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ROSENFELD GALLERY Private Sales & Advisory · Miami Beach Newsletter · August 2026

A note from Jason.

August has always been the art world's quiet month. The fairs are behind us, the fall sales are still weeks away, and the market pauses to catch its breath. I've come to value this stretch. It's when the noise falls away and serious collectors — the ones thinking carefully about what they own and what they want to own next — do their best thinking. A softer market rewards patience, and patience is something a fifty-year-old house is built for. A few thoughts as we head toward the fall season. — Jason Rosenfeld

Now down to business. The market, in plain numbers After the extraordinary highs of 2021 and 2022, the art market has spent two years cooling. Global sales fell roughly 4% in 2023 and about 12% in 2024, to some $57.5 billion. Read only the headlines and you would think the sky was falling. Look closer and a more useful picture emerges. The decline was concentrated almost entirely at the very top. Works priced above $10 million fell by nearly 40% in a single year, and that trophy tier shrank from about a third of the market's value to under a fifth. Meanwhile the lower end grew — more works changed hands, not fewer, and the overall number of transactions actually rose. For a collector, the conclusion is straightforward: this is not a collapse, it is a recalibration. The speculative froth at the summit has come off, while the deep, liquid middle of the market — quality works by established names — remains active and, for a patient buyer, more negotiable than it has been in years. Sellers of exceptional, fresh-to-market works are still achieving strong results, because genuine quality is always scarce. It is average material that struggles. In other words, the discipline that has always defined good collecting matters more now, not less: buy the best example, insist on condition and provenance, and think in decades. A softer market is, for the well-advised, a buyer's market. Thinking of selling this fall? Now is the time to plan If you are considering parting with a work — or an entire collection — this is the month to begin, not November. The consignment windows for the major fall sales open in late summer, and the most successful sales are the ones planned quietly and early. There are three routes, and the right one depends on the work. Auction offers transparency and open competition, best for pieces with broad, fresh demand, though it carries fees and the risk of a public result. A private sale offers confidentiality and price protection, better suited to high-value or discreet works. An outright sale to a dealer offers speed and certainty. The wrong move is to rush, or to let several works reach the market at once in a way that signals urgency.

We help clients think this through with no obligation — assessing what you have, what it is worth today, and the quietest, most effective way to realize it. If a fall sale is even a possibility, a conversation now is worth having. Spotlight: the enduring market for Keith Haring Few artists bridge accessibility and blue-chip status the way Keith Haring does. More than three decades after his death, his instantly recognizable visual language — the radiant baby, the barking dog — continues to draw one of the broadest, most liquid collector bases of any postwar artist. What makes Haring especially interesting in a cooling market is that breadth. His work spans an enormous range, from signed screenprints and Pop Shop editions accessible to newer collectors, to major canvases that command seven figures. That range means demand rarely disappears; there is almost always an active market at some level. For a first-time buyer, a well-chosen Haring edition is among the smartest entry points into serious collecting. For an established one, his best unique works remain genuinely scarce. As always, condition and provenance separate a good example from a great one. New: Corporate & Institutional Advisory Alongside our work with private collectors, we now advise companies, developers and institutions on building and managing art programs for the spaces where they work and welcome others — with the same connoisseurship we bring to private collections. From a single statement work to an entire building, and including collection management for corporate holdings. If your organization is considering art as part of an environment, or as an asset, we would welcome the conversation.

Begin a conversation Rosenfeld Gallery works privately, by appointment, from Miami Beach. Whether you are considering an acquisition, weighing a sale, or simply want a confidential conversation about what you own, we would be glad to talk. Jason Rosenfeld jason@rosenfeldgallery.com · By appointment, Miami Beach www.rosenfeldgallery.com

ROSENFELD GALLERY

Private Dealer&Advisor• Modern & ContemporaryMasters•Est. 1970 July 2026 • Issue No.02

Welcome to the second issue of the Rosenfeld Gallery letter. Art Basel in Switzerland has closed, the spring auction season is behind us, and the market has entered its quiet summer stretch — the months when the fairs go dark and much of the year's serious private business is quietly done, away from the rooms. This issue reads what Basel told us, and what the autumn is setting up. As ever, I welcome your reply.

1. THE MARKET READ After Basel: A Steadier Market, and a Narrower One

Art Basel closed on 21 June as what many called the strongest edition in years — but the tone was measured, not euphoric. Dealers described having to work for their sales, and the speculative energy of past cycles was absent. This is a market edging out of correction and finding equilibrium, not one roaring back. The flight to quality defined the week: Hauser & Wirth placed a reported $65 million on the opening day, led by a 1963 Picasso offered at $35 million; Gagosian sold a 1984 de Kooning for a high seven-figure sum within the first hour; a Gerhard Richter abstract brought $20 million.

But beneath the trophies, the same pattern from May's New York sales held. The market has gone barbell: works clustered either at the very top, above $5 million, or at the accessible end, roughly $25,000 to $150,000, with unusual distance between them. One advisor described the mood at the booths as go-big-or-go-home; another noted, pointedly, that the middle market is being forgotten. Where breadth did return, it mattered — David Zwirner reported 57 sales across some 40 artists, a result supported by many names rather than propped up by a few. And Basel was decisively European this year: the American and Asian buyers who took the top lots in New York in May were thinner on the ground, increasingly holding themselves for Art Basel Paris in the autumn.

2. A LONGER VIEW The Quiet Season, and What Autumn Is Setting Up

The summer is not a pause. It is where a great deal of the year's serious private activity happens. With the fairs dark and the auction rooms closed until the fall, transactions move off the public stage and into direct, discreet negotiation — precisely where a private advisor works best, and where a patient buyer is least likely to overpay into a crowd.

Two things frame the months ahead. First, the calendar: Frieze London and Art Basel Paris in October, then the November evening sales in New York and Art Basel Miami Beach in December — a dense autumn that will test whether Basel's steadier confidence carries into the season's marquee moments. Second, and quietly significant, the death of David Hockney in June has already renewed attention to his market. The passing of a major artist reshapes demand in ways that take time to settle — a development to watch closely rather than chase.

THE OPPORTUNITY

The opportunity remains where it has been all year: the overlooked middle. With the trophies setting records and the entry level busy, the established, blue-chip works in between — the segment even the fairs are now neglecting — are where a serious collector can still acquire quality at a rational price, before the autumn calendar draws attention and capital back.

The summer is the window to do that work — quietly, deliberately, and ahead of the rooms reopening. Which works, and at what level, is a conversation best had directly, and one I welcome.

I welcome your questions — on the market, on where value is emerging, or on a piece you have been considering. The most valuable conversations of my career have begun with a single line of reply.

With regards,

Jason Rosenfeld Owner, Rosenfeld Gallery Est. 1970 • Private Dealer & Advisor • Miami Beach

Rosenfeld Gallery • Miami Beach • By appointment only jason@rosenfeldgallery.com • +1 (917) 345-8134 • rosenfeldgallery.com

Follow me on LinkedIn for shorter market notes between issues. LinkedIn: JasonRosenfeld · RosenfeldGallery Instagram @rosenfeld_gallery · Facebook /rosenfeldgallerymiami

ROSENFELD GALLERY

Private Dealer&Advisor • Modern & Contemporary Masters • Est. 1970 June 2026 • Issue No. 01

Welcome to the first issue of the Rosenfeld Gallery letter — a monthly reading of the art market from the vantage of an advisor and private dealer, and the perspective fifty-five years in the trade affords. Each issue looks beneath the headlines: where prices are moving, where value is forming, and what it means for collectors and the advisors who guide them.

The May sales in New York have closed, and the picture they leave is worth examining before Art Basel in Switzerland and the quieter summer, when much of the year's serious private activity takes place. What follows is brief and direct: what the results actually tell us, and where I see genuine opportunity today. I welcome your reply to any of it.

1. THE MARKET READ The May Sales: Conviction at the Top, Weakness Beneath

The May sales in New York produced extraordinary figures — but almost entirely at the very top of the market. On the evening of 18 May, Christie's sold more than $1.1 billion in a single night, setting records across modern and postwar art: Jackson Pollock's Number 7A, 1948 reached $181.2 million, nearly three times the previous record for the artist; Constantin Brâncuşi's bronze Danaïde brought $107.6 million, the second-highest price ever paid for a sculpture at auction; and Mark Rothko's No. 15 (Two Greens and Red Stripe) set a new record for the artist at $98.4 million. Sotheby's modern evening sale followed at $303.9 million with nearly 98% of lots sold, and Phillips reached $115.2 million, more than double its result a year earlier.

Read quickly, those numbers suggest a market roaring back. Read closely, they tell a different and more useful story. This was a sharply bifurcated season: trophy works with impeccable provenance and genuine scarcity drew fierce competition and record prices, while the broad middle of the market — the works most collectors actually buy — remained selective, price-sensitive, and in many cases materially cheaper than it was a few years ago. The strength was real, but it was narrow.

2. A LONGER VIEW Where the Opportunity Is

In fifty-five years of dealing, the gallery has learned to read a market like this one for what it offers rather than what it celebrates. The headlines belong to the trophies — the Pollock, the Brâncuşi, the Rothko — and those works behaved as trophies do at the top of a cycle: capital concentrated into a handful of irreplaceable objects, and prices set records. That is not where the opportunity lies.

THE OPPORTUNITY

The opportunity is in the middle market the headlines overlooked: established, blue-chip secondary works in the $200,000 to $5,000,000 range, trading well below where comparable works changed hands three to five years ago.

The evidence was visible across the season — major names returning to market at a fraction of their former prices. A Warhol Double Elvis that brought $37 million in 2018 was offered this spring at an estimate of $25 million and sold for $27,085,000. Jackson Pollock Untitled cira. 1948 that sold for $15.3 million in 2024 returned at roughly half, selling for $9,168,000. For a collector building a serious position, this is the window: quality blue-chip material can be acquired at a genuine discount to its recent peak, while the speculative money sits on the sidelines. This trend is being replicated at the entry level as well, the $100,000 to $1,000,000 price point.

We are seeing a number of these opportunities now. Which works, and at what level, is a conversation best had directly — and one I welcome.

I welcome your questions — on the market, on where value is emerging, or on a piece you have been considering. The most valuable conversations of my career have begun with a single line of reply.

With regards,

Jason Rosenfeld

Owner, Rosenfeld Gallery Est. 1970 • Private Dealer & Advisor • Miami Beach

Rosenfeld Gallery • Miami Beach • By appointment only

jason@rosenfeldgallery.com • +1 (917) 345-8134 • rosenfeldgallery.com

Follow me on LinkedIn for shorter market notes between issues.

LinkedIn: Jason Rosenfeld · Rosenfeld Gallery

Instagram @rosenfeld_gallery · Facebook /rosenfeldgallerymiami