Federal Healthcare Funding Reductions Affect Sotheby's, Announced Exhibitors for Art Basel Miami Beach 2025, and Other News: Daily Links for July 23, 2025
In the heart of New York City, changes are afoot as Sotheby's moves to a new location, leaving behind its former Upper East Side headquarters. Meanwhile, Weill Cornell Medicine, set to take over the vacated site, is grappling with funding issues.
Sotheby's has relocated to the Breuer Building on Museum Mile, marking a new chapter for the auction house. This move, however, is unrelated to the federal healthcare budget cuts and funding freezes affecting Weill Cornell Medicine's research center. Instead, the old Sotheby's building is being demolished to make way for Weill Cornell Medicine's largest expansion yet, a pair of 23-story buildings expected to be completed by 2027.
Weill Cornell Medicine, a recipient of significant funding from the National Institutes of Health, saw a considerable decrease in grants in 2025, with projections of receiving only $130 million compared to the $300 million received in 2024. This financial setback has contributed to the delays in the construction of their major research center.
The Art Dealers Association of America has also announced the cancellation of its New York event this year, reflecting a broader trend in the art world. Despite these challenges, the Art Basel Miami Beach 2025 edition is set to continue, with 285 exhibitors scheduled to run from December 5-7 at the Miami Beach Convention Center.
In the world of art criticism, Kenny Schachter, writing in his Artnet column, has expressed his disdain for art fairs and questioned the sustainability of the market's high values in the short, medium, and long term. He also suggested lower prices for emerging artists and fewer art fairs. Schachter has also criticized art pundits, stating that he has read and heard enough from them.
Meanwhile, Italy's culture minister Alessandro Giuli has demanded the resignation of Italian historian Ernesto Galli della Loggia from his role on the Council of National Committees. Galli della Loggia, however, intends to serve out his three-year term, despite the demand for his resignation.
Amidst these changes, one piece of good news comes from the art world. 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. Proceeds will benefit multiple nonprofits, including the Inter Miami CF Foundation's global partnership with UNICEF.
Sources: [1] Weill Cornell Medicine Newsroom. (2025, June). Sotheby's former Upper East Side headquarters demolished to make way for Weill Cornell Medicine expansion. [online] Available at: https://www.weill.cornell.edu/news/news/2025/06/sothebys-former-upper-east-side-headquarters-demolished-to-make-way-for-weill-cornell-medicine-expansion [2] The New York Times. (2025, March). Sotheby's Moves to Breuer Building on Madison Avenue. [online] Available at: https://www.nytimes.com/2025/03/01/arts/design/sothebys-moves-to-breuer-building-on-madison-avenue.html
- Sotheby's has shifted to the Breuer Building on Museum Mile, signifying a fresh start for the auction house, detached from the federal healthcare budget cuts and funding freezes impacting Weill Cornell Medicine's research center.
- The old Sotheby's building is being torn down to pave the way for Weill Cornell Medicine's largest expansion, a pair of 23-story buildings, set for completion by 2027.
- Weill Cornell Medicine, which receives significant funding from the National Institutes of Health, experienced a substantial decrease in grants in 2025, with estimates of only $130 million compared to $300 million in 2024.
- The Art Dealers Association of America has called off its New York event this year, mirroring a broader trend in the art world, but the Art Basel Miami Beach 2025 edition is still set to occur, with 285 exhibitors scheduled from December 5-7 at the Miami Beach Convention Center.
- In his Artnet column, art critic Kenny Schachter has voiced his disapproval of art fairs, expressing doubts about the long-term sustainability of the market's high values, and advocating for lower prices for emerging artists and fewer art fairs.
- Italy's culture minister, Alessandro Giuli, has urged Italian historian Ernesto Galli della Loggia to resign from his role on the Council of National Committees, but Galli della Loggia intends to complete his three-year term.
- An artwork by Leo Messi and Refik Anadol, titled A Goal in Life, fetched $1.87 million at an online auction at Christie's, with proceeds going to multiple nonprofits, including the Inter Miami CF Foundation's global partnership with UNICEF.
- The ongoing transformation in the art world extends to the art market and real-estate, Finance, and business sectors, with investors closely monitoring developments in the fine art industry.
