Artnet and Artsy Merger Leads to Significant Layoffs
The merger between Artnet and Artsy, finalized last week under Beowolff Capital, has resulted in significant layoffs, including at least seven staff members from Artnet News, as the new owner Andrew Wolff implements cost-cutting measures. Jeffrey Yin, the chief executive of Artsy, will oversee both companies, which aim to combine their strengths in art market reporting and data services. Despite Artnet's reported loss of over $1 million in Q1 2025 and ongoing challenges in the luxury advertising market, Wolff plans to develop additional data services and financial offerings for the art sector.
Kokuho Becomes Highest-Grossing Domestic Film in Japan
The film 'Kokuho' has set a new record as the highest-grossing domestic live-action movie in Japan, surpassing previous box-office milestones. The story, which unfolds in Nagasaki in 1964, follows 14-year-old Kikuo as he is mentored by a renowned Kabuki actor after the death of his father, a yakuza leader. The film's unexpected success has surprised its creators.
Art Basel Introduces Basel Exclusive for Swiss Fair
Art Basel has launched a new initiative called Basel Exclusive for its flagship Swiss fair, encouraging galleries to withhold marquee artworks from pre-fair previews and unveil them during the VIP preview on June 16. Currently, around 170 of the 232 participating galleries, or nearly 75%, have signed on to this initiative, which aims to enhance the in-person experience and discovery of art at the fair, scheduled for June 18-21.
