TEFAF New York Keeps Its Focus on the Classics In a Turbulent Time
With the art market outlook uncertain, the New York fair aims to keep collectors coming, with a wide array of art and (relatively) less expensive prices.When the European Fine Art Foundation (TEFAF) held its very first New York fair at the historic Park Avenue Armory in 2016, the global art market was in robust health: Art sales had marked a near-record of $64 billion worldwide in the preceding year, and were at a peak in the United States, according to an art market report by the cultural economist Clare McAndrew.As TEFAF New York prepares to welcome visitors again — running from May 9 through 13, and coinciding with the closely watched May auctions — the outlook is downright cloudy. Global art sales tumbled for the second year in a row in 2024, totaling an estimated $57.5 billion, and the U.S. market was down 9 percent from the previous year, according to the recent Art Basel and UBS Global Art Market Report. More recently, stock markets have been jittery since President Trump announced sweeping tariffs on countries around the world on April 2, then said he would back down on tariffs on goods from most countries, except China, for 90 days. Economic turbulence has an immediate impact on the net worth — and the collecting appetite — of those who buy art.“The volatility that you see in the markets writ large is reflected in the art market,” said Alex Logsdail, chief executive of the Lisson Gallery, an international art dealership. He said business had “slowed significantly,” though it was “still happening” and “has not fallen off a cliff” as it did at the time of the 2008 global financial crisis.“This is a funny thing for me to say out loud, but it’s true: Nobody needs any of the things we are selling,” he said. Collecting art is “a question of want and desire and passion and confidence. It is up to us to create those conditions,” regardless of the economic context, he added.Lisson has exhibited at TEFAF New York’s spring fair from its first iteration in 2017, and Logsdail served for a time on its selection committee (which decides which galleries will get booths). He said TEFAF New York was well positioned for the current circumstances, because in unstable economic conditions, the focus turns to quality and value, and to “well-tested” and affordably priced objects. And right now, he said, “people are taking a very active interest in artists whose prices are quite low.”Among the works showing at Lisson’s TEFAF booth this spring are works by Sean Scully, including “Wall Tappan Deep Red” (2025).Sean Scully / Courtesy Lisson GalleryWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More