Report: The Art Business Conference at the Pompidou

Market was weak: The art market contracted by 4% compared to 2023. According to Georgina Adam, the main drivers of this decline were geopolitical uncertainties, notably the wars in Ukraine and Palestine, and the U.S. election—factors that caused instability in the largest art market in the world. Additionally, luxury goods sales in China, the second-largest art market, fell by up to 4%, further contributing to the overall downturn. "Markets don’t like uncertainties," Adam emphasized.‍

Surrealism, Women Artists, and Latin American Art Flourished: Georgina Adam highlighted significant sales of Leonora Carrington’s works, particularly two major pieces purchased by an Argentinian collector. She also emphasized the growing prominence of Latin American artists, citing Adriano Pedrosa’s curatorial role at this year’s Venice Biennale, the first Latin American curator for the event. This focus is helping to position Latin American art as a key player on the global stage.‍

Retreat from Speculative "Young" Art: In 2024, the art market showed a retreat from the speculative frenzy surrounding emerging artists, with more focus on established names and long-term value. Auction houses and collectors are now more cautious, prioritizing quality and historical significance over short-term hype. This shift likely reflects a broader response to the uncertain economic and geopolitical landscape.

The 'Trump bump' hasn’t happened—yet: While there were predictions that a second Trump term could boost the art market, especially in terms of top-tier sales, this has not come to pass. Georgina Adam highlighted that despite the anticipation, we haven't seen the expected surge in investments or activity. Instead, the market remains subdued due to broader economic factors, such as inflation and geopolitical instability, overshadowing any potential "Trump bump.‍

Next Gen of Collectors Arriving: The sale of Maurizio Cattelan's "Comedian" (the banana duct-taped to a wall) at Sotheby's in November 2024 for $6.2 million marked a significant moment for the art market. Purchased by cryptocurrency entrepreneur Justin Sun, this sale reflects the new wave of collectors shaping the market. To her, this generation, heavily active on platforms like Instagram, is driving a shift in demand. As Georgina Adam noted, the art world will need to adjust to meet their interests: “This is the most important things: what is it that this new generation wants?”

At the end of the talk, Georgina was asked about her thoughts on NFTs. "Digital doesn’t really touch me that much. It’s complicated for someone my age to understand,” she answered. This response was surprising coming from someone so deeply involved in the art world, where the intersection of technology and art is becoming increasingly relevant. It highlights a generational divide in how emerging trends like NFTs are perceived within the market.

Key speakers emphasized the region's emerging role in the global art scene, with insights into its potential for future cultural growth and education.

Laure D’Hauteville, a specialist in the MENA region, highlighted the shift in the younger generation’s approach to art, noting that they are starting to build collections that will be significant for their countries’ cultural heritage in the future. This growing interest in art acquisition is laying the foundation for the region’s influence on the global art market.

Myriam Ryzik, overseeing artistic direction at Fenaa Alawwal, Riyadh’s first cultural center under Saudi Arabia's Ministry of Culture, discussed the importance of institutions like the DAF, a center focused on digital arts, which has become a vital part of the region's cultural developmentnaud Morand, an independent curator involved in the Alula project in Saudi Arabia, underscored the region’s rich historical and cultural heritage, but stressed the need for greater educational infrastructure. "More schools are needed," he said, emphasizing the importance of developing educational institutions to support the growing art scene in the region.

Finally, Dr. Ridha Moumni, Chairman of Middle East & Africa at Christie’s, argued that the region's cultural momentum “needs to be international”. He pointed out that for the Middle East to have a lasting impact on the global art world, it must cultivate international collaborations and a global mindset.

The Middle East has undeniably become a powerhouse in the global art scene, as highlighted by recent shifts in the art world’s power dynamics. This shift was highlighted by ArtReview's POWER 100 list, which ranks the most influential figures in the art world. Sheikha Hoor Al Qasimi, who topped the 2024 list after rising from 36th place, has played a central role in developing contemporary art in the region. Her influence extends globally, including her roles as the artistic director of the Aichi Triennale 2025 and curator of the Sydney Biennale 2026. The Power 100 list also features Reem Fadda, head of cultural programming in Abu Dhabi, Sheikha Al-Mayassa bint Hamad bin Khalifa Al-Thani, chairperson of Qatar Museums, and Saudi Arabia’s Prince Badr bin Abdullah Al Saud, underscoring the growing prominence of Middle Eastern cultural leaders in global arts.

A generational shift is underway, as the next wave of art collectors increasingly seeks immersive, curated experiences rather than just acquiring artworks. 

Marie-Anne Ginoux, Managing Director of Sotheby’s France, highlighted this change by discussing how Sotheby’s Paris has opened a building dedicated to creating bespoke encounters for clients. With 50% of transactions now occurring online, Sotheby’s is focusing on private, personalized experiences that include spaces like a wine cave and restaurant, aiming to foster deeper engagement beyond the auction room.

Olly Bengough, CEO and Creative Director of London’s iconic The House of Koko, also emphasized the importance of curated experiences. With over 300 shows annually, Koko offers more than just art, combining theater, music, and performance across its 50 rooms. Their approach is centered on creating a shared experience, with curators traveling globally to research, and they actively engage in partnerships with other platforms to enrich the cultural landscape.

Luis Laplace, an architect known for designing immersive environments for galleries, also presented his work, underscoring the importance of creating spaces that engage visitors fully, transforming the gallery experience into a more interactive and multidimensional one.

Everything discussed in the panel resonates deeply with the core of 100 collectors. The focus on creating curated, exclusive experiences for high-net-worth individuals is a principle that lies at the heart of 100collectors. Our club is not just about producing high-end content but about providing immersive opportunities—such as guided tours, studio visits, and private dinners with artists—that bring collectors closer to the art and culture they seek to engage with.

This is a well-posed question for collectors today, and the panelists agreed that art's primary value lies in its ability to provide pleasure. As one of them put it, "Six million is a lot for a banana, but the reason it's worth that much is because it produces pleasure." Ultimately, the key to collecting is knowing why you are doing it: Is it to meet artists, preserve heritage, or leave a legacy for future generations?

Daphné de Marolles, Head of Art Underwriting at AXA XL, emphasized that art is primarily an emotional investment. With proper guidance, it can also be a solid financial investment. "When you invest in art, you’re investing in heritage—not just its financial value," she said.

Nicolas Chwat, Director of Sales and Expertise at CC Art, encouraged collectors to buy "with your eyes, not your ears." His advice reflects the notion that even if the market drops, good artworks will always provide emotional value. He also believes that while art may not be a typical financial asset, it serves as a secure way to diversify investments.

Other panelists, including Laurent Issaurat from Societe Generale’s Art Wealth Management Services and Arnaud Dubois, a longtime advisor to collectors and investors, contributed their insights on how the art market continues to serve as a form of wealth preservation for the future.

Maurizio Cattelan’s Comedian reflects the absurdity and spectacle Cattelan often incorporates into his practice, turning the concept of art investment into both the focus and the target of his critique. Known for pushing boundaries, Cattelan’s previous works include America, a solid 18-carat gold toilet worth $6 million, which was famously stolen in 2019, and Him, a sculpture of a child-sized Hitler kneeling in prayer, which challenged traditional views on power and history. These works share a common thread of provoking intense discussion about the value of art, the role of the artist in creating cultural narratives, and the intersections of art, politics, and society. The sale of Comedian by Justin Sun, a Chinese crypto mogul, adds another layer to this narrative, blending the realms of fine art and digital currencies, reinforcing the blurring of lines between high culture and speculative investment.

This is a well-posed question for collectors today, and the panelists agreed that art's primary value lies in its ability to provide pleasure. As one of them put it, "Six million is a lot for a banana, but the reason it's worth that much is because it produces pleasure." Ultimately, the key to collecting is knowing why you are doing it: Is it to meet artists, preserve heritage, or leave a legacy for future generations?

Daphné de Marolles, Head of Art Underwriting at AXA XL, emphasized that art is primarily an emotional investment. With proper guidance, it can also be a solid financial investment. "When you invest in art, you’re investing in heritage—not just its financial value," she said.

Nicolas Chwat, Director of Sales and Expertise at CC Art, encouraged collectors to buy "with your eyes, not your ears." His advice reflects the notion that even if the market drops, good artworks will always provide emotional value. He also believes that while art may not be a typical financial asset, it serves as a secure way to diversify investments.

Other panelists, including Laurent Issaurat from Societe Generale’s Art Wealth Management Services and Arnaud Dubois, a longtime advisor to collectors and investors, contributed their insights on how the art market continues to serve as a form of wealth preservation for the future.

Maurizio Cattelan’s Comedian reflects the absurdity and spectacle Cattelan often incorporates into his practice, turning the concept of art investment into both the focus and the target of his critique. Known for pushing boundaries, Cattelan’s previous works include America, a solid 18-carat gold toilet worth $6 million, which was famously stolen in 2019, and Him, a sculpture of a child-sized Hitler kneeling in prayer, which challenged traditional views on power and history. These works share a common thread of provoking intense discussion about the value of art, the role of the artist in creating cultural narratives, and the intersections of art, politics, and society. The sale of Comedian by Justin Sun, a Chinese crypto mogul, adds another layer to this narrative, blending the realms of fine art and digital currencies, reinforcing the blurring of lines between high culture and speculative investment.