Notes related to Mercado

The art maket stabilizes, but the recovery remains uneven. 

Walter Otero is recognized for his unconventional approach to artist management and the Puerto Rican art ecosystem. His career is now compiled in Walter Otero. A Tropical Gallerist, a book in which he reviews his career and reflects on changes in the sector.

Spain applies a 21% VAT to gallery sales of artworks, a rate in place since 2012. In contrast, other cultural sectors benefit from reduced rates: cinema, theatre and concerts are taxed at 10%, and books at 4%. Contemporary art galleries, however, remain subject to the general rate.

Qatar’s cultural strategy has never been improvised. For more than two decades, under the leadership of Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani, Qatar Museums has advanced a carefully sequenced expansion that positions culture at the center of national development. 

Spanish art galleries are protesting with a temporary closure against a tax policy that places them at a competitive disadvantage compared to their European counterparts. The sector is calling for the application of a reduced VAT rate to ensure commercial competitiveness and to continue strengthening and reinvesting in the cultural ecosystem.

How new U.S. trade policies are reshaping the movement of art and design, blurring the line between cultural object and commercial good.

Signs of caution in a market seeking stability.

In a city where art and fashion have long shared the same stage, one of the most talked-about encounters during Art Basel Paris week was 30 Blizzards, a performative project by British artist Helen Marten, presented by Miu Miu at the Palais d’Iéna. The preview gathered an international mix of collectors, curators, and fashion figures, confirming how naturally these worlds now intersect.

By Violeta Lozada

As the global art market recalibrates, a quiet but powerful shift is rising. Collectors are increasingly moving away from multimillion-dollar blue-chip purchases and towards living artists whose work offers emotional resonance, personal connection, and affordability. Cuban painter Eric Alfaro is a standout in this new wave, an artist whose work combines painterly sophistication with accessible pricing and deeply human themes.

By Maria Paula Suarez

Interview with Valerie Cabrera Brugal, founder of Catalysta

By Maria Sancho-Arroyo

Over the past two decades, the global art fair landscape has undergone a radical transformation. What was once a relatively contained circuit of regional events has exploded into a complex network of branded cultural destinations. Since 2000, the number of art fairs has skyrocketed - from fewer than 60 to over 300 worldwide -reshaping how art is marketed, sold, and consumed.

This year’s edition of Art Basel in Basel echoed a similar dynamic to New York Art Week in May: the post-pandemic frenzy is over, and the market is clearly in the hands of buyers. While major sales did take place—particularly in the blue-chip segment—the overall pace was measured, expectations were modest, yet the atmosphere remained upbeat. The market is going through a period of adjustment, though interest in collecting remains strong.

With its inaugural edition, Panama Art Week stepped onto the contemporary art stage not as a marketplace for immediate transactions, but as a catalyst for long-term cultural positioning. 

This spring, New York’s art fairs drew large crowds and vibrant energy—from the blue-chip Frieze and TEFAF to more experimental events like Independent and NADA. A total of twelve fairs took place, reinforcing the sense of an especially intense week for the market. The aisles were filled with collectors, curators, and celebrities, yet sales reflected a more measured pace than in previous years. The market is active, but increasingly thoughtful.

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.

ARCOmadrid 2025 comes to an end with almost as many answers as questions. On the one hand, the concept of the fair—its commercial dimension—is now firmly established, marking a shift from the situation of a few years ago, when ARCO’s role as a meeting point for the general public seemed essential. This does not mean that attracting an audience with access to contemporary art is no longer part of its strategy, but rather that the fair now operates with a dual focus on two clearly defined lines of work: what and how. This shift consolidates the growing emphasis on collectors and institutions.

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.