Briefing

What moved, and why it matters.

Friday

The Art Basel Qatar venue
Art Basel Qatar returns to M7 and the Doha Design District© Art BaselSource The Art Newspaper

WorldArt fairsM7 and Doha Design District · Jan 28-30, 2027

Art Basel Qatar names its second-edition galleries as tension returns to the Gulf

Art Basel Qatar has named 82 galleries for its second edition, running January 28-30, 2027. That is down from 87, with 30 newcomers and 35 galleries not returning. From 2027 the fair will cover 50% of return shipping for unsold work, up to $20,000 per gallery. The theme is "between", chosen by Wassan Al-Khudhairi. White Cube will show Park Seo-bo.

YNPR's View

A state buys its image through a fair. Paying the shipping in a time of risk is part of the price.

Key points

Korea

PolicyJongno-gu, Seoul · October 28

Korea opens its first full rewrite of the arts promotion law in 19 years

On October 28, the Ministry of Culture, Sports and Tourism held a policy forum on revising the Culture and Arts Promotion Act at Korea National Open University in Seoul. It covered a full revision bill introduced by lawmaker Cho Gye-won on July 21 and several partial revisions pending in the National Assembly. The agenda ran from policy foundations and support for creative work to regional arts ecosystems, support for the arts industry, and AI in the arts. The act was passed in 1972 and fully revised in 1995 and 2007. The ministry plans to pass the views it heard to the National Assembly's review.

YNPR's View

What the law calls the arts industry sets the next decade's budget. Those who read the language of policy first take their place first.

ExhibitionDaelim Museum · Oct 30, 2026-May 30, 2027 · Free

Daelim Museum opens thirty years of its foundation's collection, free

A close view of a framed water-drop painting leaning against a wall during installation
Installing the Daelim Cultural Foundation collection showDaelim MuseumSource Marie Claire Korea

Daelim Museum marks the 30th anniversary of the Daelim Cultural Foundation with DCF Collection, a show of its holdings. About 70 works are on view, with free admission. They include Picasso ceramics and works by Roy Lichtenstein, Lee Ufan, Park Seo-bo and Nam June Paik, whose video work is shown. Kim Tschang-yeul's sculpture Binaida is shown for the first time.

YNPR's View

A company explains its name through what it collects. Free admission turns that explanation into a public one.

Also in the news

World

This Edition's LeadArt Basel Qatar names its second-edition galleries as tension returns to the Gulf

Pace's London gallery at Hanover Square
Pace's London gallery at Hanover Square© Pace GallerySource The Art Newspaper

GalleriesLondon · 2024 accounts

Pace's UK arm loses a third of its turnover

Pace's UK company reported 2024 turnover of $67.7m, down from $104.9m in 2023. It moved from a $6.8m profit in 2023 to a pre-tax loss in 2024. $19.2m owed to the US parent will be converted to equity by the end of 2026. Pace cut 50 artists and 50 staff in 2025 and closed its Hong Kong space that October.

YNPR's View

Even the largest galleries are getting smaller. In this market, relationships outlast scale.

Market

Phone bids being taken at the Sotheby's Paris sale
The sale of the Schlumberger collection© Micha Patault / Sotheby'sSource The Art Newspaper

AuctionsSotheby's Paris · October 22

Monet's Iris becomes the most expensive work sold at auction in France

At Sotheby's Paris, Monet's Iris sold for €50m with fees in the sale of the Jeanne Schlumberger collection. The estimate was €22m-30m. Six bidders competed for about 45 minutes before a phone bidder won. All 27 lots sold, for a total of €74.4m.

ItemAmountNote
Monet, Iris€50mEstimate €22m-30m
Sale total (27 lots)€74.4mPre-sale estimate €40m, all sold

Euros, including fees.

YNPR's View

Double the estimate is a price set by history more than by the painting. The market prices a collection with a story on its own terms.

Auctions

Dansaekhwa leads K Auction's October sale

K Auction held its October sale of 85 lots, worth about KRW 11.2bn, at its Sinsa-dong headquarters in Seoul on October 28. According to K Auction, the top lot was Park Seo-bo's Ecriture No. 071227 at KRW 570m. A work by Kim Chong-hak sold after competitive bidding, and works by Chung Sang-hwa, Chun Kyung-ja and Kim Tschang-yeul also sold.

YNPR's View

Buzz draws the room. A proven sales record sets the price.

Market report

The UK art market grows slower than its rivals

Visitors at the British Art Fair 2026
Visitors at the British Art Fair 2026Courtesy of British Art FairSource The Art Newspaper

A report by Arts Economics for the British Art Market Federation finds UK art sales rose 17% from 2009 to 2025, against 114% in the US and 51% worldwide. The UK market stood at £8bn in 2025, with £2.1bn in public auction sales. Art imports fell from £4.1bn in 2015 to £2.2bn in 2025.

YNPR's View

Tax and regulation set a market's size. Policy draws a market's borders.

Coming up

  1. -

    Lynn Hershman Leeson, Me, My [Selves]

    Seoul Museum of Art, Seosomun

  2. -

    DCF Collection

    Daelim Museum

  3. -

    Art Basel Qatar

    Doha