Federal healthcare budget reductions impact Sotheby's, unveilings of exhibitors at Art Basel Miami Beach 2025, and additional headlines: Morning Digests for July 23, 2025
In the heart of New York City's Upper East Side, Weill Cornell Medicine is making significant strides, adding approximately 200,000 square feet of research space and constructing a new student residence, set to open in 2025 [1][3]. These expansions strengthen Weill Cornell’s footprint in the area, particularly in medical research and education.
However, the growth of Weill Cornell Medicine has not directly impacted Sotheby’s financial health or headquarters operations. Despite the freezing of approximately $1 billion in federal grants and funding from the National Institutes of Health, the new tenant of the Sotheby's building is facing challenges [2][4]. Sotheby’s, which moved to the Breuer Building on Madison Avenue, remains tied to the York Avenue property’s future [5].
The nearby life sciences real estate projects, like the New York Blood Center expansion, are stalled but unrelated to Sotheby’s [2]. The building, which was purchased for $100 million, is now estimated to be worth $443 million [6].
Meanwhile, in the world of art, Kenny Schachter, an artist who has sold over 700 works, has been vocal about the seemingly arbitrary pricing of art. He suggests lower prices for emerging artists and fewer art fairs, expressing dissatisfaction with the current art fair scene [7]. One positive outcome of the Covid pandemic, according to Schachter, was the absence of art fairs for a year [8].
In a separate development, an artwork created by Leo Messi and Refik Anadol titled A Goal in Life raised $1.87 million through an online auction at Christie’s. The proceeds will benefit multiple nonprofits, including Inter Miami CF Foundation’s global partnership with UNICEF [9].
Elsewhere, the UK annual report on the export of major works of art reveals a difficult year, with only 1% of artworks with deferred export licenses being acquired by UK museums in 2024-25 [10]. Additionally, the Art Dealers Association of America has announced the cancellation of its New York event this year [11].
In Italy, the culture minister Alessandro Giuli has demanded Italian historian Ernesto Galli della Loggia resign from his role on the Council of National Committees for criticizing the government’s cultural policies [12]. Galli della Loggia accused the government of lacking a clear cultural vision and used public broadcaster RAI as an example of declining cultural standards [13].
Looking ahead, Art Basel Miami Beach has announced the 285 exhibitors for its 2025 edition, scheduled at the Miami Beach Convention Center from December 5-7 [14]. The UK is also facing challenges in its cultural sector, with only six items being saved from being exported last year [15].
Sources:
- Weill Cornell Medicine Expands on Upper East Side
- NY Blood Center Expansion Stalled on Upper East Side
- Weill Cornell Medicine's New Student Residence
- Weill Cornell Medicine's Funding Crisis
- Sotheby's Move to Breuer Building
- Sotheby's York Avenue Property Value
- Kenny Schachter's Views on Art Pricing
- Kenny Schachter on Art Fairs
- Leo Messi and Refik Anadol's Artwork Auction
- UK Annual Report on Art Exports
- ADAA Cancels New York Event
- Italian Historian Galli della Loggia's Resignation Demand
- Galli della Loggia's Criticism of Government Policies
- Art Basel Miami Beach 2025 Exhibitors
- Six Items Saved from Export in UK
- The art world's renowned figure, Kenny Schachter, an artist who has sold over 700 works, has expressed concern about the seemingly arbitrary pricing of art, advocating for lower prices for emerging artists and fewer art fairs.
- In contrast to the growth of Weill Cornell Medicine in the medical-conditions and education sectors, Sotheby’s, a part of the art market and finance, has been experiencing financial challenges despite being housed in a building valued at $443 million.
- Digital art has made waves in the art market, as evidenced by the online auction of an artwork by Leo Messi and Refik Anadol, titled A Goal in Life, which raised $1.87 million for several nonprofits.
- Despite the challenges faced by Sotheby’s, the art fair scene remains a topic of dissatisfaction for some artists, with Schachter expressing dissatisfaction with the current art fair scene, particularly the high costs involved.
- The auction of digital art through Christie’s shows a shift in the art market, with traditional auction houses embracing newer forms of art such as digital art.
- Investing in real-estate, such as the Sotheby's building, has proven to be a lucrative business venture, with the property's value increasing significantly from its purchase price of $100 million.
