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🇮🇹 Italy /Culture & Society

Art and Luxury: How Masterpieces Capture Collectors and the Wealthy

From ANSA · () Italian

Translated from Italian, summarized and contextualized by DistantNews.

At a glance

In-depth Named sources Context piece
  • The New York Art Week saw a record $86 million spent on a Mark Rothko painting at Sotheby's.
  • The art market is increasingly engaging younger collectors motivated by intellectual and identity-driven factors, according to a Deloitte report.
  • Collectors are driven by passion, experience, and a growing business acumen, with some establishing institutions and exhibition spaces.

New York's Art Week has once again cemented its status as a global hub for art collectors, highlighted by a staggering $86 million sale of a Mark Rothko painting at Sotheby's. The artwork had been held for two decades by gallerist Robert Mnuchin, father of former U.S. Treasury Secretary Steven Mnuchin. Other significant sales included Picasso's "Deux femmes nues assises" for $1.5 million and Willem de Kooning's "Untitled" for $10.8 million, underscoring the immense value circulating in the high-end art market.

The United States confirms its leadership and New York remains the nerve center of the art market.

— Deloitte report 'The Art and Collectibles Market' 2025This quote from the Deloitte report highlights New York's dominant position in the global art market.

A 2025 report by Deloitte, "The Art and Collectibles Market," confirms the United States' continued leadership, with New York remaining the "nerve center" of the art market. The report also notes a significant shift towards younger collectors, including figures like Lateefa Bin Hamoodah, Abigail Hakim, Chris Lyons, Zirui Zhuang, and Italian collector Maria Gregotti. These emerging collectors are often driven by intellectual curiosity and a desire to express their identity through art.

The art world increasingly involves young collectors driven by intellectual and identity motivations.

— Global report 'Next gen art collectors' by Larry's ListThis statement from the Larry's List report points to the growing influence and motivations of younger art collectors.

This new generation of collectors is moving beyond mere acquisition. Many are founding their own institutions, opening exhibition spaces, and actively participating in institutional acquisition committees. The art market, a blend of old and new collectors, thrives on a mix of sentiment, experience, and a deep love for the works themselves, increasingly coupled with a sharp business sense. Giuseppe Iannaccone, a collector with over 40 years of experience, shared his journey, noting initial naivete led to overpaying for pieces but eventually developing commercial expertise to navigate the market more stably.

The first artwork I bought when I was a young lawyer literally bewitched me. It is 'Sirena Ferita' from 1987 by Claudio Bonichi... I have never parted with it. The last work I just acquired is 'Adamo ed Eva' by Mafai, from 1929, in a private negotiation.

— Giuseppe IannacconeThe collector shares his personal journey and passion for art, illustrating the emotional connection collectors have with their acquisitions.
DistantNews Editorial

Originally published by ANSA in Italian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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