Notes related to Market

Despite its rich, diverse artistic production with deep historical roots, Panama's art market remains limited. With fewer than ten active galleries and no fully established art fair to date, the country’s artistic ecosystem is still in an early stage of development. However, creative energy is clearly present, and 2025 could mark a turning point.

The end of 2024 and the beginning of 2025 were marked by palpable euphoria in the art market, particularly in Miami during December’s fair week. The recent outcome of the U.S. elections and the return of Donald Trump to the presidency initially generated optimism among collectors and art professionals. It was expected that the new administration would boost liquidity in the U.S. market, with positive effects on the global art market.

Peruvian contemporary art is experiencing a vibrant moment. Over the past decade, its art ecosystem has begun to consolidate, with a growing local collector base, a more professional gallery scene, and an increasing number of artists gaining international visibility. However, it remains an early stage, with a small and fragile market that requires stronger structures to support its development. Unlike other countries in the region, Peru lacks strong institutional support for contemporary art.

It is with great enthusiasm that we announce the inauguration of a new section in our magazine, dedicated to the fascinating and dynamic art market. This section is designed to serve both experts and news collectors  as well as enthusiasts who wish to enter, participate, and better understand this exciting world. The section benefits from the guidance and advice of María Sancho-Arroyo, an expert in the field.

The Art Basel in Basel fair concluded on June 16th, signaling the near end of the market season before summer. Despite the June London auctions (featuring works from antiquity to contemporary art) this year’s London season is notably diminished.

Last week's New York auctions, dubbed "Giga Week," saw art sales soar to an impressive $1.4 billion. This significant figure follows numerous sales at bustling art fairs over the past two weeks. While this amount represents a 22% decrease from the same week in 2023, and 55% less from 2022, auction houses performed admirably given the current challenging economic and political climate.