Goldman Sachs Launches Art Advisory Services for Asia's Ultra-Rich
Goldman Sachs has initiated an art advisory service targeting ultra-high-net-worth individuals in Asia, including Hong Kong and mainland China. This service aims to assist clients in building and managing art collections, reflecting the growing interest in art as an alternative investment in the region. The move underscores the increasing integration of art into wealth management strategies among Asia's affluent individuals.
The contemporary art market is experiencing a shift towards more affordable artworks. According to Artprice's Contemporary Art Market Report 2025, sales of contemporary art reached $1.89 billion in 2024, with the majority of pieces selling for under $5,000. Conversely, sales of high-end works over $50,000 declined by 21%, indicating a cautious approach among collectors towards expensive artworks. This trend underscores a growing interest in accessible art, allowing a broader range of collectors to participate in the market.
The Indian art market has witnessed unprecedented growth, with Saffronart reporting total sales of ₹217.81 crore ($29 million) at its recent auction. A highlight was Tyeb Mehta's 1956 painting "Trussed Bull," which sold for ₹61.80 crore ($7.27 million), nearly nine times its higher estimate, setting a new record for the artist and becoming the second-highest valued artwork by an Indian artist sold at auction globally. The Indian Art Investor 2024-25 Art Market Report indicates that the turnover from the sale of Indian Modern and Contemporary art at auctions globally for the year reached ₹1,016 crore.
New York's print fairs, notably the International Fine Print Dealers Association (IFPDA) Print Fair and the Brooklyn Fine Art Print Fair (BFAPF), are experiencing a dynamic resurgence, marked by an influx of young collectors bringing fresh energy to the art market.
In 2023, sales of prints saw a significant increase of 18.3%, as reported by ArtTactic. This growth is largely attributed to Generation Z collectors, who are demonstrating a keen interest in the medium. The 2023 Art Basel and UBS survey highlighted that Gen Z buyers allocate more of their art budgets to prints than any other generation.
The IFPDA Print Fair, a cornerstone event in New York's art scene, showcases a diverse range of historical and contemporary prints. It offers artist-led discussions and educational programs, making the world of printmaking more accessible to new and seasoned collectors alike. Similarly, the BFAPF emphasizes contemporary printmaking, providing a platform for emerging artists and fostering direct engagement between creators and collectors.
These fairs not only facilitate the acquisition of art but also serve as vibrant cultural hubs. They feature a wide array of artworks, from photography and prints to paintings and sculptures, complemented by robust programming that includes specially curated projects by notable galleries, art institutions, and art collectives.
A portrait painting of Donald Trump, which he once criticized as "truly the worst," has been removed from the Colorado State Capitol building. The painting had been on display as part of a collection featuring portraits of U.S. presidents. While it is unclear if the removal was directly related to Trump's comments, the decision has sparked discussions about the portrayal of political figures in public spaces.