In a season defined by talk of softness at the top of the art market, one New York fair just posted results that tell a different story. On Monday, Independent reported that 75 percent of buyers at its recently concluded 20th Century fair, held September 4–7 at Casa Cipriani, were new to the event.
That influx would appear to defy the prevailing narrative of current fair fatigue amongst collectors, as well as suggesting that the Indepedent at least is making headway in broadening its audience.
In a different report published in August, the Independent said it anticipated a cautious environment, with slower decision making and more selective buyers. In September, dealers at both the 20th Century fair and the Armory Show told ARTnews that atmosphere did play out. However, many dealers said tha the slower pace fostered the kinds of conversations that usually lead to long term relationships with new and prospective clients.
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“This is an opportune moment for the market,” Independent founder Elizabeth Dee told ARTnews. “People are reassessing the canon of the 20th century and in turn learning where prices still have room to grow. Our mission isn’t just to stage a curatorial show people want to talk about—it’s also to connect galleries with new collectors and institutions in a way that’s consequential over time.”
While the growth in audience is encouraging—particularly as fairs and dealers scramble to find ways to lure millennials and Gen Z into the art market—the fair saw other gains. The Independent reported that more works were sold this year, 100 in total, compared to last year’s 87. The highest reported sale, $650,000 for Ilya Kabakov’s Colourful Noise #2 at Galerie Brigtte Schenk, was 65 percent higher than highest sale at the 2024 fair. Additionally, nine of the fair’s 30 exhibitors reported selling out their booths this year, compared to around six last year. (According to Independent 20 out of 31 galleries who participated in the fair shared their sales activity for the report. Last year it was 23 galleries out of 32.)
Institutions were also active, acquiring 18 of the 100 works sold at the fair for their collections compared to three last year out of 87 works sold. Other notable sales included Judy Pfaff’s large-scale installation La Calle, La Calle Vieja, which sold for $300,000 at Cristin Tierney’s booth, and a geometric painting by Raymond Jonson, one of the founders of the Transcendental Painting Group, which sold for $100,000 at Addison Rowe Gallery.
Just hours after the fair closed to the public, organizers announced that the 2026 edition will be staged at Sotheby’s new flagship headquarters in Manhattan’s landmark Breuer building. The move marks the first formal collaboration of its kind between a contemporary art fair and an auction house in the modern era. Independent 20th Century, founded in 2022, has built a reputation for reintroducing overlooked artists of the last century. The Breuer—once home to the Whitney, the Met Breuer, and Frick Madison—will allow the fair to nearly double its footprint to more than 50 exhibitors.
The Independent results weren’t the only good news for the art market of late. Last week, Sotheby’s announced that its sale of Pauline Karpidas’s collection achieved $100 million, nearly doubling its high estimate and attaining white-glove status. That success, like the 20th Century fair, underscored that collectors remain willing to spend aggressively when the right material is for sale, even in a shaky market.
Add in the announcement of several major consignments and trophy works set to hit the auction block in November at Christie’s and Sotheby’s, and it’s becoming easier to see the possibility of a broader rebound this fall. For the moment, the narrative of a market in free fall looks increasingly out of step with the facts on the ground.