGA
This year’s recipient of the Joan Miró Prize has been announced by the Fundació Joan Miró, Kapwani Kiwanga is a French and Canadian multidisciplinary artist, who is based in Berlin and Paris. Kiwanga will receive a €50,000 grant, and a solo exhibition at the foundation in 2026. Working across a myriad of mediums, including installation, sculpture, photography, video, and performance, Kiwanga’s practice delves into themes of colonialism, gender, power, and the African diaspora. Initially, Kiwanga studied anthropology and comparative religion at McGill University in Montreal, before continuing her studies at the École des Beaux-Arts in Paris. In addition to representing Canada at the 2024 Venice Biennale, Kiwanga has been awarded honours, including the Zurich Art Prize (2022), the Marcel Duchamp Prize (2020) and the Sobey Art Award (2018). Kiwanga has been praised by the jury for her “precise formulation and careful formalization of historical and social developments that have shaped contemporary realities,” as well as her, “luscious treatment of fabrics and ceramics, of colon, light and space, [which give] her installations an elusive aura that promises to establish a potent dialogue with the architecture of Josep Lluís Sert at the Fundació Joan Miró.”
Kapwani Kiwanga (b. 1978)
Jordan Tan holds an MA in History of Art from the prestigious Courtauld Institute of Art. With a passion for fine art and the art market, Jordan plays a key role at Art Works by researching and interpreting trends across the primary and secondary markets, delivering valuable insights and business intelligence for the fine art department.