Budget Reductions in Federal Healthcare Affect Sotheby's, Art Basel Miami Beach Announces 2025 Exhibitors, and More: Daily Links on July 23, 2025
Weill Cornell Medicine is pushing ahead with its ambitious expansion plans, despite facing setbacks due to the freezing of approximately $1 billion in federal grants and funding, primarily from the National Institutes of Health. The research center, originally intended for the Sotheby's building, is experiencing delays and potential layoffs, but construction is still underway, with completion expected in 2027.
The Sotheby's Upper East Side headquarters was demolished in 2023 to make way for this expansion. The site is being developed into a pair of 23-story buildings with multiple setbacks, terraces, and landscaped roof decks. The healthcare budget changes have not caused any delay or cancellation in the project, suggesting that Weill Cornell's research center plans on the former Sotheby's site continue development as scheduled.
Meanwhile, Sotheby's financial health is rated as weak, with a speculative B- credit rating. The auction house has moved to the Breuer Building on Madison Avenue, but remains tied to the York Avenue property's future. Sotheby's building has lost nearly half its value since 2020 and is now worth $443 million.
Elsewhere, Italy's culture minister Alessandro Giuli has demanded Italian historian and political commentator Ernesto Galli della Loggia resign from his role on the Council of National Committees for criticizing the government's cultural policies. However, Galli della Loggia intends to serve out his three-year term on the Council, despite the demand for resignation. He accused the government of lacking a clear cultural vision, using public broadcaster RAI as an example of declining cultural standards.
In a separate art-related news, an artwork created by Leo Messi and digital artist 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.
Lastly, the UK annual report on the export of major works of art shows that only 1% (by value) of artworks with deferred export licenses were acquired by UK museums in 2024-25, compared to 44% the year before and 24% in 2022-23. Six items were saved from being exported from the UK last year following temporary export bars, including a collection of papers by scientist Alan Turing, an Iron Age coin, and a needlework piece depicting the Menai Bridge.
- The expansion of Weill Cornell Medicine, despite facing funding challenges, continues to progress, with construction of the research center on the former Sotheby's site anticipated to complete in 2027.
- As Weill Cornell Medicine expands, the Sotheby's Upper East Side headquarters was demolished to make room for the new buildings, each spanning 23 stories with multiple setbacks, terraces, and landscaped roof decks.
- The research center's development has not been impacted by the freezing of federal grants, suggesting a commitment to the project's schedule.
- Sotheby's, on the other hand, faces financial struggles, with a weak credit rating and a building that has lost significant value since 2020.
- In the world of art, an digital artwork collaboration between Leo Messi and Refik Anadol, titled A Goal in Life, was sold for $1.87 million at Christie's, with the proceeds benefiting various charities.
- Italy's culture minister has demanded the resignation of Ernesto Galli della Loggia for criticizing the government's cultural policies, but Galli della Loggia intends to serve out his term.
- Despite the demand for his resignation, Galli della Loggia accuses the government of lacking a clear vision for culture, citing the decline in standards at public broadcaster RAI as an example.
- In the realm of fine art, the UK annual report shows a dramatic decrease in the acquisition of artworks with deferred export licenses by UK museums, dropping from 44% the previous year to just 1%.
- Various items with cultural significance, such as a collection of papers by scientist Alan Turing and an Iron Age coin, were saved from export last year by temporary export bars.
- As Weill Cornell Medicine and Sotheby's navigate their respective challenges, the art market continues to evolve, with digital art gaining prominence and art fairs, galleries, and auctions shaping the industry's trends.
- Meanwhile, the global art market’s growth has brought opportunities for investing, particularly in real estate properties in prime locations, as access to art is increasingly prioritized in urban planning and design, making art a significant factor in finance and economics, as well as science and medical-conditions research, such as studying the effects of chronic-diseases like chronic-kidney-disease or breast-cancer on patients' artistic capabilities.
