They are central pillars in the dynamics of value creation—shaping narratives and visibility, advocating for artists and securing the resources and conditions needed to realize their visions. Their power no longer lies in interpretation, tastemaking or storytelling alone, but in their capacity to build cultural ecosystems: patron networks, artist pipelines, intellectual frameworks and cross-border collaborations.

By building and reshaping institutions, rewriting art-historical canons, commissioning new work and fostering opportunities for exchange, the following curators function as dynamic catalysts transforming the contemporary art system as a whole. Responding to the political, ecological and technological forces that define our time, they play a vital role in supporting—and quite literally “taking care” of—the circulation and production of artistic vision across the art world’s many tiers, contexts and voices.

Hoor Al Qasimi

• President and director | Sharjah Art Foundation

Hoor Al Qasimi has transformed the Gulf’s cultural landscape into one of the world’s most closely watched centers of contemporary art, while continually reshaping what biennials can be. Since co-curating the Sharjah Biennial in 2003 at just twenty-two, she has expanded its reach into a year-round infrastructure of residencies, commissions and educational initiatives, positioning Sharjah as a nexus for artists between East and West. Her curatorial approach foregrounds ecological, postcolonial and transregional perspectives that link Asia, Africa and the Middle East in critical dialogue. In 2025, she was appointed artistic director of both the Aichi Triennale and next year’s Biennale of Sydney, cementing her reputation as one of the most influential figures redefining the role and format of biennials in response to shifting cultural contexts. “A biennial has to engage with the city. It can’t be isolated,” she said in a discussion with Observer about the Aichi Triennale. “Some biennials are reduced to museum shows, but for me, the exciting ones are the ones that venture into public spaces, engage with people and develop as collaborative processes.” Most recently, ALESCO named Al Qasimi its 2025–26 Ambassador Extraordinary for Arab Culture, and she was appointed president of the newly established University of the Arts Sharjah, launched in December 2025.

Alex Gartenfeld

• Irma and Norman Braman Artistic Director | ICA Miami

Alex Gartenfeld has transformed ICA Miami into one of the U.S.’s most dynamic museums, particularly noted for its collection and contemporary programming. At only 37, he has overseen landmark acquisitions, groundbreaking commissions and now a major expansion through the planned acquisition of the neighboring de la Cruz Collection building, which will double ICA Miami’s exhibition space. His curatorial philosophy pairs experimentation with intellectual rigor—seen in shows like last year’s Keiichi Tanaami retrospective and his embrace of digital art—reflecting Miami’s dual identity as a regional city and global crossroads. “Over the last decade, we have been among the world’s most actively growing institutions for contemporary art,” he told Observer ahead of last year’s Miami Art Week. “Our collecting approach is global and interdisciplinary and includes various perspectives and narratives. Whenever we present works from the collection, we approach these presentations as scholarly curated exhibitions that highlight topical themes and histories and often bring new voices to the fore.” Gartenfeld’s leadership has helped define a new institutional model—nimble, patron-supported and conceptually ambitious—that positions ICA Miami as both an incubator for emerging voices and a significant force in next-generation museum practice.

Naomi Beckwith

• Deputy director and chief curator | The Guggenheim

Naomi Beckwith, newly appointed artistic director of documenta 16, is one of the most visible curatorial leaders redefining major institutions from within. Trained at Northwestern University and the Courtauld Institute of Art, she built her career at the Museum of Contemporary Art Chicago, where she elevated discourse on race, feminism and conceptual art through exhibitions featuring Adrian Piper, Howardena Pindell and Lynette Yiadom‑Boakye as well as groundbreaking thematic shows like “Grief and Grievance: Art and Mourning in America” at the New Museum and ”ECHO DELAY REVERB – American Art, French Thought,” which is currently on view at Palais Tokyo in Paris, through February 2026. Her move to the Guggenheim in 2021 marked a generational pivot toward inclusivity and intellectual depth at the top of American museum culture. Her appointment to lead documenta 16 was a welcome surprise. She is the first Black woman to curate the show in its 69-year history and only the second woman overall, after Carolyn Christov-Bakargiev curated the 2012 edition, and she has assembled an all-women curatorial team. Beckwith is notably one of the first artistic directors of documenta without significant biennial experience. She served on the curatorial committee for one edition of SITE Santa Fe’s SITElines biennial and the awards jury for the 2015 Venice Biennale, but her long career staging major museum exhibitions and her standing as a global cultural force shaping new institutional narratives was qualification enough.

Thelma Golden

• Director and chief curator | The Studio Museum in Harlem

Thelma Golden has spent three decades defining the contours of Black art within contemporary American discourse. As director and chief curator of the Studio Museum in Harlem since 2005, she has mentored generations of artists—among them Kehinde Wiley, Jordan Casteel and Mickalene Thomas—and established the museum as an incubator of talent and thought. Her curatorial landmark “Black Male: Representations of Masculinity in Contemporary American Art” (Whitney Museum, 1994-95) remains a touchstone in art history, as does her concept of “post-Blackness,” which expanded understandings of identity beyond essentialist frameworks. Now overseeing the Studio Museum’s reopening in its new David Adjaye-designed building, Golden continues to shape how American institutions narrate race, community and culture in the 21st Century, as well as how they serve their communities. ​​“We felt it essential that there were areas throughout the museum that could be used for communal gathering,” Golden told Observer, noting that the newly introduced Stoop (descending steps that double as seating) was intentionally designed as a public space—an extension of the museum into the neighborhood, where the community can gather for lectures, performances and films.

Tyler Blackwell

• Curator of contemporary art | Speed Art Museum

Tyler Blackwell represents a new generation of curators revitalizing regional institutions through patron engagement and top-quality acquisitions. His work focuses on expanding the museum’s holdings of living artists and building a collection that speaks to today’s social and cultural dynamics. In just three years under his curation the museum was able to acquire over 50 works by leading names of our times, including Igshaan Adams, Rita Ackermann, Anthony Akinbola, Teresa Baker, Hernan Bas, María Berrío, Jordan Ann Craig, Tony Cokes, Anthony Cudahy, vanessa german, Hugh Hayden, Oliver Herring, Esteban Jefferson, Young Joon Kwak, Simone Leigh, Leslie Martinez, Danielle Mckinney, Rebecca Morris, Angel Otero, Naudline Pierre, Ebony G. Patterson, Christina Quarles, Celeste Rapone, Jacolby Satterwhite, Kathia St. Hilaire, Chiffon Thomas, Salman Toor, Michaela Yearwood-Dan and Jimmy Wright—artists whose practices span abstraction and figuration, identity and material experimentation and whose inclusion underscores Blackwell’s commitment to an inclusive, forward-looking curatorial vision. Through acquisitions and exhibitions that connect local narratives to national conversations on equity, ecology and materiality, Blackwell has elevated the Speed’s profile beyond its locality to a truly global perspective. His approach underscores a broader shift in U.S. museum culture—one in which regional institutions reclaim contemporary relevance through thoughtful collection-building and attention to the most pressing matters of our time.

Carla Acevedo-Yates

• Independent curator

Carla Acevedo-Yates, the Puerto Rican curator, researcher and critic recently tapped for Naomi Beckwith’s documenta team, has established herself as a vital force in fostering dialogue between the Caribbean, Latin America and the United States. After holding curatorial positions at the Michigan State University Broad Art Museum, Acevedo-Yates joined the Museum of Contemporary Art Chicago in 2019, where she curated groundbreaking group exhibitions on Latino and Caribbean diasporic exchanges and identities, including “Forecast Form: Art in the Caribbean Diaspora 1990s–Today” and “entre horizontes: Art and Activism Between Chicago and Puerto Rico.” Her curatorial practice today explores how colonial legacies, global capitalism and migratory experiences shape contemporary aesthetics, often situating local Caribbean narratives within global frameworks. By connecting rigorous research with poetic curatorial storytelling, Acevedo-Yates has become a leading advocate for artists working across geographies and histories, prompting institutions to adopt a hemispheric understanding of the Americas and their interconnected cultural landscape.

Xiaoyu Weng

• Director | Tanoto Art Foundation

Xiaoyu Weng has built an exceptional international career bridging North America and Asia. While excelling in her role at Tanoto Art Foundation in Singapore, Weng was appointed director of New York’s experimental Art in General before being named one of the curators for documenta 16. A graduate of the Central Academy of Fine Arts in Beijing and California College of the Arts, she previously led the modern and contemporary art department at the Art Gallery of Ontario, curated the inaugural Ural Industrial Biennial of Contemporary Art in Yekaterinburg and worked at the Guggenheim Museum as Robert H. N. Ho Family Foundation Associate Curator of Chinese Art, where she created an online series examining anti-Asian racism through contemporary art that gained wide attention during the pandemic. Earlier in her career, in 2010, she was the founding director of Asia Programs in Paris and San Francisco for the Kadist Art Foundation. Weng’s exhibitions often address the entanglements of ecology, technology and feminism within globalization, positioning her as one of the most incisive voices exploring how decolonial and environmental thought inform artistic practice. Her simultaneous leadership roles exemplify the agility of a new generation of cross-border curators redefining institutional models on a global scale.

Marcela Guerrero

• Curator of the 2026 Whitney Biennial

Marcela Guerrero brings a transnational sensibility and deep expertise in Latinx and Caribbean art to one of the world’s most closely watched exhibitions. As the Whitney Museum’s former associate curator, she helped reshape acquisitions and programming to reflect the multiplicity of American identities, championing artists long excluded from mainstream narratives. She has also curated landmark exhibitions that foreground Latinx and Caribbean artists. Most notably, in 2022, she organized the critically acclaimed “No existe un mundo poshuracán: Puerto Rican Art in the Wake of Hurricane Maria,” a powerful exhibition that examined the profound social and political consequences of the hurricane and how Puerto Rican contemporary artists confronted, processed and reimagined its aftermath. Additionally, Guerrero co-curated the solo exhibition of paintings by Colombian-born Ilana Savdie in 2023 and was part of the curatorial team that organized a critical survey on the relations between Mexican muralists and American art: “Vida Americana: Mexican Muralists Remake American Art, 1925–1945.” Her upcoming biennial, which she’ll co-curate with Drew Sawyer (the institution’s Sondra Gilman Curator of Photography), is expected to expand that vision, foregrounding how migration, hybridity and language define the contemporary American condition.

Bonaventure Soh Bejeng Ndikung

• Director | Berlin’s Haus der Kulturen der Welt (HKW)

Cameroonian curator, theorist and writer Bonaventure Soh Bejeng Ndikung has emerged as one of the most forward-thinking curators today. As director of Haus der Kulturen der Welt (HKW) in Berlin, he has transformed the institution into a laboratory for decolonial and global thinking, connecting art, science and sound into fluid intellectual ecosystems. His appointment as curator of the 2025 São Paulo Biennial—where he led a conceptual team that included Alya Sebti, Anna Roberta Goetz, Thiago de Paula Souza, Keyna Eleison and Henriette Gallus—extended this approach, reimagining exhibition-making as a space of epistemic repair, solidarity and collective healing. Before stepping into his current role, Soh Bejeng Ndikung founded SAVVY Contemporary in Berlin, an independent space and discursive platform that bridges art-world geographies and epistemologies. In 2017, he served as curator-at-large for the ambitious and memorable documenta 14 with an extensive program between Athens and Kassel. Ndikung’s transdisciplinary practice embodies a new curatorial paradigm—one that sees art as a vehicle for ecological awareness, historical redress and imagination beyond Western perspectives.

Massimiliano Gioni

• Artistic director | The New Museum

Massimiliano Gioni has long been one of the most influential curators shaping the intellectual climate of contemporary art. Known for his conceptually and encyclopedically ambitious exhibitions such as “The Encyclopedic Palace” at the 2013 Venice Biennale and “The Great Mother” in Milan, he blends rigorous scholarship and curatorial inventiveness with humanistic acuity. “I try to make shows that still entail a process of discovery,” he told Observer earlier this year. “When staging shows, they must be somewhat physically and visually memorable. If I think of a room in an exhibition, I need to be able to read it at once as a whole and then go into the details. But it doesn’t mean it should be clear to the point that it’s so transparent you don’t want to engage with it.” Under his leadership, the New Museum—now reopening after a major renovation—has become a crucible for experimental practices and cross-generational dialogue. Gioni’s work bridges European and American perspectives, reaffirming the New Museum’s role as an institution where boldness meets philosophical depth.

Cecilia Alemani

• Artistic director | High Line Art

Cecilia Alemani, curator of the 2022 Venice Biennale, has been internationally celebrated for her lucid, imaginative and politically resonant curatorial language. Conceived during the pandemic, her groundbreaking Venice exhibition “The Milk of Dreams” reframed surrealism through a feminist and posthuman lens, positioning imagination as an act of resistance in a time of destruction and crisis. In addition to her ambitious public art commissions along the High Line, this year she curated the widely acclaimed SITE SANTA FE International, continuing to merge conceptual sophistication with accessibility. “You see a contemporary art exhibition, but something is slightly different,” she said, giving Observer a window into her concept. “When you get close to the art, you will see that it is the telling of the story of a person. They might be a healer,  a writer or even just a character from a book and this could be illustrated with a story, but also maybe with an object they left behind. It doesn’t need to be an art object. It can be like a matchbox in their pocket or a cup they were drinking from. That story will let you see the art around you differently.” Ultimately, Alemani’s exhibitions transform public space into sites of archetypal and mythic encounter, fostering collective reflection and universal understanding.

Pedro Alonzo

• Independent curator

Pedro Alonzo has built an international reputation for transforming public space into a curatorial medium. Formerly adjunct curator at the Institute of Contemporary Art, Boston and Dallas Contemporary, he has long bridged institutional exhibitions and civic-scale interventions, organizing projects such as “Open Source: Engaging Audiences in Public Space” in Philadelphia and “Art & the Landscape” with The Trustees in Massachusetts, commissioning artists including Doug Aitken, Alicja Kwade and Jeppe Hein. His recent curatorial roles—as curator of “Noor Riyadh” in Saudi Arabia in 2023 and artistic director of the inaugural Boston Public Art Triennial this year—demonstrate the potential of public art as both an agent of change and a tool for civic dialogue, transforming urban environments into platforms for inclusive, community-based and transformative storytelling. “I realized Boston is a city operating on a global scale, with far-reaching impact,” he told Observer during a walkthrough of the Triennial. “The question became: how can we connect artists to that energy, to those networks and allow their work to respond, resonate and contribute to amplify or make more accessible or more impactful this knowledge and talent?”

Doryun Chong

• Artistic director and chief curator | M+

Doryun Chong is actively redefining how Asia’s recent artistic history is understood and experienced, while paving the way for a fuller appreciation of some of the region’s most promising emerging talents. Formerly at MoMA and the Guggenheim, he has long championed transnational rather than regional frameworks for Asian art, emphasizing cultural circulation over fixed geography or limiting categories. At M+, Chong has helped build a curatorial ecosystem that integrates art, architecture, design and film, reflecting the multiplicity of contemporary life while situating Hong Kong as a critical node between local heritage and global culture. His recent international projects—including the landmark Lee Bul exhibition at Leeum Museum and “Prism of the Real” in Tokyo—extend this vision beyond the museum’s walls, underscoring his commitment to presenting Asia’s artistic narratives with intellectual depth, regional rootedness and international resonance.

Sam Bardaouil and Till Fellrath

• Co-directors | Hamburger Bahnhof

The curatorial duo Sam Bardaouil and Till Fellrath exemplify the rise of collaborative curatorship as a form of global translation. Over the past decade, they have curated major biennials and museum exhibitions that traverse cultures and histories with intellectual dexterity. At Hamburger Bahnhof, they are reshaping the museum’s curatorial direction toward greater inclusivity and international dialogue. Bardaouil, in conversation with Observer, has described the programming at Hamburger Bahnhof as being in a “continuous state of becoming”—never static, always porous. “It is shaped by artists who confront the urgencies of our time with the courage of their imagination.” It may come down to his and Fellrath’s unique curatorial partnership, which blurs the line between institutional leadership and artistic collaboration, offering a model for museums in flux—rooted in plurality and community engagement rather than hierarchy. Most recently, the pair curated the 14th Taipei Biennial, titled “Whispers on the Horizon,” which explores themes of collective yearning and shared futures.

Ebony L. Haynes

• Global head of curatorial projects | David Zwirner

Ebony L. Haynes has carved out a distinct role within the commercial art ecosystem, transforming David Zwirner’s 52 Walker in Tribeca into a locus of critical inquiry and museum-caliber exhibition-making, redefining what a blue-chip gallery can be. Her vision—of a research-led, time-based, and multimedia space that privileges ideas over transactions—led to her recent appointment as global head of curatorial projects at Zwirner, formal recognition of her role in pushing the gallery’s scope beyond the purely commercial. Since inaugurating 52 Walker with Kandis Williams’s “A Line” (October 2021-January 2022), Haynes has curated a series of conceptually sharp and visually disciplined exhibitions with Nikita Gale, Nora Turato and Tiona Nekkia McClodden. Each show has interrogated systems of race, identity, performance and language through minimalist yet charged forms that command both academic and collector attention. Her approach positions Black artistic production not as a thematic niche but as a structural force shaping the discourse of contemporary art. One of Haynes’s most notable curatorial interventions came with the 2023 exhibition “Bob Thompson: So let us all be citizens,” a deftly staged landmark revival of the late artist’s work that reaffirmed her commitment to rewriting art-historical narratives and bridging institutional and commercial contexts. Haynes’s curatorial independence within one of the world’s most powerful galleries stands as proof that institutional critique can still thrive within a commercial infrastructure.

Lina Ghotmeh, recognized on this year’s Art Power Index, is changing the global conversation between art, architecture and place. Based in Paris and raised in Beirut, Ghotmeh has emerged as one of the defining voices of a new architectural sensibility rooted in sustainability, memory and cultural dialogue, rather than spectacle. Her recent and forthcoming projects span continents and histories: the British Museum’s sweeping Western Range redesign, the AlUla Contemporary Arts Museum in Saudi Arabia, the Jadids’ Legacy Museum in Uzbekistan and Qatar’s Pavilion at the Venice Biennale. Each project, in her words, sits “at the crossroads of this transformation—where local narratives meet global dialogues.”

Ghotmeh’s approach, which she refers to as an “archaeology of the future,” treats architecture as both excavation and invention, a process of uncovering the social, material and emotional layers of a place before imagining what comes next. This philosophy took shape in her acclaimed Serpentine Pavilion in 2023, a table-like structure that beckoned visitors to sit, share and converse, turning architecture into an act of gathering.

The shifting power dynamics in the art world, from the rise of voices across the Global South to the integration of technology and A.I., are redefining cultural institutions. Ghotmeh envisions museums as “living environments” that immerse audiences in the creative process and connect them to the broader human story art continues to tell. For the architect, buildings are never neutral containers but vessels for dialogue, resilience and renewal. In reimagining how and where art is experienced, Ghotmeh is rethinking culture itself as a space for belonging, continuity and care.

What do you see as the most transformative shift in the art world power dynamics over the past year, and how has it impacted your own work or strategy?

Over the past year, I’ve felt a profound shift in both voices and geography within the art world. We are finally witnessing the rise of influential perspectives from the Global South and other historically underrepresented regions. This expansion of voices is not only reshaping who gets to speak but also how and where art is being shown. It signals a move toward a more plural and inclusive understanding of art as a critical platform—one capable of engaging with the most pressing social, cultural and environmental questions of our time.

This shift deeply informs the type of work I pursue and aligns with a trajectory I’ve been committed to for years. Projects such as designing Qatar’s National Pavilion at the Venice Biennale, the Jadid Museum in Uzbekistan, and the AlUla Contemporary Arts Museum in Saudi Arabia all sit at the crossroads of this transformation—where local narratives meet global dialogues.

Similarly, reimagining the British Museum as a vessel for a truly global art history offers an opportunity to rethink cultural institutions as spaces of exchange rather than dominance. It’s an invitation to reframe how we tell the story of humanity through art—decentering traditional hierarchies and embracing a more interconnected, equitable cultural landscape.

As the art market and industry continue to evolve, what role do you believe technology, globalization, and changing collector demographics will play in reshaping traditional power structures?

Art not only reflects culture but actively shapes it, serving as both a social force and an economic driver. As collector demographics shift, we’re witnessing new modes of collecting and new ways of constructing cultural narratives—ones that move beyond Western-centric frameworks and embrace more diverse and interconnected perspectives.

Technology, particularly A.I., is playing a transformative role in this process. It enables new kinds of artistic experiences and provides tools for reinterpreting and visualizing data in ways that were previously unimaginable. In our recent work with A.I. artists, for example, we’ve been exploring ways to visualize art histories from the Arab world. This process begins with the crucial task of collecting and structuring data that has long been overlooked or rendered invisible. Through this, knowledge and cultural memory that were once marginalized are reemerging, allowing for a more inclusive understanding of global art histories.

In this sense, technology and globalization are not merely reshaping the market—they’re redistributing cultural power, enabling new voices, narratives and regions to participate in defining the future of art.

Looking ahead, what unrealized opportunity or unmet need in the art ecosystem are you most excited to tackle in the coming year, and what will it take to make that vision a reality?

I’m deeply interested in rethinking how we show art and in reaffirming its central role within society. I believe museums and cultural spaces should evolve into living environments—places that not only exhibit art but also immerse audiences in the creative process itself. Spaces where people can experience how art is made, why it matters, and how it continues to shape our collective consciousness.

Art has accompanied humanity since its very beginnings—it is how we have sought to understand ourselves, substantiate our existence and give meaning to the world around us. Yet many institutions still treat it as something static or distant. The opportunity now lies in transforming museums into dynamic ecosystems of learning, participation and dialogue—bridging artists, communities and new technologies.

Realizing this vision requires rethinking institutional models, fostering collaboration across disciplines and embracing innovation in both curation and architecture. Ultimately, it’s about restoring art’s fundamental purpose: to connect us more deeply to one another and to the shared human story we continue to write.

You grew up in Beirut, a city with a complex history of destruction and rebuilding. How has that background shaped your approach to sustainability, resilience and place-making?

Living in a city where buildings are constantly collapsing and rising again, you understand that architecture is never only physical—it’s social, emotional and deeply tied to survival. Sustainability, for me, comes from that consciousness: to build with care, to use what is available, to adapt rather than erase. In Beirut, you see nature reclaiming ruins, and people reinhabiting them with extraordinary creativity. That taught me that true resilience lies in continuity, in working with the traces and resources already present. Every project I design begins with that same listening to place, so that what emerges feels born from its ground rather than imposed upon it.

You coined the term “archaeology of the future.” How do you balance uncovering historical traces and designing something genuinely new?

“Archaeology of the future” is both a method and an ethic. It means that before drawing, we excavate—not with shovels, but with research and attention. We study a site’s geology, its crafts, its human stories, its past uses. But this act of uncovering is not nostalgic. The goal is to let those traces inspire something that speaks to today and tomorrow. In Stone Garden, the innovative technique of hand-plastered façade carries Beirut’s collective memory, echoing natural forms found in the city and belonging to the ground, yet its vertical form points to regeneration. The building rises as a novel form anchored in its place. In the Bahrain Pavilion for Expo 2025, we drew on traditional boatbuilding to create a light, demountable timber structure, entirely new but rooted in cultural memory. The past is not a model; it’s a fertile ground from which the new can grow.

How does that translate when designing spaces meant to hold art—objects that carry their own histories and spiritual weight?

Designing for art demands humility. These are spaces of encounter, between artworks, viewers and time itself. Architecture must offer silence and presence at once. The space should talk about the place where we are. Building in AlUla, for example, is an invitation to think of the galleries as earthly structures warmly welcoming art, all while framing nature. At the British Museum, we are working within a building dense with history, yet our aim is not to add another layer of authority but to open it up—to allow light, porosity and new readings of the collection.

The architecture becomes a mediator, a frame that encourages reflection rather than spectacle. Some new spaces we are designing restore a lost feeling of openness, of sky, the use of local stone for the finish reminds us about the place we are in. I like to think of architecture as a vessel for dialogue, where both the art and the visitor can breathe, all while allowing us to dream. 

Many contemporary buildings feel imposed rather than born of their surroundings. How do you resist that tendency in your own work?

A building is not an exercise of style; it is an extraordinary place that needs to be inhabited. With my team, I begin each project with listening, to the land, the resources, the crafts, the wind, the people. Context is about an environment; it is not a constraint; it’s the material of the work. I try to design buildings that feel as though they could not exist anywhere else if they are meant to stay still in their place. In Normandy, the Hermès Workshops were built with bricks made from the site’s own earth. We worked with local brick makers and revived an artisanal work present for decades in the region. These gestures root the project in its environment. I think architecture should belong to its place as naturally as a tree grows from soil—it should feel inevitable, not imported.

In redesigning major cultural and arts institutions, you are dealing not just with architecture, but with narratives, audience behaviors and institutional purpose. What can you tell us about the experience of collaborating with curators, conservators and communities?

Architecture is the art of collaboration. It begins with an idea—a concept rooted in a place and informed by its history and context. From there, it becomes an act of orchestration: a dialogue among disciplines, a collaborative process in which all voices are heard, allowing the building to embody and integrate diverse perspectives and skills.

In Qatar, we are currently working on several museum and exhibition projects. These are developed in close collaboration with curators, whose experience across different institutions brings depth and richness to the work. The community is also ever-present, through the ways people will use these spaces, the possibilities they create and the processes of making itself.
I believe architecture is a means to guide knowledge and empower people through creation.

What do you see as the most under-addressed challenge or challenges in cultural architecture at this moment?

We still design too many cultural buildings as static monuments rather than evolving ecosystems. This risks alienating art and cultural spaces from the public, rendering them inaccessible, even though art is essential to our humanity and part of everyday life.

The future demands openness and flexibility: spaces that can adapt to changing programs, technologies and communities. Another challenge lies in the diplomatic role of cultural spaces: in a world that may grow increasingly divided, museums and cultural institutions can serve as bridges between people, reminding us of our shared humanity while celebrating our differences as a source of richness. They are platforms for critical questions and spaces for meaningful dialogue.

As Bruno Latour reminds us, “We have never been modern,” and this insight urges us to reconsider the artificial separation between culture, nature and technology. Cultural buildings must embody this continuity: becoming living, relational environments that connect human, material and ecological realities.

Moreover, the ecological dimension of cultural spaces is an ever-growing concern. Museums remain among the most resource-intensive building types. We need to rethink how we conserve artworks, how we build, reuse and manage energy, all without compromising the sensorial and human experience of art.

You often operate at the intersection of architecture, national identity and culture with projects like the Osaka Expo 2025 Bahrain Pavilion or the AlUla Contemporary Arts Museum in Saudi Arabia, slated to open in 2027. How do you think about the role of architecture in articulating both place and global aspiration?

Architecture has the power to express identity while remaining open to the world. In Bahrain, the pavilion embodies the island’s maritime heritage—its wooden craftsmanship and its relationship to the sea—yet it also speaks of shared ecological values with Japan. In AlUla, surrounded by desert and archaeology, the Contemporary Art Museum will be a dialogue between landscape and art, history and the future. It suggests that the museum become a series of open pavilions, intertwined and interacting with nature. For me, global aspiration should not mean universality through sameness, but connection through specificity. The more rooted a building is, the more it resonates beyond its borders.

When you imagine the art spaces of the future, what do they look and feel like?

I imagine future cultural spaces like a kitchen—alive with cooks and guests in constant interaction. They thrive outside the box, in lively places where texture, light and life unfold intensely.

These spaces will also extend into immaterial worlds. With the rise of digital platforms, we are invited to experience art in a new, hybrid dimension—one that merges the virtual and the physical. This deepens the need to intertwine both realms, to strengthen the sensoriality of the physical while embracing the possibilities of the digital.

Museums and cultural spaces of the future will be lighter, more open and deeply connected to their environment. I imagine buildings that breathe—filled with natural light, porous thresholds and a tactile sense of material. Spaces that invite people to gather, not only to look. They will reuse what exists, evolve over time and dissolve the boundaries between art, nature and daily life. Above all, they will cultivate presence: places where people feel grounded, inspired and connected to one another through beauty and thought.

Clare McAndrew, featured on this year’s Art Power Index, has done what many thought impossible: she quantified the art market. As the founder of Arts Economics and author of the annual Art Basel and UBS Art Market Report, McAndrew has become the industry’s de facto oracle, translating the art world’s opaque dynamics into data points, patterns and insights. When her report lands each spring, its results ripple across the market—from charting the health of global sales, identifying emerging regions and revealing the settlement behind the numbers.

Over two decades, McAndrew has redefined how the art trade understands itself, applying the rigor of economics to a sector often governed by instinct and perception. Her analyses have shown how concentrated wealth, demographic change and globalization have remodeled the market’s power structures, and how resilience increasingly comes from its peripheries, not its peaks.

This past year was a pivotal one for the global art economy, marked by softening sales at the top end, a surge of activity in the sub-$50,000 segment and a generational shift driven by Gen Z and women collectors. New technologies, direct-to-artist sales and global diversification are transforming the market’s infrastructure, she reports, while also questioning how the boundaries of art are defined as luxury goods and collectibles enter the fold. McAndrew has emerged as an economist who helps markets evolve by revealing how confidence, perception and access shape value in ways that pure data cannot.

What do you see as the most transformative shift in the art world power dynamics over the past year, and how has it impacted your own work or strategy?

Sales in the art market for many years have been driven by an intense focus on a very small number of artists at the high end, which has escalated their prices, while creating higher barriers to entry for new artists and a winner-take-all type market scenario, where the works of the most famous artists are demanded the most, while emerging artists and the galleries and businesses that support them find it harder to generate sales and build careers. Alongside this, as most of what the mainstream media reports on is the multi-million dollar sums paid for this very small number of artists’ works, new buyers are led to believe that the art market is out of their reach, and that you can only get a quality work of art if you have a budget of over $1 million or so, when in fact there are so many other less publicized artists and works available at much lower prices.

These really high-priced sales were critical in driving the recovery of the market from the pandemic, particularly sales of ultra-contemporary and contemporary art, which outperformed other segments by a significant margin. However, a significant shift over the last year is that these are the two areas that have now slowed down the most. The segment of artworks sold for over $10 million has softened both in terms of volumes and value, and some of the bigger businesses have come under more pressure than some of the smaller ones. While this might not radically transform the market’s power dynamics overnight, it has at least shifted the focus away from that very narrow high end and the tiny share of artists it supports. Although some of the recent narrative around the market has been negative—focusing on a lack of eight- and nine-digit sales—there have actually been a growing number of transactions taking place, albeit at lower price levels, which is a positive development. 

As the art market and industry continue to evolve, what role do you believe technology, globalization and changing collector demographics will play in reshaping traditional power structures?

My latest report on global collecting highlights the increasingly significant presence of female artists in the market and the growing influence of women as collectors, facilitated in part by shifts in the distribution and growth of wealth. Our research also uncovered the growing dominance of young Gen Z collectors, who were the most active across many of the fine art and collectibles segments. As wealth shifts towards these segments (including large vertical and horizontal transfers of inherited wealth), their preferences will become more dominant and how they want to buy and engage with the market will have a greater impact. 

In terms of globalization, one of the key factors supporting the current size and ongoing development of the market is its increasingly global infrastructure, with sales of art literally all around the world and the emergence of a number of new art markets developing over the last 20 years in Asia, the Middle East, Africa and other regions. The global distribution of the art market has altered substantially.

From the 1960s, when Paris lost its central position in the art market, the U.S. dominated sales alongside the U.K., with London and New York accounting for at least three-quarters of the market during the 1980s and 1990s. One of the biggest changes came around 2004/2005 when China emerged as a global player, and with a huge boom in sales there while the rest of the world was suffering in the fallout from the Global Financial Crisis (GFC), making it (temporarily) the biggest market in the world in 2011 (albeit by a small margin). This was made all the more remarkable by the fact that until the death of Mao in 1976, it had been illegal to even own or exchange works of art in China. This injection of sales and the much more global nature of the art market have really protected its aggregate value from downside risks and helped it bounce back much quicker from crises and recessions.

In the market recession in the early 1990s, when it was so solely dominated by the U.S and Europe, it took almost 15 years for the market to get back on its feet, but post-GFC and post-Covid, the bounce back has been much quicker as sales are diversified across so many different regions and segments. 

Looking ahead, what unrealized opportunity or unmet need in the art ecosystem are you most excited to tackle in the coming year, and what will it take to make that vision a reality?

There are so many interesting questions to look into about where the market is going, but from a methodological point of view, for my research, one of them I’m trying to focus on going forward relates to defining the boundaries of the market.

I have concentrated most of my research on the traditional art businesses (auction houses and dealers), but there are now a lot more agents involved in the market—artists are selling more directly, with disintermediation enabled through social media and online selling, collectors selling directly to each other, plus other platforms and agents outside of galleries and auction houses. How we account for and measure these sales will become increasingly important in understanding the activity in the sector as a whole, especially when we’re trying to assess its economic and social impact.

There are also continuing changes in what’s being sold in the “art” market, with an expanding range of collectibles and luxury products being sold by dealers and at auction houses, or even within “art”—new digital mediums and channels for accessing these works. The traditional mediums still dominate by value for now, but that could change in the future, and how we measure and expand those boundaries will be a continuing focus for my research in collaboration with academics and experts in the art market over the next few years.

What inspired you to want to bring greater transparency and reliability to a field often described as opaque, mysterious or relationship-driven?

When I first started out, my earliest reports focused on artists, looking at ways they could build better careers (or even just earn a viable income) and how government policies might help or hold them back. I uncovered early in this research that one of the best ways for them to succeed financially was to have a healthy and active market for their work, so my research pivoted to the art trade.

It became clear from working with dealers and auction houses that when they were approaching governments asking for help or changes in regulations to boost the trade, the first questions they would get asked were things like how big is the market, and how many people does it employ. There was a glaring lack of  any of this objective industry benchmarking data to answer those questions, which inspired me to try to fill those gaps.

While there is some good, large-scale public data on auctions and exhibitions, many of the transactions in the market are private, so we have to use a very mixed methodological approach, relying heavily on surveys, sentiment testing and other qualitative research methods (alongside quantitative analysis) to build a better picture of the market.

I have increasingly embraced the importance of more qualitative methods and subjective expertise, which is quite different than when I  came out of academia and believed that quants, data and econometric modelling could solve most of the market’s problems. All of the metrics and analytical tools that have been developed in the last decade or two in the art market are very useful, as is the increasing amount of data available, but their practical applications in guiding specific decisions have real limits, especially for collectors. There is still nothing really to replace the much more subjective advice you might get from an artist or dealer or advisor to guide the choice of one work over another, so expertise and relationships are still important.

After years of analyzing cycles of boom, correction and resilience, what have you learned about how confidence and optimism—or lack thereof—shape the art market differently than traditional financial markets?

Confidence is critical in the art market, and it relates to one of its most important features—that it is essentially supply-driven. Even if there is really strong demand around, there will only ever be a limited number of total works available on the market at any particular point in time, for all deceased artists, but for living artists too, where there are limits on how much they can really “make to order” in the short run. Rather than being driven by the costs of production or  the availability of inputs, art prices are driven by their scarcity value—the factor that increases their relative price based on their low or fixed supply. And because of this scarcity in the market, prices for certain works can catapult up to really high levels when they come onto the market, as buyers try to grasp the really limited opportunities to acquire them.

Things like commodities are traded virtually every second, but in the art market, it’s much slower, and many works have a long market cycle. It can be 20 to 40 years before a work appears again, and some never do. The fact that opportunities to purchase certain works are so limited adds to the scarcity value, and works that are fresh to market or have been kept in private collections for years, for example, can spark a frenzy of interest and generate huge prices when they come up for sale. Increased supply (works coming up for sale) can have a positive, upward effect on prices (and the value of aggregated sales), which is obviously very different from other asset markets where increases in supply drive prices downward. 

What this means is that vendor confidence and optimism about the market is key—how potential sellers view the state of the market and whether or not they should put works up for sale really often determines what happens as much as or more than prevailing demand.

On the secondary art market, supply is often generated by some exogenous event (like one of the famous “d’s”—divorce, disaster, death or debt), but where there’s a choice on the timing of the sale, it will often be down to perceptions of the strength of the market. The market can literally talk itself in and out of cycles to some extent.

The top end of the art market is increasingly polarised, with a very small number of artists capturing a large share of value. What risks does this concentration pose for the long-term resilience of the broader market?

This has been an ongoing issue in the market with an intense focus on a very small number of artists at the high end, which has driven up their prices, while creating higher barriers to entry for new artists and a winner-take-all type market scenario. One way to reduce risk and search and validation costs for those buyers unfamiliar with the market is to only purchase well-recognized works or those by really famous artists.

By doing that, you’re basically relying on the established preferences of previously successful buyers who have already bought that artist’s work, reducing their risks and insecurities about relying on your own taste in making the right choice. Collectively, these risk-reducing techniques tend to reinforce the “superstar phenomenon” in the art market, whereby the works of the most famous artists (living or dead) are demanded the most and achieve by far the highest prices in the market, while emerging artists face ever higher hurdles in gaining entry. This isn’t new, and it’s not only in the art market.

In the 1980s, American economist Sherwin Rosen pioneered the study of the economics of superstars and believed that some superstar artists or ‘masters’ reached their position justly because they were more talented, but the differences in their talent versus those less successful were much less than the differences in success. He also felt that some were, in fact, no more talented than their less-recognized peers, but their greater success was driven by the need of consumers for common tastes and culture or to “consume as others are consuming.” The problem associated with the superstar ethos in the art market is not just that it drives up prices, but also that it can deprive other artists of the opportunity to work by concentrating demand.

Alongside this, a lot of the media focus on art is just on the multi-million dollar sums paid for a very small number of artists,  so a lot of new buyers can think that the art market is out of their reach, and that you can only get a quality work of art if you have a budget of over $1 million or so, when in fact there’s a huge range of prices and great works available at much lower levels. 

I have been looking, in my research, on collecting at the parallel issue in the infrastructure of wealth. In the art market, like other luxury goods, discretionary purchasing power is enabled by greater wealth,  and that in turn empowers growth in sales. Over the last couple of years, more wealth has been concentrated in the top 1 percent of society and greater wealth inequality is often linked to stronger purchasing in luxury markets across regions and over time. A higher concentration of wealth in the top percentiles has been a key factor driving strong sales and rising prices at the top of the art market in the past.

While this is most obviously linked to more purchasing by the wealthiest in society, who are more active in luxury markets, inequality can also shift demand in lower wealth tiers. In some cases, more unequal societies can create heightened status competition and anxiety as people become more sensitive to their position in the social and economic hierarchy. This can lead to greater ‘conspicuous consumption’ among those in lower-wealth tiers too, as people try to keep up, or bridge the gap, by imitating the lux spending habits of the wealthy. While this can boost sales in the lower end of art and other luxury markets, it has a range of potentially negative complications, not least being more consumer borrowing and debt accumulation.

As inequality becomes more pronounced, it can also lead to giving up, rather than keeping up, if the perception of upward mobility seems less hopeful or just less attractive. In the extreme, increases in inequality could endanger the market’s potential for long-term development. If consumers in wealth tiers below the very top engage less—or never even start collecting—the market could narrow further and value concentrate more at the top, and this is a segment that recent years have shown to be highly susceptible to wider risks and growth limitations.

On a positive note, while the aggregate figures show that the market has declined by value for two years, the most positive developments have been the growth of sales at the lower and more affordable ends of the market, with the number of artworks sold for prices in the sub-$50,000 expanding, and evidence of success by both dealers and auction houses in reaching new buyers, giving the market a broader and more diversified base for sales. This doesn’t really get focused on, though, in the press, which tends to only look at the big figures, which are so skewed by the tiny, narrow high end.

With the rise of digital channels, new collectible categories and luxury products entering the ‘art’ market—and younger collectors looking beyond traditional fine art, do you have plans to adapt your research and reporting frameworks to capture these newer forms of value and transaction?

Yes, I’m going to be starting new research on the secondary collectibles market that I’m hoping to publish in 2026. It’s a huge market and there’s strong evidence of an expansion in interest in this area over the last few years,  especially with young collectors. In my recent research on HNW collectors,  about 60 percent of their spending by value over the last year was on fine art, and 40 percent was on collectibles. For Gen Z collectors, just over half of the average spend was collectibles, and their levels were more than five times any other generation group on things like collectible luxury handbags and sneakers.  

While some of the diversification in spending might be a reaction to the uncertain environment we’ve been in, it’s also part of a longer-term shift in what people buy, but also how they access the market. Within the art market, we’ve seen a big advance in digital sales following the pandemic, with e-commerce increasing from 9 percent of total sales by value in 2019 to 25 percent in 2020. Although this did settle back a little, the change seems to be more permanent, with a share of 18 percent last year, below the peak, but still double the share of 2019 or any year prior to that. It’s interesting as this is coming alongside greater art fair attendance and gallery exhibition visits compared to prior to the pandemic, so while collectors still want to visit exhibitions and see works in person, when targeting a specific work to purchase, they have become increasingly comfortable with doing so online.

Online channels are key entry points to the market for new buyers too. They have been consistently identified as the main source of new buyers for auction houses, and almost half of the sales dealers made online in 2024 were to new buyers. The expansion of the volume of transactions over the last few years has been facilitated by greater reach through e-commerce, despite the fact that the highest-value sales remained offline.

Outside the traditional art market, there are also more sales taking place directly with artists,  on artist-based platforms and between other private agents. Dealers are still the most used channels for buying art in the surveys we conducted on HNW collectors, but there was a big gain in direct sales with artists, with over a third having bought directly from the online, through social media or through a visit to their studios. 

Mario Carbone had the wildest span of his life this year, as he and his core team embarked on what they called the Rigatoni World Tour, opening restaurants in London, Dubai and Las Vegas in back-to-back-to-back months. Elizabeth Blau, who first made her name in Las Vegas, has her eyes on the Middle East as she continues to work on restaurant development for clients like Wynn. Thanks to the curation of Blau, Wynn Al Marjan Island in the United Arab Emirates will boast a dining and nightlife collection including an Alain Ducasse steakhouse and an outpost of Delilah.

Las Vegas, of course, has long been driven by this kind of curation. The goal is bringing in the strongest global brands, including New York’s Cote (at the Venetian) and London’s Gymkhana (at Aria), to create razzle-dazzle experiences powered by luxury dining with elements of nightlife (like the DJ booth and VIP skyboxes at the Las Vegas Cote). 

Las Vegas is also where best-in-class operators that focus on accessible dining can flourish. Scarr’s Pizza, which recently opened at the Venetian’s food hall, is a slice joint. But pizzaiolo Scarr Pimentel used to mill his own flour in his New York basement before he found organic flour up to his standards. Din Tai Fung, a Taiwanese soup-dumpling powerhouse that dates back to 1958, now thrives in California, Las Vegas and New York with its open kitchens where guests can see chefs hand-fold dumplings.

There are clearly trend-setters on this list, but one refreshing thing about the top tier of hospitality is that it’s anti-trend. The future of dining and nightlife isn’t ghost kitchens or superfoods or avatar DJs or Instagram-friendly presentations. What’s moving the industry forward is a desire to create new paths. And hospitality, as always, is about the resilience of human beings.

In Los Angeles, where everything from Hollywood strikes to devastating fires to Ozempic to the rise in minimum wage has hobbled the restaurant industry and led to many closures, adept operators continue to cautiously grow. For prolific restaurateur Jerry Greenberg, this means working to debut two locations of spinoff restaurant Cheesesteaks by Matū in L.A. while also planning the expansion of Uovo to New York. Uovo, not incidentally, has become a sensation by serving pasta that’s hand-crafted in Bologna. The human touch clearly still matters a lot.

Across the industry, leaders are grappling with a persistent labor shortage that is reshaping how restaurants and bars operate. As Cherif Mbodji notes, “The biggest challenge remains labor—finding, developing and retaining great people.” This sentiment is echoed by Jihan Lee, who cites “finding team members who understand the pace and discipline the industry demands” as a major hurdle. “Younger workers enter with different expectations around balance and commitment, which creates tension in a field built on consistency and resilience,” Lee says. The path forward, many suggest, lies in deeper investment in training, mentorship and treating hospitality as a long-term career. Roni Mazumdar frames it as a fundamental shift in mindset: “Hospitality should be treated as a skilled, sustainable profession, not a passion project held together by burnout.” Part of the problem, according to Gavin Kaysen, is that hospitality is a craft that cannot be taught quickly. “It is something you learn over time and with a great amount of practice. We need to meet the generation coming into this profession with empathy, as they are growing up in different times than we did. It does not make our time or their time worse or better, just different.” To do that, JP Park wants the industry to push frameworks that prioritize education, well-being and collaboration among restaurants, producers and cultural institutions. “Many talented individuals are leaving this industry because the system doesn’t support long-term balance or growth,” Park tells Observer. “The future of hospitality will depend on how sincerely we invest in people.”

Hospitality at the highest level, of course, is about creating multiple successful businesses. So whether you’re Strategic Hospitality (the group that has the only three Nashville restaurants with Michelin stars) or MML Hospitality (a dominant force in Austin that recently hired April Bloomfield, expanded Clark’s Oyster Bar all over California and purchased New York’s Nine Orchard hotel) or the New York team behind critical darlings Claud and Penny as well as a forthcoming wine bar, the goal is to always keep things moving at every moment. 

In New Orleans, Emeril’s is the only restaurant with two Michelin stars. E.J. Lagasse, the 22-year-old son of the iconic, 66-year-old Emeril Lagasse, is running the kitchen and has turned this restaurant into a next-generation tasting-menu destination. Beyond becoming the youngest chef to helm a two-Michelin-starred restaurant in November (when the first Michelin stars for the American South were awarded), E.J. has had a spectacular year with a glowing New York Times review in October and a spot on the inaugural North America’s 50 Best Restaurants list in September. Sometimes, having the right person in the right place at the right time is as simple as looking within your own family. 

Another significant trend is the shift away from alcohol consumption, which is changing beverage programs and business models across the industry. Lisa Limb notes that this has “opened up a whole new avenue for the beverage world” and brought a surge of creativity around spirit-free drinks. But it’s also impacting revenue, as Aaron Bludorn points out: “Seeing our revenues decline for many reasons: lower alcohol sales, people spending less in general and dining out less.” For an industry traditionally reliant on alcohol sales, adapting to this new reality is a challenge. “Rents are going up, the price of goods is going up, salaries are going up,” Eugene Remm says. “You have to do more with less.” Yet, challenges are also opportunities to innovate. “We need systems that support fair wages, reasonable hours and accessible pathways to ownership, while also encouraging innovation in sourcing, waste reduction, and energy use,” Fidel Caballero says.

Beyond these operational pressures, a growing number of consumers are seeking deeper meaning and story behind their dining experiences. Sofia Ostos captures this shift: “People want to understand why something is on the plate, not just how it tastes.” JP Park wasn’t the only honoree to echo this sentiment, nearly verbatim, noting that diners “want to understand the ‘why’ behind what’s on the plate.” In an era of transparency and values-driven consumption, restaurants are being pushed to communicate more sincerely and design experiences that, in Dominique Crenn’s words, “feel personal and emotionally textured.” Or, as Vijaya Kumar puts it: “Real stories, real flavors and places that feel human.”

Humanity is still the most vital ingredient in hospitality, and that isn’t changing anytime soon.

1. Ellia & Junghyun Park

• NA:EUN Hospitality | CEO & Owner, Chef

Ellia and Junghyun ‘JP’ Park, the visionary co-founders of NA:EUN Hospitality Group, have been instrumental in introducing Korean fine dining to the United States. Their journey began with the opening of Atoboy in July 2016, a restaurant inspired by the concept of banchan, the small side dishes that accompany every Korean meal. The couple’s follow-up venture, Atomix, opened in 2018, and their empire expanded with the opening of Naro in Rockefeller Center in 2022 and Seoul Salon in Koreatown in 2023. This year, Atomix was honored with the James Beard Award for Outstanding Hospitality, named the best restaurant in North America and ranked 12th on the World’s 50 Best Restaurants list. In fact, it was the only restaurant in the U.S. to make the World’s 50 Best list. The Parks also just debuted their first restaurant in Seoul, JP at Louis Vuitton. Looking ahead, they are set to make their mark on the European stage with the upcoming launch of Kiji, an elevated Korean barbecue experience at the luxury development 60 Curzon in Mayfair, London, next year.

What JP wants in 2026: “I hope 2026 will be a year where the hospitality industry rediscovers sincerity, a return to genuine purpose and craft. For my team and our restaurants, I want to continue building spaces that represent hospitality with depth and emotion, while providing experiences that bring people together across borders. Ultimately, I want our work to contribute to a more thoughtful and balanced global dining landscape.”

What Ellia wants in 2026: “I hope this year is one in which depth is truly valued. In a time when so much passes by quickly and easily, I hope food, restaurants and culture can move toward a direction that is more thoughtful, lasting and leaves a lingering impression.”

2. Mario Carbone, Rich Torrisi & Jeff Zalaznick

• Major Food Group | Co-Founders

Last month, Mario Carbone, Rich Torrisi and Jeff Zalaznick debuted Carbone Riviera at the Bellagio in Las Vegas. October saw the introduction of No. 1 Steak, a glitzy prix-fixe steakhouse concept nestled within Sadelle’s in Dallas, and the grand opening of Carbone in Dubai at the luxurious Atlantis The Royal. In September, the trio opened Carbone in London. The most recent venture by Major Food Group, announced this week, is a 15,000-square-foot, three-story penthouse in Villa Miami, a 56-story waterfront residential tower slated to open its doors in late 2027. Villa Miami, a collaborative effort with Terra (David Martin) and One Thousand Group (Kevin Venger, Louis Birdman, Michael Konig) marks Major Food Group’s inaugural foray into branded residential towers. The crown jewel of the tower will be The Copper Club, a three-level private club and the group’s first private club conceptualized exclusively for residents. On the ground floor of Villa Miami, Major Food Group will open a waterfront restaurant.

Carbone’s year in three words: “Over the top.”

What Zalaznick wants in 2026: “Charting new territory in vertically integrated hospitality and shifting the paradigm of what is possible.”

What inspired Torrisi this year: “Marrying my wife.”

3. Lois Freedman & Jean-Georges Vongerichten

• Jean-Georges Restaurants | President/Co-CEO & Chef/Proprietor

Lois Freedman, the unsung hero behind Jean-Georges Vongerichten’s restaurant empire, has been a driving force in the group’s operations and creative direction for four decades. Throughout their enduring partnership, Freedman has played a pivotal role in bringing to life some of the most ambitious projects in the group’s portfolio, such as the market- and food hall-inspired Tin Building at New York’s historic Seaport and the much-anticipated ABC Kitchens in Dumbo this October—which marked Vongerichten’s first foray into Brooklyn. The duo’s collaborative efforts have yielded an impressive 60 restaurants worldwide, 14 of which are located in New York City, including the flagship crown jewel, Jean-Georges, the acclaimed farm-to-table ABC Kitchen, ABC Cocina and ABCV. Freedman’s influence extends to the group’s private clubs, including the perpetually popular Chez Margeaux, which opened last year in New York. As the restaurant group continues to expand, Vongerichten has announced plans to open ABC Kitchen within the upcoming Miami Tropic Residences, a 49-story luxury residential tower in the Design District, set to open in 2028.

What inspired Freedman this year: “To be able to design a restaurant on my own without compromise and have my vision come to life as I imagined it. I approached ABC Kitchens in Dumbo as if designing my home, filling it with objects, furniture and lighting that I’ve collected over the years. Investing this much of myself personally has been an unexpectedly rewarding experience.”

If Vongerichten could time-travel for an epic night out: “I would love to travel back to France during the days of Louis XIV and be part of one of the grand feasts. Like the movie Vatel but without the tragedy.”

4. José Andrés & Sam Bakhshandehpour

• José Andrés Group | Executive Chair/Chef & CEO

With José Andrés Group (JAG) CEO Sam Bakhshandehpour, José Andrés expanded his empire this year, with the fall opening of Bazaar Meat at The Venetian and Zaytinya in the Bay Area. JAG is set to launch multiple new dining experiences at the W Hotel in Nashville in early 2026, including Zaytinya, Bar Mar and Butterfly—adding to the company’s 40 existing bars and restaurants.

Chef Andrés on his biggest kitchen disaster: “When I was a much, much younger cook, I worked in a restaurant in the small seaside town of Roses on the Costa Brava of Spain. One day, we had a big order from a well-known family in town for a large tray of canelones, a filled pasta that’s often eaten for holidays. I put a huge amount of work into those canelones, making the béchamel and the filling, boiling the pasta, and broiling it all perfectly with cheese. When the family was ready to pick it up, I insisted on presenting the large, heavy tray alone, instead of taking help from a server who had offered. As I walked out the kitchen door, it swung right back … and hit me and the hot, heavy tray out of my hands—and into the restaurant’s fish tank, right in front of the hungry customers, sizzling all the way down! I went  straight back into the kitchen and did it again—noodles, bechamel, filling, cheese, and  back out in 25 minutes…but learned that I should always, always accept help when it’s offered.”

What Bakhshandehour wants for JAG in 2026: “I aim to prove that the future of hospitality belongs to hotels built around exceptional F&B experiences. We’re eager to showcase a unified food and beverage platform that delivers margin, culture and brand heat better than fragmented partners. It drives both guest emotion and asset value.”

Chef Andrés’ 2025 in three words: “Hello (to new friends and new restaurants) / Goodbye (to my friend Jane Goodall) / Empathy (to build longer tables, not higher walls).”

5. Simon Kim

• Gracious Hospitality Management | Founder & CEO

This year, Simon Kim opened Cote at The Venetian. In 2026, Gracious Hospitality will open its newest project, at 550 Madison, a three-restaurant endeavor which Kim calls “a masterpiece” he’s been developing for four years, “the longest and most meticulous development process we’ve ever undertaken…We’re collaborating with the very best craftsmen—the Olayan Group, David Rockwell, chef Masahiro Yoshitake—and I couldn’t be more excited to finally share what we’ve been building.”

If Kim could time-travel to any era or city in history for one epic night out: “I’d go back to the earliest days of humankind, to understand the most primal ways of eating and drinking. Think: The Jurassic ages, dinosaurs and primates. I’ve always been curious about humankind and how we began celebrating. I’d want to experience sitting around a fire—the original version of dining that civilization didn’t alter.”

If he could switch places with any other leader in dining for 24 hours, it would be: “Thomas Keller—the hallmark of excellence in this industry, truly the barometer and the north star for what exceptional hospitality looks like…The first thing I’d do is visit The French Laundry as him, not just as a guest, but as the owner, and enjoy a dinner while seeing the restaurant through his eyes.”

6. Chintan Pandya, Roni Mazumdar & Vijaya Kumar

• Unapologetic Foods | Executive Chef/Partner & CEO & Executive Chef/Partner

In June, Chintan Pandya, Roni Mazumdar and Vijaya Kumar’s Semma was crowned the #1 eatery in New York by The Times, and co-owner and executive chef Kumar was honored with the Best Chef: New York State title at the 2025 James Beard Awards. Semma has consistently held a Michelin Star since 2022, a testament to its exceptional cuisine. Unapologetic Foods, led by Pandya and Mazumdar, saw continued success with the relocation of Adda to the East Village in May, following the closure of its Long Island City location. They also announced plans to open another Adda outpost in Philadelphia later this year. Adda, which first opened in 2018, has been instrumental in the rise of Unapologetic Foods’ burgeoning empire, which now also encompasses Semma and the critically acclaimed Dhamaka, Naks and Masalawala & Sons.

What Pandya wants in 2026: “For Indian food to keep pushing forward and make it mainstream—more ambition, more respect and no dilution of identity.” 

Mazumdar on the biggest shift in consumer preferences: “People want to understand why a dish exists, not just how it tastes. That shift rewards businesses that operate with clarity of purpose, and it’s pushing the industry toward more thoughtful, identity-driven cooking. I want 2026 to be the year the industry fully embraces cultural honesty in food. Not trend-chasing, not watered-down narratives — but real, rooted, personal expressions from chefs and restaurateurs.”

What inspired Kumar this year: “The farmers and producers who keep showing up, no matter how chaotic the world gets.”

7. Eric Ripert & Maguy Le Coze

• Le Bernardin | Co-Owners

As expected, Eric Ripert and Maguy Le Coze’s Le Bernardin maintained its status atop the prestigious La Liste survey in 2026, sharing its impressive 99.5 score with only one other American establishment, SingleThread in Healdsburg, California. This recognition followed the restaurant’s retention of its coveted three-star rating from the Michelin Guide. Le Bernardin also secured the 9th spot on the 2025 North America’s 50 Best Restaurants list. As the establishment approaches its 40th anniversary in 2026, Ripert and Le Coze reflect on the enduring legacy of their culinary vision, which began with the original Paris-based Le Bernardin, which celebrated its 50th anniversary in 2022. Ripert’s influence reaches far beyond the streets of Manhattan, as evidenced by the 20th anniversary of his Caribbean outpost, Blue, at The Ritz-Carlton Grand Cayman in 2025—an occasion marked by the unveiling of a stunning redesign by the acclaimed Champalimaud Design firm.

Ripert on the biggest shift in consumer preferences: “What we see this year is a shift, especially in Gen Z. We have never seen this many customers ordering the tasting menu and wine pairing, especially our younger guests. This generation really wants an overall experience. They are very engaging with our team, asking questions that our staff have never even heard before.”

If Ripert could switch places with another hospitality leader, it would be: “Nobu Matsuhisa. He’s extremely talented. I admire what he has created and that he has been able to mix Japanese sushi culture with Peruvian culture. He has made sushi restaurants sexy. If I were in his shoes, I would take more vacations.”

8. Eugene Remm & Tilman J. Fertitta

• Catch Hospitality | Partner
• Fertitta Entertainment | Owner

Yesterday, Eugene Remm and Tilman Fertitta revealed their plans to bring The Corner Store to a luxury casino-resort on the Las Vegas Strip in 2026. Since opening in 2024, The Corner Store has remained one of New York’s most popular restaurants. In February, Remm and Fertitta unveiled plans for a 75-seat Mediterranean dining establishment in Soho, slated to welcome patrons in early 2026 under the direction of executive chef Nadav Greenberg, previously associated with the Michelin-starred Israeli restaurant Shmoné. September witnessed the grand opening of The Eighty Six, a cozy 35-seat steakhouse nestled in the West Village, alongside the inauguration of Rockwell Group-designed Catch Scottsdale, the seventh outpost from the esteemed hospitality brand. 

Remm on the greatest shift in consumer preferences: “The most significant shift, in my opinion, has been that there is no middle. If you are not creating extreme experiences or extreme conveniences—either fast casual on the convenience side or the kind of elevated experience like what we are creating—people are no longer accepting just a nice, normal meal at a normal restaurant.” 

What inspired Fertitta this year: “As the U.S. Ambassador to Italy, I have certainly been influenced by the country’s culture and hospitality. Experiencing their restaurants first-hand and seeing their passion for food at every meal has inspired me the most.”

9. Johann Moonesinghe & Andrew Harris

• inKind | Co-Founders

To date, inKind and its co-founders Johann Moonesinghe and Andrew Harris have provided over $500 million in funding to more than 5,000 restaurants, including destinations from operators like José Andrés Group and Mina Group, as well as 20 Michelin-starred destinations and 50 James Beard Award nominees. The company’s innovative financing model gives restaurants funding in exchange for food and beverage credits, rather than equity or debt, enabling restaurants to cover operational costs and maintain profit margins. In 2025, inKind closed an impressive $450 million in capital to accelerate its platform growth, with plans to expand to an additional 10,000 U.S. restaurants over the next year. The fundraiser was led by Magnetar and included prominent backers such as Jay-Z’s MarcyPen Capital Ventures, Värde Partners, Alpha Wave Global and even all four members of the band Metallica. The company’s success is evident in its consistent growth, with an over 100 percent increase in gross order volume (GOV) for four consecutive years (2020-2024) and a projected $350 million in 2025. In October, Moonesinghe and Harris announced a groundbreaking partnership to implement Dogecoin (DOGE) as the first cryptocurrency accepted across inKind’s extensive nationwide restaurant network, which boasts over 3 million app users. Moonesinghe’s separate hospitality group, RDM, provided funding for Guest House in Austin, which expanded to Vegas under the leadership of RDM founder Raj Kumar last year.

Moonesinghe on the inspiration behind inKind: “Restaurants are the heart of our communities, and they deserve partners who understand the unique support they need to thrive. Traditional restaurant financing models can drain equity, cash flow and long-term viability. We created inKind to change that—offering a smarter, more sustainable way to fund restaurants without the burdens. Our model helps operators maintain cash flow, access capital quickly and build more resilient businesses, and thanks to our partners that led the funding we’re able to amplify those efforts on a massive scale of up to 10,000 additional restaurants. We’re proud to support thousands of locally owned restaurants nationwide, not just with funding, but as true partners in their success.”

10. Kwame Onwuachi

• Tatiana, Dōgon & Patty Place  | Chef, Author & Restaurateur

By the end of the year, James Beard Award-winning chef Kwame Onwuachi is set to open Maroon, a modern Caribbean steakhouse, at the Sahara in Las Vegas. This venture follows the success of his acclaimed restaurants Tatiana in New York City and Dōgon in Washington, D.C., the latter earning a spot on the inaugural North America’s 50 Best Restaurants list. Onwuachi has recently expanded his reach with Patty Place locations at Citi Field and the Barclays Center, as well as joining the team at Las’ Lap’s new Miami Beach outpost at the Daydrift hotel. In September, he signed with the prestigious William Morris Agency, further cementing his position as a trailblazer in the culinary world.

If he could switch places with another hospitality leader for 24 hours, he’d choose: “Simon Kim, because he leads a very thrilling life and is a fun person to be around. First thing I would do is eat unlimited galbi.”

On the industry’s biggest challenge: “The biggest challenge is figuring out profitability. Fixed costs eliminate the ability to turn a profit in a way that other industries don’t face. We as an industry need to band together to look for tax breaks and advocate for our rights, which will lead to a better industry.”

11. Albert Yang

• Din Tai Fung North America | CEO

Din Tai Fung North America is experiencing rapid expansion, with 18 locations in North America out of 165 restaurants worldwide, serving over 7 million customers annually. The chain’s average annual sales per location reached $27 million last year, more than double that of The Cheesecake Factory and the highest among 1,500 restaurant chains tracked by Technomic. In October, the company announced plans for a second East Coast location in New York, set to open in 2027, 27 years since its first U.S. restaurant opened in California. Aaron Yang has transitioned to the board, leaving Albert Yang as the sole CEO. “Asian dining is one of the fastest-growing segments in the industry,” Albert tells Observer. “Authentic dining is now more relevant than ever and becoming truly mainstream, and Din Tai Fung is very proud to be a part of this shift.”

What inspired him this year: My car mechanic told me he saw me on TV for our grand opening in Santa Monica and had his whole family come over to watch with him. He told me, “You make me proud to be Taiwanese,” and that inspires me to do better every day. 

His biggest kitchen “fail”: Trying to reformulate the recipe for the chocolate in our chocolate xiao long bao. I remember having about 20 different types of cacao sitting on my desk and wasting countless hours trying different recipes. I think I made the right decision by giving up. Today’s recipe is our #1 dessert and a top menu item overall. 

12. Nobu Matsuhisa

• Nobu Restaurant Group | Co-Founder & Chef

In November, Nobu Matsuhisa debuted Nobu Hotel & Restaurant Roma in collaboration with longtime partner Robert De Niro, while January saw the launch of Nobu Hotel Caesars New Orleans, designed by Rockwell Group. Maui welcomed its first Nobu restaurant, the second in Hawaii, in April at  Grand Wailea, a Waldorf Astoria Resort. May brought the opening of Nobu Del Coronado at the historic Hotel del Coronado, followed by the unveiling of the Nobu Hotel in Toronto in June. The Nobu Hotel Madrid is slated to open its doors in early 2026, while the Nobu Hotel, Restaurant and Residences in Abu Dhabi are expected to be completed in 2027. Matsuhisa has also announced plans to establish a Nobu Hotel in Nashville. The original Tribeca Nobu opened in 1994, and there’s a 2025 documentary, simply titled Nobu, about that restaurant and the empire that grew out of it.

13. Stephen Starr

• Starr Restaurant Group | Founder & CEO

In August, Stephen Starr opened his largest Philadelphia restaurant yet: Borromini, a $20 million, 15,000-square-foot colossus in Rittenhouse Square. Though Starr is credited with transforming Philadelphia’s dining scene from the 1990s through the early 2010s, his expansion over the last 15 years has established him as a major national player. Borromini joins a roster of 40-plus establishments operated by Starr Restaurants, spanning Philadelphia, New York City (including Pastis and the recent revamp of Babbo), Washington, D.C. and South Florida. After exiting in 2020, Starr returned to Atlantic City this summer, with the opening of two concepts, Sunny’s and Chez Frites, at the Ocean Casino Resort.

14. Michael Mina

• The Mina Group | Chef & Owner

The Mina Group, led by Michael Mina, has experienced significant growth and expansion over the past year, with a focus on portfolio acceleration and geographical diversification. The group opened several new restaurants in 2025, including two in San Francisco’s Westin St. Francis (Bourbon Steak San Francisco and The Eighth Rule, a collaboration with Steph Curry—the basketball star’s first hospitality partnership), Bourbon Steak locations in Delray Beach, Florida, Orlando and Charlotte, North Carolina (set to open in fall 2026), Taleed by Michael Mina in Diriyah, Saudi Arabia, The Beach House on The Ritz-Carlton Yacht, and a new Italian concept, Acqua Bistecca, in Washington, D.C.—with plans to expand the latter to Estero Bay, Florida in February 2026.

What inspired Mina this year: “This was a major growth year for us, and that alone was incredibly inspiring. The projects we were fortunate to take on—The Eighth Rule, Bourbon Steak San Francisco and Beach House on board The Ritz-Carlton Yacht Collection’s newest vessel, Luminara—really energized our entire team. The unity we’ve built coming out of the pandemic has been something special. A lot of the vision and direction we set years ago truly came together this year, and seeing the team bring it to life across these openings has been the most inspiring part for me.” 

His advice for industry hopefuls: “Seek leaders who teach systems, not just dishes. Learn the bar, the pass, the floor and the business. Your edge will be curiosity, humility and follow-through: show up, solve problems, and maintain standards when the room is full and the clock is against you. Finally, invest in relationships. Mentors and peers are the network that sustains a career measured in decades, not moments.”

15. Scott Sartiano

• Zero Bond Hospitality | Founder

This year, Scott Sartiano announced plans to open Sartiano’s Italian Steakhouse at the Wynn, next to his Vegas outpost of Zero Bond, which debuts in February. The NY-based private club is frequented by many an A-Lister (most recently, America’s most overexposed lovebirds). “As we enter Las Vegas, I want to bring what makes Zero Bond and Sartiano’s special—the sense of community, attention to detail and genuine connection—into a new market with its own character and rhythm.”

What inspired Sartiano this year? “The renovation of Zero Bond for its fifth anniversary and our work with The Mercer both reinforced how spaces can evolve to meet people’s changing needs while staying true to their essence. That balance between growth and authenticity continues to guide everything we do.”

If he had to eat at the same restaurant for 30 days straight? His own. “Sartiano’s. I’ve actually done it. By day 30, I’m still ordering the veal chop Parmigiana. It never gets old.”

16. Dominique Crenn

• Crenn Dining Group | Founder & Chef

In September, Dominique Crenn’s three-Michelin-starred restaurant, Atelier Crenn, secured the 46th spot on North America’s 50 Best Restaurants list and further solidified its status by earning a coveted three-star rating from the New York Times. Shortly thereafter, in October, chef Crenn unveiled Monsieur Dior by Dominique Crenn in Beverly Hills, marking the first restaurant outside of Paris for the prestigious House of Dior. Looking ahead, Crenn has announced a partnership with Waldorf Astoria Residences Texas Hill Country, where she will oversee the development of the signature restaurant at the highly anticipated resort, slated to open in 2027. Crenn’s achievements are nothing short of remarkable, as she became the first female chef in the United States to earn three Michelin stars in 2018. Crenn is featured in HexClad’s “Open to Close” docuseries, which premiered on December 1st and showcases the brand’s Culinary Council members, offering an intimate look at the passion and dedication required to operate top-tier restaurants.

What excites her the most: “The blurring of boundaries. Dining is no longer confined to the table; it is a living conversation between many disciplines, all speaking to one another (fashion, film, design and nature). Guests today crave emotion as part of their dining experiences, whether as a memory, a shimmer of beauty, or a moment that lingers. Weaving these disciplines together creates that experience.”

Her advice for industry hopefuls: “For those beginning their journey, remember that a dish is never just a dish, and a restaurant is never merely a restaurant. They are vessels for emotion, memory and imagination. Allow yourself to think beyond the plate, and beyond what you believe a space or a menu should be. Seek out mentors who challenge you to see differently and expand your sense of what is possible. The most important skill you can cultivate is the ability to stay open—to observe, to feel and to be moved. The future of this industry will belong to those who create experiences that invite people into a story, not just a dining room.” 

17. Chris Shepherd

• Southern Smoke Foundation | Founding Director
• Eat Like a Local | Host

Chris Shepherd, the culinary powerhouse behind a celebrated restaurant empire in Houston, has also emerged as one of the most significant humanitarians in the food industry. Through Southern Smoke Foundation, Shepherd has made an indelible impact on the lives of countless individuals working in the hospitality sector. The Foundation’s annual food and beverage fundraising event, held in Houston this past October, shattered records by raising an astonishing $1.7 million—the highest amount ever generated from a single fundraising event for the organization. The funds will directly support those employed in the hospitality industry through the Foundation’s Emergency Relief Fund and its mental health initiative, Behind You. Since its inception, the Southern Smoke Foundation has distributed more than $15 million in grants to food and beverage workers. Moreover, since 2020, the Foundation has provided over 9,000 no-cost counseling sessions to food and beverage workers across 13 states, including California, Florida, Illinois, Louisiana, Maine, Massachusetts, Michigan, New York, South Carolina, Tennessee, Texas, Virginia and Washington, D.C. 

What he wants in 2026: “I would like to see the continual growth and awareness of Southern Smoke Foundation. Specifically, I would love to see the Behind You program expand into more states and for more industry professionals to start coalition programs in their states to support free access to mental health care programs. It’s getting harder and harder for owners to take care of their staff. For many reasons, margins are even thinner, which makes it harder for owners to provide living wages, health insurance and access to benefits like mental healthcare. I believe that Southern Smoke Foundation, with our crisis relief grants and access to no-cost counseling, can help, but we really need to see significant policy changes for the industry to see a real difference. I always say that our goal is for the industry to evolve so much that Southern Smoke is no longer needed, but I don’t see that happening anytime soon.”

What inspired him this year: “On a professional level, having the opportunity to work with the Southern Smoke team and to watch the magic that they do to literally save the food and beverage industry. On Eat Like a Local, I am inspired by the drive of restaurant owners and chefs, and I’m so grateful to have the opportunity to tell their stories of community through food. I don’t take that opportunity lightly. On a personal level, I am inspired by my wife, Lindsey Brown, as she battles breast cancer. She is diligent and clear-eyed on what needs to happen in this fight. She is focused on the finish line as she goes through her weekly treatments with power and resilience. I am in awe of her daily.”

18. Larry McGuire

• MML Hospitality | Managing Partner & Co-Founder

As the head of Austin-based McGuire Moorman Lambert (MML) Hospitality, Larry McGuire boasts an impressive portfolio of over 30 restaurants, all of which have remained open, and a growing collection of hotels. In June, McGuire announced that renowned chef April Bloomfield would join MML as executive chef, bringing her culinary expertise to the group’s ongoing projects and future ventures. One of McGuire’s most significant moves this year took place in August when MML purchased the Nine Orchard hotel in New York City, along with its restaurant/bar spaces—Corner Bar, Swan Room and Blue Room—in a $92 million deal, marking the group’s first project in the Big Apple. Additionally, MML embarked on a $100 million renovation and restoration of the historic Mountain Chalet in downtown Aspen this summer, with plans for a grand opening in the summer of 2027. The group has also been expanding its presence in California, with the opening of Clark’s Oyster Bar in Montecito, Menlo Park and Malibu within the past year. MML is also working on Austin’s Herzog & de Meuron-designed Sixth&Blanco mixed-use development, set to open in 2027. 

McGuire on the industry’s biggest challenge today: “It’s become increasingly hard to attract young people to the industry, and current immigration policies are not doing our industry and the downstream supply from farmers, ranchers and wine growers any favors. We have to become really good employers that create meaningful careers for people so they stay or are attracted to the industry.”

What inspired him this year: “The public’s recognition and elevation of landmark style restaurants and hotels—the classic places we enjoy and try to build seem to be coming back into fashion.”

19. Jerry Greenberg

• Sushi Nozawa Group | Co-Founder

Jerry Greenberg’s latest venture, Cheesesteaks by Matū, is set to open two locations—one on Pasadena’s East Colorado Boulevard and another at The Commons at Calabasas in the winter. These new outposts will share space with Greenberg’s next location of HiHo Cheeseburger, which celebrated its tenth anniversary this year. Greenberg’s restaurant empire also includes the renowned Nozawa Bar, Sugarfish, KazuNori and Uovo. Uovo, which first opened in Santa Monica in 2017 and now boasts five Los Angeles locations, is poised to make its New York debut in spring 2026 in NoMad. This expansion comes on the heels of the opening of the eighth KazuNori location in Pasadena this fall.

What inspired him this year: “The same thing that inspires me every year. Seeing people come back week after week just for our food. It may seem like a simple thing, but that’s what it’s all about for us.”

If he could time-travel to any era or city in history for one epic night out: “I’d travel back 100 years to the Rite Spot in Pasadena to have the original cheeseburger—that’s top-of-mind as we celebrate HiHo’s 10th anniversary. And I would go to Rome/Amatrice for the original versions of cacio e pepe and amatriciana. Then cap it off and experience the origins of our sushi in Edo (Tokyo).”

20. Andrew Carmellini, Josh Pickard & Luke Ostrom

• Noho Hospitality | Co-Founders

Andrew Carmellini, Luke Ostrom and Joshua Pickard’s Café Carmellini, which opened its doors in 2023 at the Fifth Avenue Hotel, secured the 39th spot on this year’s North  America’s 50 Best Restaurants list. The hotel’s Portrait Bar, another NoHo Hospitality venture, also made its mark by being included in the 51-100 extended list of North America’s 50 Best Bars in 2025. The Fifth Avenue Hotel itself earned a place on the World’s 50 Best extended list of the best hotels around the world. The fact that Café Carmellini, The Portrait Bar and The Fifth Avenue Hotel achieved this feat less than three years after opening is a testament to the exceptional quality and innovation offered by NoHo Hospitality. In April, Carmellini expanded his culinary empire with the opening of Little Fino (“until the next” in Italian) at the William Vale hotel in Brooklyn. The establishment joins NoHo Hospitality’s impressive roster of restaurants across New York, which includes Lafayette, Bar Primi, Locanda Verde and the Dutch.

Carmellini’s year in three words: “Unsure what happened.”

Pickard on the most significant shift in consumer preferences: “There has been a shift to an earlier dining scene, which is now often the main social event of a night, requiring it to be equally welcoming, tasty and entertaining. This shift has also helped fuel the popularity of member dining clubs in NYC.”

If Ostrom could time-travel for an epic night out: “I think I’d choose my birth year and travel back to NYC in 1977. Dinner at Maxwell’s Plum, drinks at Elaine’s, midnight at CBGB and late night at Studio 54.”

21. Ahmass Fakahany

• Altamarea Group | Founder & CEO

Undeterred by the challenges presented by the L.A. fires, Altamarea Group visionary Ahmass Fakahany successfully opened Marea in Beverly Hills in January, marking the first West Coast expansion for the prominent restaurant group. Marea has been a standout in the culinary world since its opening on Central Park South in 2009. The Beverly Hills location, one of the most anticipated openings of 2025, is set to be followed by another outpost at The Snow Lodge within The St. Regis Aspen Resort later this month. The Altamarea Group boasts a portfolio of over 25 restaurants worldwide. The group’s flagship restaurant concepts encompass Marea, Ai Fiori—Wine Spectator’s 2025 Grand Award Winner—53, Morini Brands and Nicoletta Brands. On the international stage, Altamarea’s offerings are punctuated by the Michelin-starred grill concept 11 Woodfire, Mohalla Indian Cuisine, Tezukuri Japanese, SoBo 20 and the highly anticipated Scarpa.

If he had to eat at the same restaurant for 30 days straight: “Honestly, and I may not be alone here, it is likely Hillstone. It is consistent, comfortable and delicious with a range of salads, meats and fish. By day 30, I would opt for their rainbow sushi Roll, which ranks in my view.”

On the biggest challenge facing the industry: “It is harder to find capital to grow from traditional sources. Also, there has been a talent withdrawal from the industry that has to be rejuvenated. This and other challenges have made this the era of bringing heads together, just as in other industries, through joint ventures, partnerships and collaborations. This can be with hotels, developers, sponsors or like-minded operators.”

22. Mashama Bailey & Johno Morisano

• The Grey | Chef/Partner & Co-Founder/Managing Partner

Mashama Bailey and Johno Morisano, the visionary team behind The Grey in Savannah, Georgia, marked their eleventh year in the culinary industry in 2025. Known for elevating Savannah’s dining scene and credited with making the southern city a culinary destination, the duo recently ventured into the international market with the July launch of L’Arrêt by The Grey in Paris. “Opening the Paris restaurant has been so inspiring!” Bailey tells Observer, noting their goal is to maintain the location’s community-centric atmosphere while presenting a unique French menu inspired by subtle influences from Port City Southern fare. “Shopping for Southern ingredients in the City of Light has introduced me to neighborhoods I don’t normally visit while in Paris.” In May, Bailey showcased her commitment to her local community by creating a special dish for Savannah’s Meals on Wheels program in honor of its 65th anniversary. In September, Bailey penned the Time 100’s World’s Most Influential Rising Stars entry for Ashleigh Shanti, praising Shanti’s voice and the importance of reflecting, researching, serving and inspiring through Black food stories.

The most significant shift Bailey has noticed: “For The Grey, there has been a shift in eating pork. We cooked a lot of pork at The Grey 10 years ago and began to get a lot of feedback about it from our guests. Now, we are super aware of balancing our menus so they are not heavy in pork, beef or gluten. Today, we have more vegetables, seafood and whole grains.” 

Morisano on the industry’s greatest challenge: “Building a team—by far. Those of us in the industry need to be kind to each other. This is a young business. Young folks ain’t always kind. I’m 58, so I’ve been there, done that. But it’s an ecosystem; a small one. Savannah, Paris, NYC. All of it. Both micro and macro. We must be kind to each other.”

23. Michael Cimarusti

• Providence | Chef-Owner

Chef Michael Cimarusti’s acclaimed seafood-focused Los Angeles restaurant, Providence, has reached new heights in its 20th anniversary year. The esteemed establishment was awarded three Michelin stars and retained its green star in the 2025 Michelin Guide, solidifying its position as a leader in sustainable fine dining for the third year in a row. Providence also made it on the inaugural North America’s 50 Best Restaurants list at #47, with chef Cimarusti receiving the prestigious Chef’s Choice Award. The restaurant continues to innovate, with sous chef Danielle Peterson developing a fermentation program that repurposes ingredients into unique flavors, while the rooftop garden has become a Certified Wildlife Habitat. Pastry chef Mac Daniel Dimla has introduced a zero-waste chocolate program, and the bar team has crafted a refined zero-proof pairing experience alongside a tableside cocktail program featuring rare spirits.

Cimarusti on the biggest challenge the industry faces: “The labor market is shrinking and becoming ever more competitive. It is harder and harder to find talented individuals. We are investing heavily in developing talent, trying to create an environment where even relatively inexperienced people can be trained to execute at a very high level. This is only possible if you have a culture that welcomes and embraces new team members and actively participates in their training.”

The meal he could eat for 30 days straight: “The wood-roasted Belon oysters, Edna’s corn bread and the steak with bone marrow at Dunsmoor in Glassell Park.”

24. David Rockwell

• Rockwell Group | Founder & President

David Rockwell and his firm, Rockwell Group, have left an indelible mark on the global hospitality industry over the past four decades. With an impressive portfolio encompassing nearly 1,000 restaurants across more than 200 cities and six continents, Rockwell Group has showcased its versatility and innovation in design. Notable projects in recent years include New York’s 450-seat Din Tai Fung, Catch Hospitality’s The Corner Store and Catch Scottsdale, Simon Kim’s Coqodaq and highly anticipated Cote Las Vegas, which has been hailed as one of the hottest openings of the year. Rockwell Group’s long-standing partnership with Nobu has resulted in the design of more than 30 hotels and restaurants across 28 cities, further cementing their reputation as a leading force in the world of hospitality design.

If he could time-travel for an epic night out: “Having spent part of my childhood in Mexico, I’d go to Mexico City in the 1920s. It was a moment when art, music and political imagination were sparking off one another. I’d invite Frida Kahlo, of course, but also the painter José Clemente Orozco, photographer Tina Modotti and a young Cantinflas (an actor and director known as the Mexican Charlie Chaplin). We’d start with dinner at Sanborns, one of the first soda fountains and lunch counters in Mexico City, and we’d wander through a mural-filled plaza, and end up in a smoky cabaret.”

What inspired him this year: “Traveling to Mexico City, Japan, Rome, Milan, Chicago, and Las Vegas for recent project openings and family trips reminded me how local culture, ritual and craft can transform spaces and experiences into something emotionally resonant. There’s really nothing like walking into a room and seeing strangers form an instant community because of their collective experience.” 

25. Elizabeth Blau

• Blau + Associates | Founder & CEO

Renowned for transforming Las Vegas into a world-class culinary destination, Elizabeth Blau continues to shape the international food scene by bringing acclaimed chefs and restaurateurs to mixed-use real estate projects and luxury resort developments. She spearheaded the launch of the Wynn Las Vegas Revelry food festival in 2024 and introduced the Women in Hospitality Leadership Conference at Wynn this year. Blau also played a pivotal role in bringing the World’s 50 Best to Las Vegas and is collaborating with Wynn to curate all food and beverage offerings at the Wynn Marjan Island property in the United Arab Emirates, including partnerships with Alain Ducasse and Delilah. As Blau and Wynn prepared to revive Revelry in late summer with fresh food and mixology programming, she remained on the lookout for emerging talent. With one of her business partners, Hunt Realty, involved in the massive Fields development in Frisco, Texas, Blau may expand her presence in the Lone Star State. In recognition of her outstanding contributions, Blau was honored with the prestigious Augie award from the Culinary Institute of America in May.

If she had to eat at the same restaurant for 30 days: “I’d choose Casa Playa at Wynn Las Vegas, where chef Sarah Thompson creates some truly extraordinary coastal Mexican cuisine. On day one, I’d order her ceviche, which is fresh, vibrant, balanced and full of life. And on day 30? I’d still be ordering the exact same thing. Some dishes never lose their magic.”

What she wants in 2026: “If I could choose one word for 2026, it would be stability. The hospitality industry has weathered nearly a decade of disruption from the pandemic to supply chain issues, staffing shortages and shifting guest expectations. Restaurants are built on rhythm and consistency, and my hope is that 2026 is finally the year we regain steady ground, rebuild stronger systems and focus less on surviving and more on thriving.”

26. Aaron Bludorn, Cherif Mbodji & Victoria Pappas Bludorn

• Bludorn Hospitality Group | Partners

Aaron Bludorn, Victoria Bludorn and Cherif Mbodji, the dynamic trio behind the Bludorn Hospitality Group in Houston, have made significant strides in 2025. In January, they launched Perseid, a modern French bistro located in the luxurious Hotel Saint Augustine, showcasing chef Aaron Bludorn’s culinary expertise. The group also announced a partnership with Howard Hughes in August, revealing plans for Bar Bludorn at The Woodlands, set to open in summer 2026. This expansion marks chef Bludorn’s first venture outside central Houston, offering a unique twist on the original Bar Bludorn’s contemporary American bistro menu infused with Texas flavors.

Bludorn’s year in three words: “Planting tomorrow’s trees.”

What Mbodji wants in 2026: “I’d love to see 2026 become a year of renewed balance where restaurants can operate sustainably without compromising creativity, and where hospitality groups collaborate more intentionally across cities. For our business, I want continued growth that feels purposeful: expanding concepts, elevating our teams and strengthening our presence in Houston while staying true to who we are.” 

27. Michael Stillman

• Quality Branded | Founder & President

In September, Michael Stillman unveiled Limusina, a Mexican eatery in Hudson Yards. Earlier this year, in March, he announced plans to bring Bad Roman to Beverly Hills (in 2026), marking the restaurant’s inaugural venture on the West Coast. Twin Tails, Stillman’s bold foray into Asian cuisine, opened its doors at The Shops at Columbus Circle in 2024. Despite a mixed reception during its initial launch last fall, the Thai restaurant has since garnered praise, with some even comparing it to the iconic Indochine. Quality Branded’s diverse portfolio includes an array of establishments: Don Angie, Smith & Wollensky, Zou Zou’s, San Sabino and Quality Meats, to name a few.

Stillman’s year in three words: “Sevens, not sixes.”

If he had to eat the same meal for 30 days: “Elio’s on the Upper East Side. Risotto Milanese.”

28. Gavin Kaysen

• Soigné Hospitality Group | Chef & Owner

Gavin Kaysen, the culinary mastermind at the helm of Soigné Hospitality Group, has been a driving force in transforming the gastronomic scene of Minneapolis, Minnesota. His celebrated establishments, which include Spoon and Stable, Demi, Mara Restaurant and Bar and two outposts of his latest venture, Bellecour, have garnered widespread acclaim since his homecoming to the Midwest in 2014. Kaysen’s dedication to fostering the next wave of culinary artists shines through his position as president of Mentor’s Team USA, where he collaborates with his esteemed mentor, chef Daniel Boulud, and also Thomas Keller. This week, the two-time James Beard Award laureate ventured beyond the borders of Minnesota for the first time with the unveiling of The Merchant Room, a New American Brasserie, at the newly launched Naples Beach Club, A Four Seasons Resort. Earlier this month, Kaysen revealed the debut of Bellecour in Minneapolis, his first opening in three years, his most intimate undertaking to date and his inaugural French bistro concept. This fall, Kaysen promoted Alexandra Motz, one of the founding members of Soigné Hospitality Group, to oversee the pastry program for Spoon and Stable, Demi and Bellecour. Zachary Byers, previously associated with Denver’s acclaimed The Wolf’s Tailor and Beckon, has taken on the role of head sommelier, bringing a fresh perspective to elevate the wine offerings across the restaurant group. 

What he wants in 2026: “For my business, I want to continue to show that mentorship, positive leadership and growth are some of the most important attributes for success. I want our profession to own the dialogue of how we can collectively become better by way of teaching the next generation, while not dismissing or forgetting the generation that led us here.”

What he sees as the most significant shift in consumer behavior: “At the end of the day, what seems to stay consistent is that people enjoy the experience of the meal by way of restoration through the food and the hospitality we provide. I see that coming back even stronger in the years to come. We are losing the connection of person-to-person, and I know that as hospitalitarians, we can provide that personal touch.”

29. Michael Solomonov & Steven Cook

• CookNSolo Restaurants | Co-Founders

Philadelphia Israeli-food powerhouses Michael Solomonov and Steven Cook expanded their CookNSolo portfolio this year. In March, they opened Aviv at the 1 Hotel in Miami Beach. Since debuting their first restaurant, Zahav in Philadelphia, in 2008, Solomonov and Cook have built a culinary empire that includes Federal Donuts, Dizengoff, Laser Wolf and Goldie. Beyond their restaurant ventures, the duo have also made a significant impact in the CPG market with their brand, Zahav Foods. In June, their signature Zahav hummus debuted in 485 Target stores across 20 East Coast states, following a successful 2024 launch at Whole Foods, where it quickly became the region’s top-selling hummus brand.

Cook on the most significant shift in consumer behavior: “The home is becoming more and more the center of where people eat with delivery and ghost kitchen options, which means restaurants need to double down on creating a memorable and celebratory experience of eating communally in a restaurant.”

Solomonov on the industry’s biggest challenge: “The cost of goods and labor continues to rise as more and more excellent restaurants come online, which has meant that we are constantly hyper-focusing on the product and how we differentiate and get a little bit better each day.”

What they want for 2026: “We would love people to start eating later again, for the cost of goods to stabilize, and for immigrants who are the backbone of the industry to have the opportunity to feel safe.” 

30. Lisa Limb, Takahiro Sakaeda & Jihan Lee

• Launchpad Hospitality | Managing Partner & Chef Partners

Lisa Limb, Taka Sakaeda and Jihan Lee, the dynamic trio behind Launchpad Hospitality, have taken the culinary world by storm since opening their first Nami Nori restaurant in 2019. Drawing on their shared experience working under the tutelage of Masa Takayama, the team has cultivated a thriving portfolio of establishments that embody the Japanese art of gracious hospitality, or “omotenashi.” Their signature open-style temaki, which sparked a global sensation following the success of Nami Nori in New York City’s West Village, has been the driving force behind the group’s expansion to New Jersey, Miami and Virginia Beach. Alongside their temaki restaurants, Launchpad Hospitality introduced the Japanese bakery Postcard in New York in 2024 and the omakase counter and lounge Matsuyoi in Miami. The team’s innovative approach and engaging community have led to collaborations with renowned brands such as Louis Vuitton, Tiffany & Co. and Auberge Resorts. With partner Pharrell Williams, who advises on creative growth strategy, the group launched two new ventures, Nami Nori and Matsuyoi, in Miami’s Design District in the last year and brought Nami Nori to Williams’ hometown of Virginia Beach in the fall.

What inspired Limb this year: “The Atlantic Park development in Virginia Beach where we opened our new Nami Nori location in October is a $350 million project that started out as a dream, and has been 20 years in the making. It was the architecture school thesis of Alec Yuzhbabenko, a local architect who conceived of building an entire neighborhood centered on a surf park. Seeing it come to life from the ground up shows us what is possible when vision meets commitment and community. We are honored to be a part of it.”

If Sakaeda could time-travel for an epic night out: “New York City, circa 1975, before I was born and right around the time my parents emigrated to America. I’d love to see the city through my parents’ eyes. I’d invite Siddhartha Gautama, Marcus Aurelius and Lao Tzu. A night with that mix of curiosity, discipline and stillness would be unforgettable.”

If Lee had to eat at the same restaurant every day for a month: “I’d pick Atomix without even thinking. They’ve had over 150 different tasting menus since opening, so honestly I could go for 30 days straight and still try something new every time. And then on day thirty, after a whole month of the most refined Korean food ever, I’d look at them and say, ‘Can you make me a cheeseburger?’ Because as much as I love fancy food, I was born in America—and sometimes you just crave a good burger.”

31. Lindsay & Michael Tusk

• Quince & Co. | Co-Founders

Lindsay and Michael Tusk’s flagship San Francisco restaurant, Quince, not only earned a spot on North America’s 50 Best Restaurants list in 2025 but also boasts three Michelin stars and attracts high-profile patrons, including former President Barack Obama. In October, the Tusks further elevated Quince’s dining experience by hiring Davide Franco as the new hospitality director, bringing nearly 20 years of expertise from Michelin-starred establishments in Italy and London. Looking ahead, the Tusks announced their latest venture, Bar Coto, an all-day Italian café set to open in the spring of 2026. Inspired by the vibrant cafés of Milan, such as Bar Basso, and the acclaimed Bar Pisellino in New York City, Bar Coto promises to be a welcome addition to the couple’s impressive portfolio of Jackson Square establishments. This includes Quince, the ever-popular Cotogna and the recently revived French-inspired wine bar Verjus, all of which have earned a place on the San Francisco Chronicle’s list of the 100 best restaurants in the Bay Area.

What inspired Michael this year: “The redesign at Quince, and moving within the space. I wanted the food to reflect the natural materials—working with knifemakers, glassblowers, artisans of all kinds. Getting rid of the electric rotisserie and putting in fire. Gentle nuances of smoke and dehydration.”

Lindsay on the most significant shift in consumer preferences: “The rise of non-alcoholic beverages and increased demand for private dining.”

32. Joshua Pinsky & Chase Sinzer

• Penny, Stars & Claud | Chef-Partner & Restaurateur

Chase Sinzer and Joshua Pinsky, the duo behind the acclaimed East Village establishments Claud and Penny, are set to unveil their latest venture, Stars wine bar, at 139 East 12th Street. Slated to open its doors this month, the intimate 12-seat space will feature an impressive selection of over 1,000 wines from around the world. Sinzer and Pinsky’s existing restaurants have garnered significant praise, with Claud, which debuted in 2022, and Penny, a raw bar that opened upstairs in 2024, both earning coveted three-star ratings from former Times food critic Pete Wells in their respective opening years. The pair’s culinary prowess was further recognized in 2025, as both Claud and Penny secured spots on The Times’ list of the best restaurants in New York City, with Penny impressively claiming the 7th position. Additionally, Penny’s acclaim extended beyond the city, as it earned the 40th spot on the 2025 North America’s 50 Best Restaurants list.

If Sinzer had to eat the same meal for 30 days straight: “Cervo’s chicken and fries.”

Pinsky on the greatest shift in consumer preferences: “Experience > price. Being true to your intentions and being transparent really hits with guests and our industry.”

33. Gregory Gourdet

• Printemps US | Culinary Director

Gregory Gourdet, Portland’s most renowned chef, made waves with the opening of his first restaurant, Kann, in 2022 at the age of 46. The establishment quickly garnered national recognition, earning a spot on the New York Times’ 2022 list of America’s Best Restaurants. In 2023, Kann was awarded the James Beard Award for Best New Restaurant, and the following year, Gourdet himself won the Best Chef: Northwest and Pacific award. Gourdet currently serves as the culinary director for all five restaurants at the first U.S. location of Printemps, which opened in New York in March. The restaurants under his direction at Printemps at One Wall Street include fine dining stunner Maison Passerelle, Café Jalu, Salon Vert, Red Room Bar and Champagne Bar, all of which showcase French-style offerings infused with influences from Gourdet’s Haitian heritage. Prior to his success as a restaurateur, Gordet honed his skills under the tutelage of Jean-Georges Vongerichten, working his way up to the position of chef de cuisine over the course of nearly seven years. 

If Gourdet could time-travel to any era for an epic night out: “‘Haiti’s golden era, from the 1940s to the 1960s. Haiti was beaming as a hub for global travelers. It was one of the most vibrant, artistic and electric scenes in the Caribbean. People came for art, music, fashion and the beaches.”

What he sees as the biggest challenge facing the industry today: “We are living in a TikTok attention-span world with endless options at our fingertips. The hospitality industry, at its core, isn’t based on that. It takes years to hone your craft, often years for a restaurant to turn a profit, and decades of experience to truly see it all. I think better mutual understanding within teams—slow and steady and together—is the most sustainable way.”

34. E.J. Lagasse

• Emeril’s | Chef/Co-Owner
• The Emeril Group | Vice President

E.J. Lagasse, the prodigious son of Emeril Lagasse, has taken the gastronomic world by storm at the tender age of 22. Following his return to New Orleans three years ago to assume the role of chef and co-owner at his father’s eponymous restaurant, Emeril’s, which recently celebrated its 35th anniversary, E.J. has garnered unprecedented attention and accolades. In October, he guided Emeril’s to a prestigious three-star rating from the New York Times, and just a month later, he became the youngest chef in history to helm a kitchen with two Michelin stars. E.J.’s remarkable achievements are underpinned by his extensive training at some of the world’s most esteemed establishments, including the three-Michelin-starred Le Bernardin, Core by Clare Smyth and Frantzén, as well as Café Boulud.

The dish he could eat for 30 days straight: “Le Bernadin’s tuna carpaccio.”

What inspired him this year: “How the restaurant community in the U.S. continues to grow with chefs collaborating with each other, learning from each other and working together to push things forward.”

35. Greg Galy

• Riviera Dining Group | Founder & CEO

Gregory Galy, the driving force behind Riviera Dining Group (RDG), has achieved a remarkable feat with the group’s flagship restaurant, Mila Miami, which has been recognized as the highest-grossing independent restaurant in the United States, generating an impressive $51,115,747 in sales for the 2025 list. This achievement marks a steady rise for Mila, which ranked #5 in 2022 and 2023, and climbed to #2 in 2024 with $49,088,032 in sales. Mila now stands alongside renowned establishments such as Pastis in New York City, Le Diplomate in Washington, D.C. and Joe’s Stone Crab in Miami. Beyond the main restaurant, Mila houses three distinct concepts: the exclusive 10-seat Mila Omakase, one of Miami’s most luxurious sushi counters; Mila Lounge, a sought-after nightlife venue redefining the city’s after-dinner scene; and Mila MM, a members-only destination that has expanded to four locations across RDG’s portfolio. Galy’s culinary empire continues to grow, with the February opening of Claudie, a French-Mediterranean restaurant in Brickell, helmed by chef Michaël Michaelidis. Last month, RDG also unveiled a second outpost of AVA MediterrAegean in Coconut Grove, following the success of the first location in Winter Park. 

What inspired Galy this year: “Seeing Miami emerge as a true global city. The energy, creativity and ambition shaping Miami right now are extraordinary. It has become one of the world’s most influential lifestyle destinations.”

What Galy sees as the biggest shift in consumer behavior: “Guests are craving experiences over status; they want to feel a sense of belonging, wellness and purpose. We see a growing shift toward daytime celebrations, lighter drinking and more health-conscious choices while dining out—without compromising on taste expectations.”

36. Sam Fox

• Author & Edit Hospitality | Founder
• Fox Restaurant Concepts | Founder

Sam Fox continues to make waves in the culinary and entertainment world with the announcement of a second location of The Twelve Thirty Club, a collaboration with Justin Timberlake. Set to open in Austin, Texas, in 2027, the $30 million project will transform a historic three-story limestone building, once a U.S. Post Office, into a nearly 35,000-square-foot dining and entertainment destination designed by the renowned AvroKO studio. This expansion follows the resounding success of the original The Twelve Thirty Club in Nashville, which has become a must-visit spot for locals and tourists alike. Closer to home, Fox (an Arizona-based hospitality mogul whose foray into hotels with the top-tier Global Ambassador in Phoenix has been spectacular) has partnered with the Arizona Cardinals to elevate the premium seating experience at State Farm Stadium with the launch of Casa Roja at The Fifty. Developed, designed and curated by Fox, Casa Roja is an exclusive club featuring 500 seats clustered around the stadium’s East-side 50-yard line with membership priced from $15,000 to $17,000.

What Fox wants in 2026: “Honestly? More profit. This is a tough industry to be financially successful in, and I want to see the restaurant and hospitality industry thrive. That means investing in our people, our places and creating experiences that remain with our guests long after they leave. If someone walks away feeling like they had an experience they’re excited to share, we’ve done our job.”

What inspired him this year: “London. The food and hotel scene there is on another level. Maison Estelle really stood out, a reminder of how much design, energy and atmosphere really shape creating an unforgettable experience.”

37. Yavuz Pehlivanlar

• Hakkasan Group | CEO

In October, Yavuz Pehlivanlar was appointed CEO of Mohari Hospitality’s newly established Hakkasan Group, which Pehlivanlar tells Observer is “a privilege and a responsibility.” Pehlivanlar oversees the Hakkasan, Yauatcha, Ling Ling and Sake No Hana brands—which include several restaurants opened by Tao Hospitality Group, which Mohari previously acquired. Pehlivanlar previously served as chief operating officer of Caprice Holdings Ltd., helming a portfolio that included Balthazar, Sexy Fish and Scott’s Mayfair. His experience spans several other executive roles at 50 Eggs Hospitality Group, Zuma and Mina Group.

What Pehlivanlar wants in 2026: “A return to human hospitality. As leaders, we can’t rely on dashboards alone—we need to invest in culture, creativity and the teams who bring personality into a room. I want to see experiences that feel personal, memorable and full of character.”

If he had to eat the same meal for 30 days straight: “Le Bernardin. The lobster roll from the lounge menu, and a glass of Chassagne.”

38. Bee Emmott

• Artfarm | CEO

Bee Emmott assumed the role of CEO at Artfarm hospitality group on January 1, succeeding Ewan Venters. Emmott, who joined Artfarm in 2018 as chief of staff and later transitioned to the creative director position, has been instrumental in overseeing the development of the group’s expanding portfolio alongside founders Iwan and Manuela Wirth. Artfarm’s recent ventures include the opening of Chesa Marchetta, a historic 16th-century guesthouse turned 13-room hotel in Sils Maria, Switzerland, and the second Manuela restaurant in Soho, New York, which boasts a seasonal American menu and an impressive collection of artworks by Hauser & Wirth artists. The group also launched a second outpost of Fish Shop in Washington, D.C., following the success of the first location in Ballater, Scotland, which received a Bib Gourmand award and a visit from King Charles III. Emmott’s appointment comes as Artfarm prepares for international growth and the opening of the first Groucho private members’ club outside of London in Yorkshire in 2026.

Emmott’s year in three words: “NY, D.C., Switzerland.”

If she could time-travel for one epic night out, she’d visit: “Braemar, in Scotland, in the early 1940s, when Francis Farquharson moved there following her marriage to the Laird of Invercauld. A Vogue contributor and ex-editor of Harper’s Bazaar, Francis was a colorful and creative force in the fashion world. Having spent last weekend in Braemar at our hotel, The Fife Arms, attending our Festival of Fashion, I learnt about Elsa Schiaparelli’s deeply personal relationship with Francis. Cocktails with the two of them, I’m sure, would be a blast!”

39. Pavan Pardasani

• JKS Restaurants | Global CEO

Pavan Pardasani, a seasoned hospitality executive with an impressive background working for Tao, Hakkasan and Catch, was appointed as global CEO of London’s esteemed JKS Restaurants in September. In his new role, Pardasani oversees the group’s Indian-food portfolio, which includes renowned establishments such as Trishna, Gymkhana, Brigadiers and Ambassadors Clubhouse, across various global markets. His leadership commences at a crucial juncture, as JKS Restaurants embarks on its expansion into the United States with two highly anticipated openings: Ambassadors Clubhouse, a restaurant inspired by the culinary traditions of India’s Punjab region, is set to open in New York City this winter, while Gymkhana, the group’s two Michelin-starred London flagship, recently made its debut at Aria Resort & Casino in Las Vegas, marking the first Indian fine dining restaurant on the Strip. 

Pardasani on the biggest shift in consumer behavior: “I would say discovery. Guests seem to rate recommendations from strangers on social media based on how their content hits over traditional trusted sources. Very few operators can survive at scale without playing the game to some degree.” 

What inspired him this year: “Watching the city of Los Angeles rally around the Pacific Palisades and Altadena after the fires was remarkable. Those communities and the city as a whole are still suffering, but the spirit of Angelenos remains strong. I often see the best in people when tragedy strikes.”

40. Thomas McNaughton & Ryan Pollnow

• Flour + Water Hospitality Group | Co-Founder/CEO/Co-Chef & COO/Co-Chef

Ryan Pollnow and Thomas McNaughton’s Flour + Water Hospitality Group (FWHG) has been steadily expanding its culinary empire in the San Francisco Bay Area. The group is working on the opening of their first Oakland restaurant, which will be the third location of their popular Flour + Water Pizza Shop. This new outpost will join their current portfolio, which includes the flagship Flour + Water restaurant, Penny Roma, Flour + Water Pasta Shop, Flour + Water Pizzeria and a partnership in Trick Dog. Flour + Water, the group’s first restaurant, opened its doors in 2009 and has become a staple in the Mission District. Flour + Water Pasta Shop, which supplies homemade sauces and over 12 shapes of pasta to both Flour + Water and Penny Roma, has been instrumental in the group’s success. FWHG ventured beyond the Mission District with the opening of Flour + Water Pizzeria in North Beach. In August, Pollnow and McNaughton further expanded their offerings by launching a frozen pizza line, adding to their growing selection of restaurant-quality CPG products. All restaurants within the FWHG family are members of Zero Foodprint, an organization that funds grants for farmers transitioning to regenerative practices.

What McNaughton wants in 2026: “I want 2026 to be the year we prove that growth and sustainability can coexist. For Flour + Water Hospitality Group, it means scaling our Pizza Shops with integrity through an all-electric, hub-and-spoke model that raises the bar for consistency, creativity and environmental responsibility. For the industry, I hope we move toward valuing people as deeply as we value product. In practice, this means developing real career pathways with work-life balance, and investing in every individual who makes hospitality possible.”

What inspired Pollnow this year: “While one of my words for this past year is ‘terrifying,’ the moments when I felt humbled by the enormity of what we’re trying to accomplish were countered by the confidence I have in our people. They are why I feel excited about where we are as a group today, and where we’re headed tomorrow. With every challenge (learning how to produce retail frozen pizza, scale a Pizza Shop and operate a commissary), I’ve continuously found my ground in every individual on our team who is growing and learning alongside us.” 

41. Jeffrey Bell

• One Cornelia | Founder

Jeff Bell, the mastermind behind the iconic speakeasy PDT, has been making waves in the culinary and mixology scenes. This year, he spearheaded PDT’s first significant expansion in nearly two decades, introducing a multifaceted space at One Cornelia Street that houses the East Coast debut of L.A.’s beloved Tacos 1986 and Mixteca, an agave bar helmed by his longtime PDT bartender Victor Lopez. Simultaneously, Bell has juggled multiple projects, including overseeing the cocktail program at the highly anticipated Waldorf Astoria revival, crafting a special menu for a collaboration between Kith Treats and Katz’s Delicatessen, bringing PDT to Barclays Center, and making pop-up appearances at Coachella. In January 2026, Bell is set to unveil his subterranean cocktail bar, Kees, at One Cornelia Street, the third and final concept within his West Village space.

The industry trend that excites him the most: “More variety in the cocktail space and the movement toward broader nonalcoholic selections at dedicated bars, not just restaurants.”

His key to success: “The answer always comes back to the customers and the team. Earning and maintaining one’s customers’ loyalty helps, despite the uncertainty of our industry. My team, whether they’re from the original PDT or completely new to the world of One Cornelia, helps me stay the course with humor, hospitality and an almost frenetic drive to deliver fresh and engaging cocktail experiences.” 

42. Benjamin & Max Goldberg

• Strategic Hospitality | Co-Owners

Strategic Hospitality,  the Nashville-based company founded by brothers Benjamin and Max Goldberg in 2006, celebrates its 20th anniversary in 2026. The company’s diverse portfolio includes renowned establishments such as The Patterson House, The Catbird Seat, The Band Box, The Country Club at First Horizon Park, Bastion, Henrietta Red, Locust, Kisser and multiple venues at Nashville International Airport. In August 2023, chef Josh Habiger joined as a partner, and the company opened Friends In Low Places Bar & Honky-Tonk, owned by Garth Brooks and Trisha Yearwood, in November 2023. Spring 2025 saw the opening of Babychan, a Japanese-influenced all-day bakery and café in Germantown, from chefs Brian Lea and Leina Horii. The Goldberg brothers have been nominated for the James Beard Foundation Outstanding Restaurateur award multiple times, with chef Habiger also being recognized in the 2025 nomination. Bastion, Locust and The Catbird Seat became the first Nashville restaurants to earn Michelin stars in 2026, and The Catbird Seat was bestowed two stars.

The meal Max could eat for 30 days straight: “Katz’s pastrami sandwich with spicy mustard, pickles, and extra crispy fries. Similar to taxes and death, that sandwich is undefeated.”

If Ben could time-travel for one epic night out, he’d visit: “Nashville in 2003—the year I opened my first bar, Bar Twenty3. I’d go right back to that moment. The city was buzzing, we were young and threw ourselves into it, not knowing what we were doing, but in the thick of it with so many incredible people doing really cool things. I’d bring together all the folks we hung out with seven nights a week back then and relive that experience.”

43. David Nayfeld

• Back Home Hospitality | Co-Founder & Executive Chef

David Nayfeld, a Bay Area native and co-owner of Back Home Hospitality, has established himself as a culinary force in San Francisco. With an impressive background working alongside renowned chefs like Joël Robuchon and Daniel Humm, Nayfeld has garnered numerous accolades for his restaurants, including Che Fico, Che Fico Pizzeria, Che Fico Parco Menlo. In June, he opened fast-casual Jewish-inspired dining concept Bubbelah in Menlo Park. In September, he returned to fine dining with the opening of Via Aurelia. Nayfeld has been a vocal advocate for the restaurant industry, co-founding the Independent Restaurant Coalition and securing substantial financial support for vulnerable establishments during the COVID-19 pandemic. This year, Nayfeld published his first cookbook, Dad, What’s for Dinner?, which was named Bon Appétit’s best cookbook of 2025.

What inspired him this year: “Reentering the fine dining pantheon after a decade away. It feels different this time. More personal. I’m not chasing anyone else’s style. I’m just trying to find my own voice in this cuisine. One that reflects who I’ve become as a chef, and as a person.”

If he had 24 hours to experience the industry as another nightlife and dining leader, he’d choose: “Stephen Starr, so I could see how the machine works.”

44. Fidel Caballero & Sofia Ostos

• Corima | Partners

Fidel Caballero and Sofia Ostos, the husband-and-wife team behind Corima, have made a significant impact on New York’s culinary scene with their contemporary Mexican fine dining. Corima, their Lower East Side restaurant that opened last year, quickly earned a Michelin star and retained it in 2025, while also securing a spot on the 2025 North America’s 50 Best Restaurants list, ranking 36th. Caballero, now regarded as the new king of modern Mexican cuisine in New York, boasts an impressive background, having worked at the three-Michelin-starred Martín Berasategui in Spain, as well as serving as sous chef at the one-Michelin-starred Contra and later at the team’s Peoples wine bar. In November, Caballero and Ostos expanded their culinary empire with the opening of Vato in Park Slope. The new establishment, whose name is derived from the Chicano slang term for “homie,” functions as a burrito spot, daytime tortilleria and bakery, while transforming into a neighborhood restaurant with Basque and Northern Mexican influences in the evening. 

What Caballero wants in 2026: “A shift toward true sustainability—not just environmentally but human and financial. We need a future where great ingredients, fair labor and thoughtful cooking can coexist with affordability, so more people can experience food that is made with care.”

What inspired Ostos this year: “The people around me. Our team, who show up every day with heart and discipline. Our collaborators, who pushed creativity forward in ways that felt generous and exciting. Our guests, who trust us with their celebrations, let us tell the stories behind our food. And most of all, my husband Fidel—watching his dedication, curiosity and resilience this year has been one of my biggest sources of inspiration. His passion grounds me and reminds me why we do this.”

45. Ronn Nicolli

• The Meruelo Group | CMO & CXO

In November, Ronn Nicolli, the CMO instrumental in shaping Resorts World Las Vegas over the past four years, announced his transition to a new role as chief marketing officer and chief experience officer for The Meruelo Group. In what he tells Observer is “one of the most exciting and motivating opportunities of my career,” Nicolli will oversee the marketing and guest experience strategies across the group’s diverse portfolio, including the recently renovated Sahara Las Vegas (where Kwame Onwuachi is opening a steakhouse) and the Grand Sierra Resort in Reno, which is currently undergoing significant enhancements, including the addition of a new arena. Nicolli’s expertise will also extend to the group’s radio and TV stations, leveraging these media assets to engage both the Latin community and the broader regional audience. Nicolli will leverage his experience working with other casinos, including his tenure with Wynn, the Fertitta organization, and most recently, the Lim family at Resorts World Las Vegas, to build upon the success of The Meruelo Group—run by a family with whom he has been friends for nearly 20 years.

Nicolli on the biggest challenge facing the industry today: “Disposable income looks different now, and people are more selective about what they’ll spend money on. The value proposition must be clear. As hospitality leaders, we have to go back to the roots of making people feel good and delivering authentic, meaningful experiences. We’re also competing with global travel more than ever. European summers, for example, were a major competitor to Las Vegas this year. We need to re-ignite excitement for this city—still, in my mind, the greatest city in the world—by showcasing new adventures, new moments and new ways to connect. But above all, our engagement must be authentic. Reacting only when negative feedback forces us to isn’t leadership. We need to rebuild the connective tissue with our guests and provide value that feels genuine, consistent and intentional.”

What inspired Nicolli this year: “Change. The need for it, the willingness to embrace it and the excitement that comes with new beginnings. The ability to create, evolve and step into what’s next has been a major source of inspiration for me.”

46. Nur Khan

• Maison Nur | Owner

Nur Khan, a trailblazer in New York City’s nightlife scene, has been setting the standard for social destinations that embody the essence of the city’s after-hours culture since 1995, when he opened Wax, the city’s first “ultra-VIP” lounge. Khan’s portfolio includes Sway (1996), a Spring Street speakeasy adorned with Moroccan decor; Hiro Ballroom (2003); Rose Bar (2006) at the Gramercy Park Hotel; Kenmare (2009), a restaurant and lounge concept; Don Hill’s, a renovated rock and roll hotspot; Electric Room (2011) at the Dream Downtown; and Tao Downtown Lounge (2013), where he served as creative director. In 2019, Khan partnered with John McDonald to open Butterfly Soho, a lounge in the Sixty Soho Hotel, featuring artworks contributed by Damien Hirst and Sante D’Orazio. Last year, Khan collaborated with hotelier and Studio 54 co-founder Ian Schrager to open Two Fifteen, a vibrant and intriguing downtown NYC venue inspired by their previous collaboration at Rose Barl. In June, Khan unveiled Maison Nur, located at 217 Bowery on the Lower East Side. The restaurant features the culinary expertise of executive chef Richard Farnabe, a Paris native who has worked in acclaimed New York kitchens such as Daniel, Jean-Georges, Picholine and Petrossian before cooking at Zero Bond. Given this is Khan, there’s also the posh Studio nightclub underneath Maison Nur.

Khan on the greatest challenges facing the industry today: “The rising costs of ingredients, labor and rent. It would be great if the government could help with rent relief, provide more tax deductions, reduce regulations and offer incentives for food waste minimization. Moreover, it would be helpful if the local government could invest more in promoting NYC as the world-class dining and drinks destination that it truly is to attract more tourists, both domestic and international.”

If he could switch places with another industry leader for 24 hours: “I march to the beat of my own drum, so I have no desire to switch places with anyone. I like my own shoes, thank you very much! Maison Nur is completely my own vision, and I execute it without any compromises because I have no partners in the restaurant.”

47. Giancarlo Pagani

• Pagani Projects | Founder
• Mother Wolf Group | Managing Partner

Giancarlo Pagani, the operator behind the Mother Wolf Group, is making significant impact on the Los Angeles culinary scene with an impressive lineup of ventures. The busy operator is helming the highly anticipated 2026 launch of Mott 32, a sprawling Chinese dining establishment situated above Evan Funke and Pagani’s acclaimed Mother Wolf restaurant in Hollywood. This year, Pagani opened Miznon, a pita spot by Tel Aviv chef Eyal Shani, at Grand Central Market, and Bar Avoja, a Roman-inspired cocktail lounge created with Funke, whom Pagani told Observer is “a true pasta Jedi.” 

What inspired him this year: “I was inspired this year by the resilience of the Los Angeles hospitality community. In the aftermath of the January fires, I watched chefs, operators, business owners and neighbors come together with a level of determination and collaboration that reminded me why this city is so special. Teams rebuilt overnight, supported one another’s staff, shared resources and found creative ways to keep serving their communities. Seeing an entire industry unite in the face of devastation and still find ways to create connection, comfort and joy was the most inspiring part of the year.”

What he wants in 2026: “I want to see a more intentional, values-driven evolution of hospitality—one where creativity and operational discipline coexist. For my own business, that means continuing to build chef-driven, culturally resonant restaurants that feel essential to their cities. For the industry, I hope that we collectively invest in leadership development, sustainable growth models and environments where teams can build real careers, not just jobs. When operators thrive, the entire ecosystem, from chefs to purveyors to communities, rises with them.”

48. Eddy Buckingham

• Tuxedo Hospitality | Co-Founder & Operating Partner

Originally hailing from Melbourne, Australia, Eddy Buckingham’s career has taken him from the lively atmosphere of Australian pubs to the exclusive role of personal mixologist for Justin Timberlake. In 2016, he launched Chinese Tuxedo, which rapidly garnered a loyal following, attracting the likes of the Kardashians and Drake. Buckingham’s portfolio continued to grow with the introduction of The Tyger in 2020, followed by the recent openings of Soso’s, a nostalgic Soho tavern, and Old Mates, an Australian-inspired pub that launched in February near South Street Seaport backed by a star-studded lineup of Australian owners, including Hugh Jackman, comedic duo Hamish and Andy, NBA player Patty Mills, surfer Mick Fanning and Bluestone Lane founders Nick and Andy Stone. Buckingham’s latest venture, Opera House, which debuted in October, is a subterranean bar situated beneath Chinese Tuxedo, occupying the former Peachy’s space at 5 Doyers Street and paying tribute to the location’s history as New York’s pioneering Chinese theater.

On the biggest challenge facing the industry today: “The existential threat to the hospitality industry is the same it’s been for over a decade, and that is the smartphone. Meal times and nightlife are at their heart about bringing people together and celebrating our shared experiences. From the dive bar to haute dining, human connection is the most important part of the mission, and it is more important now than ever. The best solution is to be intentionally analog in your dining choices. Plan a group dinner: pick a venue on the basis of a friend’s personal recommendation, order based on the server’s advice rather than TikTok, go dancing afterwards and leave your phone on Do Not Disturb throughout. Take a disposable camera if you must; the photos will be much more special when you get tactile, hard copies back from the developers in a week’s time.”

What he hopes for in 2026: “To solidify and deepen the roots of our venues—both old and new. After opening three new venues in 12 months (SoSo’s Dining Room, Old Mates and Opera House respectively) in 2026, Chinese Tuxedo will be celebrating its 10th anniversary. Opening Old Mates was my most personal project to date, and developing Opera House felt like the fitting and final culmination of Chinese Tuxedo’s journey on Doyers Street. In the short term, the focus and intention will be on ensuring these new venues have the same character, quality of execution and soul necessary to ensure they enjoy success for the next decade and beyond.”

49. Joel Montaniel

• SevenRooms | Co-Founder & CEO

In June, Joel Montaniel’s SevenRooms, a trailblazing restaurant booking and customer relationship management (CRM) platform, was acquired by DoorDash in a $1.2 billion all-cash transaction. Montaniel co-founded the company in 2011 with Allison Page and Kinesh Patel, and quickly established a commanding presence in the hospitality industry, catering to over 13,000 diverse venues worldwide, including prominent brands such as Marriott International, MGM Resorts International, Wolfgang Puck, Michael Mina and Union Square Hospitality Group. The acquisition serves as a resounding testament to SevenRooms’ accomplishments and potential, while also paving the way for the company’s continued expansion and global reach. 

Montaniel on the beauty of the industry: “Hospitality should be a sanctuary. Restaurants are a sanctuary and a place that can remind us all that we are all human. I really love that concept.”

Montaniel’s inspiration behind SevenRooms: “We talked to all these operators, and we asked them, ‘How do you decide who to give the reservation to? How do people get in touch with you?’ The systems they were using had no customer data in them. So a restaurant is thinking about where to open up their next location by understanding the customer demographic, how much they spend, how many turns you can get in. Looking at the existing data is really helpful to them as they think about, ‘Should I open up in Miami or L.A.? Or should I go to Dubai or London?’ Most restaurateurs in the past would get there through gut feel. Now, they’re able to get there a lot faster because they can really look at the data.”

50. Scarr Pimentel

• Scarr’s Pizza | Founder & Owner

Scarr Pimentel has been making waves in the pizza world since opening his Lower East Side shop, Scarr’s Pizza, in 2016. This year marked a significant milestone for Pimentel with the release of his first cookbook, The Scarr’s Pizza Cookbook. In March, Time Out named Scarr’s Pizza the second-best in the world, trailing only Naples’ Pizzeria da Attilio, a third-generation establishment that has been serving slices since 1938. In August, Scarr’s Pizza expanded its reach by opening an outpost in the new food hall at The Venetian on the Las Vegas Strip. The brand’s popularity has also led to international recognition, with Scarr’s hosting a pop-up in Sydney this fall. Pimentel’s New York pizza haven has evolved into a go-to hangout for watch dealers and collectors, as well as celebrities like Tyler, the Creator and the late DJ Clark Kent (who has a slice named after him at the pizzeria). The latter’s camaraderie with Pimentel sparked a 2019 Nike Air Force 1 Low collaboration, which reemerged this year with a sleek black iteration, unveiled by Pimentel at Complex’s Family Style Food Festival. In May, the shop joined forces with Glass Cypress to introduce a four-piece capsule epitomizing the quintessential chef’s attire.

Martin Wilson, featured on this year’s Art Power Index, stepped into the CEO role at Phillips at a moment when the art market was testing its own resilience. Global sales were softening, regulatory scrutiny was rising and a generational shift in collector behavior was accelerating. For Wilson, a seasoned art lawyer and the author of Art Law and the Business of Art, the challenge was clear: steady the ship while reengineering Phillips for a more agile, digitally fluent era of collecting.

Since his appointment, Wilson has approached this mandate with a pragmatism rooted in deep industry knowledge and a willingness to experiment. He’s reshaped internal culture, leaned into Phillips’ contemporary identity and launched data-driven initiatives like Priority Bidding, a pre-sale model that rewards early engagement and gives the auction house more detailed insights into market demand. It’s a small structural change with outsized implications, hinting at how auction houses might reimagine the balance between access, transparency and excitement in an increasingly global and digital marketplace.

As younger collectors redefine the power dynamics of the art world and reshape auction houses, innovation—not consolidation—will define Phillips’ future, says Wilson. Against this backdrop emerges a clear portrait of an executive navigating between tradition and transformation, one who believes that the most enduring auction houses will be those dynamic enough to evolve with their audience, yet steadfast enough to preserve what makes the hammer fall so compelling.

What do you see as the most transformative shift in the art world power dynamics over the past year, and how has it impacted your own work or strategy?

The biggest shift has been watching younger collectors step into the spotlight. These new collectors aren’t just buying differently, they’re thinking differently. We’re seeing a real “taste transfer” happening alongside the “great wealth transfer.” The challenge for the market is to anticipate and understand the expectations of these new collectors, both in terms of their taste but also how they prefer to engage with the art market. It is at inflection points like this that opportunities for innovation present themselves. These younger collectors already identify with the Phillips contemporary brand, and our size and agility mean that we’ve been able to lean into that by launching initiatives like Dropshop and Priority Bidding. We are enjoying the opportunity to be an innovator, and these initiatives aim to reimagine the role of an auction house and speak directly to this new generation’s appetite for experience-led buying, transparency, immediacy and direct engagement.

As the art market and industry continue to evolve, what role do you believe technology, globalization and changing collector demographics will play in reshaping traditional power structures?

A shift in the traditional power structures is certainly taking place. The new generations of collectors do not feel constrained by geography or gatekeepers. Their marketplace and the source of their information are global and digital. Digital communication allows them to engage directly with artists and tastemakers. This gives them a level of confidence and self-sufficiency and makes them less reliant on advisors. The challenge for the art market is to engage with them and meet them on their terms and on their platform. It is not just a case of being online—we need to make the process of discovering, learning about and buying art online a genuine and immediate pleasure, whether it’s through a seamless online bidding experience, curated drops or data-driven tools like Priority Bidding. Because these new clients pride themselves on their digital self-sufficiency, the old hierarchies are giving way to something more fluid, democratic and inclusive, and that’s exciting.

Looking ahead, what unrealized opportunity or unmet need in the art ecosystem are you most excited to tackle in the coming year—and what will it take to make that vision a reality?

Buying art at auction is unlike any other purchasing experience. It’s strategic, exciting and the feeling when the hammer comes down on a winning bid is like no other. Buyers today value this kind of impactful experience more than ever, and auction houses need to recognize that.

With that in mind, we have introduced Priority Bidding, an innovation that rewards collectors for engaging sooner, while giving us early insights into auction activity. That kind of pre-sale intelligence is a game-changer for everyone involved. It makes sellers feel more confident, it gives buyers incentive to engage earlier and it allows auction houses to devote more time to the lots that need their attention, creating momentum before the sale even begins. It’s still early days, but the results so far have been exceptionally strong, indicating that our clients share our appetite for new approaches, and we’re already seeing how this could reshape the way auctions work. However, we see this as just a start, and we are already looking at other ways in which we can break the mold—so watch this space!

You stepped into the CEO role at Phillips during a challenging market environment, with sales declining and regulatory risk high. What were the key priorities you identified in your first 90 days?

I decided early on that my tenure as CEO would be characterized by change. While we have all had to accept that the art market has been facing a cyclical downturn, I have seen my job this year as positioning Phillips so that we are ready for the inevitable upturn and the evolving demographic change in our client base. That meant building a sense of teamwork and shared purpose through increased engagement with our employees. I have been encouraging our staff at all levels to think innovatively and creatively, and not be afraid to experiment.

Alongside this, one of Phillips’ greatest assets is its brand, which is uniquely modern and focused. I want to lean into that, ensuring that Phillips is a brand that our clients want to be associated with. Finally, I want to focus on what makes buying art unlike any other retail experience: the excitement and the experience of participating in an auction, whether it is online or in a saleroom.

In your previous roles, you focused heavily on legal and compliance. As CEO, you oversee strategy, operations and branding. What has been the biggest mindset shift for you? And how do regulatory and ethical considerations influence your priorities even now?

Regulatory and ethical considerations are increasingly important in all businesses, and the art world is no exception. Legal and regulatory challenges are inevitable, and having an understanding of legal and regulatory risk and how best to manage it is, therefore, a skill all CEOs need to have. I am fortunate in that I have acquired this during my years as a lawyer. What has been new and exciting for me are the skills of leading and strategic thinking. As a CEO, I am responsible for culture, morale and long-term vision. That strategic and relational responsibility is a significant and enjoyable transition.

Your priority‐bidding model—where early bidders receive reduced premiums and consignors see less commitment risk—signals a shift from the traditional auction model. How do you balance innovation with maintaining confidence among high-net-worth sellers used to legacy structures? What other data-driven innovations are on your roadmap for 2025-2026?

The art world is a very traditional—perhaps one of the most traditional of environments. It is also at a pivotal moment of change. This is therefore the moment for innovation. We’ve seen in other industries that at points of such inflection, it’s the organizations willing to innovate and experiment that succeed. That is our starting point.

The success of Priority Bidding as an innovation lies in the fact that it is attractive both to buyers and sellers. Buyers pay less buyer’s premium in return for committing to bid before the auction. Having secured a lower buyer’s premium, they are also incentivized to keep bidding. This means we have better pre-sale client engagement, better bidding intelligence, and more bidding activity at and above the low estimate. This is extremely attractive to sellers as it meets their ambition for their lots to sell—and to sell well. The data so far is very encouraging. Lots with priority bids performed up to 66 percent better against low estimates, and early selling bids increased by over 300 percent year-over-year in some sales.

As for the future, we are already looking for opportunities to innovate in other areas across the business, and I look forward to sharing more soon.

You’ve spoken about Asia as a crucial growth region. Beyond Hong Kong, which markets do you see as the next frontier for Phillips’ expansion—Seoul, Singapore or the Gulf?

Asia has been a cornerstone of our growth, and we’re proud to mark ten years in the region this fall. Beyond Hong Kong, we see tremendous potential in Seoul and Singapore, both of which have vibrant collector communities and cultural infrastructure. The Gulf is also increasingly important. Our private sales and exhibitions there have shown strong traction, and we’re deepening our commitment through regional leadership and expanded programming.

What one structural change (buyer demographics, digital platforms or global geography) do you believe will have the greatest long-term impact on the auction business—and how is Phillips positioning itself to meet that challenge?

The most transformative shift is demographic. The “great wealth transfer” is happening alongside a “great taste transfer.” Millennial and Gen Z collectors now account for nearly 30 percent of our buyers, and they engage differently—digitally, globally and with a strong appetite for transparency and direct artist connection. Demand for living artists is extremely prevalent, especially with younger collectors who want to be involved and close to the artists. Phillips is positioning itself as the auction house of choice for this generation.

Looking ahead, what does success look like for you and Phillips? Larger trophy lots, deeper engagement with your current categories, penetration into new categories (digital art, NFTs, experience-based auctions) or something else?

Success for Phillips is multidimensional. Yes, we’ll continue to pursue trophy lots and collections—like the Vanderbilt Jewels and the Irving Penn Foundation Collection. We have established a solid credibility at this level, and this is central to our strategy and positioning. However, I also feel very enthusiastic about deepening our understanding of the tastes and interests of the emerging generation of art collectors. This new generation wants to engage with art and artists in ways that are different from their parents, and we also need to meet that need. Dropshop is a great example of how we’re reshaping the auction model through direct artist collaboration.

We’re also expanding our offerings. For the first time ever, this month, we will be offering objects of natural history alongside some incredible works of Modern and Contemporary art, a direct response to evolving collector tastes. Ultimately, success means being the most innovative, trusted and culturally relevant auction house for our existing clients, while also building new relationships with the next generation of collectors.

Megan Fox Kelly, recognized on this year’s Art Power Index, has spent more than two decades shaping what it means to be an art advisor at the highest level. Through her eponymous firm, she manages more than $3.5 billion in art assets for collectors, estates and institutions, including the Robert Rauschenberg Foundation, the Terra Foundation for American Art and the estate of Robert De Niro Sr. Her practice bridges the worlds of finance, scholarship and collection stewardship, helping clients build and sustain cultural value across generations.

As a former president of the Association of Professional Art Advisors, Fox Kelly has helped codify standards around transparency and ethics in a field once defined by opacity. Through her writing for Observer and her podcast Reading the Art World, she works to make the mechanics of collecting more intelligible to both new buyers and seasoned patrons, clarifying how strategy, governance and analysis can coexist with connoisseurship.

Power in the art world is shifting through forces both familiar and newly urgent: technology, globalization and inheritance. For artists and collectors alike, the next great challenge, Fox Kelly argues, lies in legacy management: families suddenly responsible for vast collections and estates that will define cultural memory for decades to come. In this landscape, rigor and data-driven insight have become the hallmarks of serious advising, while collaboration across financial, legal and art world disciplines defines the market’s next phase. Her approach, as always, is pragmatic yet deeply informed by respect for art itself: think strategically, plan for the long term and treat stewardship as a form of authorship.

What do you see as the most transformative shift in the art world power dynamics over the past year, and how has it impacted your own work or strategy?

I think we’re not talking enough about the next generation—and I don’t just mean new collectors coming into the market. I mean heirs. People who are inheriting these massive family collections and have to figure out what to do with them—whether they’re selling, gifting to institutions or managing them as directed by their parents. At the same time, we’re seeing the same thing happen on the artist side. Faith Ringgold, Frank Stella, Richard Serra, Brice Marden and many others—really significant artists have died in the last two years, and their families are now tasked with managing not just vast bodies of work but entire legacies. Some had clear plans in place, but many didn’t. There’s this whole generation suddenly responsible for stewardship decisions that will shape how these artists are understood and valued going forward. That’s the shift. Legacy management has become as critical as acquisition, and most people aren’t prepared for it.

As the art market and industry continue to evolve, what role do you believe technology, globalization and changing collector demographics will play in reshaping traditional power structures?

Technology isn’t a novelty anymore—it’s essential. But here’s the thing: the data and analysis tools that exist are still pretty general. They’re good for broad market trends, but they’re not granular enough for the questions our clients are actually asking. If you’re managing a specific collection or an artist’s estate, you need bespoke analysis—what’s happening with pricing in this particular segment, what are the trends that matter for these works? We’re developing analytical tools that do exactly that, producing much more granular, specific analysis tailored to individual collections and interests. It’s not about technology for general understanding—it’s about technology that facilitates deeper, more precise analysis. As for globalization and changing demographics, those absolutely matter, but right now, I’m focused on using the best tools out there to navigate that complexity in ways that are specific and focused, not just painting with a broad brush.

Looking ahead, what unrealized opportunity or unmet need in the art ecosystem are you most excited to tackle in the coming year, and what will it take to make that vision a reality?

I keep coming back to estate planning—both for collectors and for artists. There’s a real gap in how families approach this, and the stakes are significant. What I’m building out are strategic infrastructures for collections and estates: governance systems, analytical models that actually work in the real world. We’re using financial-world frameworks but applying them to art—creating market analysis that bridges financial planning, curatorial thinking and legacy considerations. It helps collectors, estates and foundations make decisions that are data-informed but also culturally intelligent. This is about professionalizing advisory practice beyond just transactional brokerage (buying and selling), building long-range strategies that sustain value for collectors and, for artist estates, building scholarship and access. What it takes to make this real is collaboration. Financial advisors, attorneys and art market professionals actually working together instead of in silos. That’s how we better serve both collectors and estates.

In brief, what does the ideal collector-advisor relationship look like?

Complete transparency and mutual trust—that’s the foundation. Beyond that, it’s a relationship where the advisor acts as a strategic partner, not just someone executing purchases. And ideally, you’re working with a collector who wants to learn and engage, not just delegate. The best relationships are collaborative.

You straddle private advising and public education (through your writing and your podcast). Why did you decide to prioritize public education in your practice?

Honestly, it’s partly selfish. Writing for Observer and doing the podcast gives me an assignment—it forces me to clearly articulate and define the ideas I think are important and useful right now. I get to work through what I’m learning and thinking about in a way that sharpens how I approach everything, including my private work.

Has anything you learned from the public audience response changed how you communicate the complexities of the art market with private clients?

I don’t really get direct responses from the articles or my podcast, Reading the Art World, but the exercise of making ideas clear for a broader audience definitely helps me articulate complex market dynamics more precisely with my clients. It’s a different kind of discipline—you can’t rely on assumed knowledge or insider shorthand.

How has the role of the art advisor changed in the last decade as collecting has become increasingly global and data-driven? And conversely, what’s stayed the same?

The expectations have become much more rigorous across the board. Real data and market analysis are baseline now. And advisors used to compete on ‘access’—the idea that they could get their clients into things the clients couldn’t access themselves. That’s largely gone except at the very highest levels of the market, as digital communication has democratized access. So advisors have to provide much more sophisticated services—strategy, analysis, long-term planning—not just connections. What’s stayed the same? Connoisseurship still matters. Trust still matters. The core is still relationships and fiduciary responsibility.

You’ve served as president of the Association of Professional Art Advisors and helped shape professional standards for the field. What progress have you seen toward greater accountability, transparency or inclusion?

Transparency around fees is becoming standard practice. Conflict of interest disclosure is now an expectation. The advisory field is becoming more diverse internationally, and educational requirements are raising the bar across the field. But there’s still a lot of work to do. Anyone can self-identify as an ‘art advisor’—there are no standards or requirements for entry, which makes it hard for collectors to know what expertise they’re actually getting.

Looking ahead, what do you hope younger advisors take away from your example, particularly related to education and ethics?

You’re building a business based on expertise, systems and ethics—not just transactions. And those aren’t constraints, they’re competitive advantages. Don’t compete on access or connections alone. Compete on the depth of your knowledge and the rigor of your thinking. That’s what sustains long-term relationships and builds a real practice.

Finally, what excites you most about working with collectors at this moment in the art world’s evolution?

The complexity and variety of what I do now. Clients are asking better, harder questions than they were even five years ago. And I’m building infrastructure for advising collectors and estates that simply didn’t exist before—frameworks and analytical tools that make legacy planning and strategic decision-making much more sophisticated. It feels like we’re professionalizing this field in real time.

Katherine E. Fleming, recognized on this year’s Art Power Index, leads the J. Paul Getty Trust, one of the world’s wealthiest and most influential cultural organizations, at a time when the very notion of what museums are for is being redefined. As president and CEO, she oversees an ecosystem of institutions that includes the Getty Foundation, Getty Research Institute, Getty Conservation Institute and the Getty’s two museums, together stewarding an endowment of more than $9 billion and an unmatched collection of global cultural heritage. But under Fleming’s leadership, the Getty has also become something else: a living experiment in what it means to merge cultural stewardship with civic and environmental responsibility.

This past year, that mission was tested in dramatic fashion. When the Palisades wildfires threatened Los Angeles, the Getty’s legendary fire protection systems—featuring sealed air networks, concrete barriers and internal water reserves—proved both resilient and exemplary. Fleming’s takeaway was philosophical as much as operational: institutions that safeguard humanity’s creative legacy must also help humanity endure its crises. That conviction shaped the Getty’s leadership in establishing the $14.3 million L.A. Arts Community Fire Relief Fund, supporting artists and cultural workers whose lives and studios were upended by the fires.

At the same time, Fleming has been reimagining the Getty’s identity as a public experience, rethinking visitor engagement, accessibility and even wellness. From introducing new public spaces, trails and hospitality offerings to studying the health benefits of art itself, she’s broadening what it means for a museum to serve its community.

What do you see as the most transformative shift in the art world power dynamics over the past year, and how has it impacted your own work or strategy?

Increasingly, the art world is part of a much broader universe that might be termed “experience,” or “lifestyle.” People are drawn to art as much as ever, if not more so, but hope to experience it in the broader contexts of travel, leisure, hospitality, dining and—above all—spending time with others. We are very much leaning into this deepened thirst for interaction and experience by looking at all elements of what a visit—whether in-person or digital—to Getty means.

For example, we are upgrading our public spaces to make them more inviting, creating opportunities for lounging, rambling and exploring, and we are adding new retail and food and beverage options. We are thinking about the full visitor experience, seeking to engage and delight our visitors from the moment they arrive on our site. And we are creating new and growing partnerships around the world, so that our relationships are deepened and ongoing.

As the art market and industry continue to evolve, what role do you believe technology, globalization and changing collector demographics will play in reshaping traditional power structures?

Technology is rendering art ownership more immediate and possible for wider groups of people, whether via platforms that allow artists to engage their audience and potential clients directly, or through emerging schemes that allow for fractional art ownership. A plethora of technologies and sites means that more people have more access to more art. While many of the old power structures will remain in place, new ones will also come into existence. That is, some of the old power structures will disappear, but we shouldn’t think this means that power structures won’t exist! But these changes will happen alongside the democratization of art in other realms. Democratization will particularly benefit emergent and independent artists, who won’t any longer have to go through the established channels to reach their audiences—a phenomenon we have already seen across an array of industries and sectors.

Looking ahead, what unrealized opportunity or unmet need in the art ecosystem are you most excited to tackle in the coming year, and what will it take to make that vision a reality?

One unrealized opportunity is one that all sorts of institutions are starting to pay attention to: the fact that, increasingly, in a world that often feels like nothing but madness and confusion, a visit to see art is a literally healthy respite. Since Getty’s 2024 edition of PST Art, which focused on the intersection of art and science, we have been thinking a lot about ways to explicitly integrate wellness into our institution. Looking at art makes people feel better; we now have data from research studies that support this assertion. And we know that in general, people are more focused than ever on health span and wellness. It’s a huge opportunity to explicitly address this fantastic intersection. And at Getty, we are uniquely positioned to do so. After all, not many museums also have mountain trails, extensive sculpture gardens, an azalea maze, tumbling lawns and sweeping mountain and ocean vistas.

Last year, long before the wildfires, you told Observer that the J. Paul Getty Trust was considering “what it means to be wealthy, on top of a hill made of marble, in one of the most expensive neighborhoods in L.A.” How has your or your organization’s perspective changed with regard to that complex question?

Since the time I said that, we’ve had a team of wonderful people working intensively on our “visitor experience” project. We’re re-thinking everything visitors encounter from the moment they first pass under the 405 to enter our property. We’re making the hiking paths on our site more accessible and inviting, redoing our tram, putting out welcoming furniture in our public spaces, re-considering our approach to retail and we’ve even added a bar and lounge! We want to be a place where people come to see art, to be sure, but we also want to be an inviting spot to hang out, kick back, have some unexpected fun and roam. We want to feel a bit less “hands off!” and a bit more hands-on.

The Getty’s wildfire defenses have become almost mythic. What lessons has responding to the emergency taught you about the role of cultural institutions in climate resilience and disaster preparedness?

The wildfires really brought home to me, in super concrete terms, what it means to be a repository of global cultural heritage. The art that we own, we own on behalf of humanity. Museums are like a cultural version of Norway’s seed bank. It is vital that we take that responsibility very seriously, even as we try to make our collections as accessible as possible. Getty has a phenomenal culture of safety, and of course, we’ve run all kinds of exercises to consider what we can do even better next time—because there will, for sure, be a next time. But metaphorically, it has also made me think a lot about how important cultural institutions are for the resilience of humanity in the face of the multiple disasters that seem to surround us in the contemporary world. We play a vital role in connecting people to the past, to the future and to one another, and in helping calm them and give them resilience during chaos.

 As CEO, what was the most difficult call you had to make during the crisis?

Our systems are so very systematized that there weren’t really many calls being made on the fly. The crisis team dealing with the fires in the moment has much more expertise than I do, and were so calm, well-oiled and professional, that it would have been counterproductive for me to try to give them all sorts of directions in the (literal) heat of the moment.

In short, they saved me from difficult calls by doing their jobs extremely, extremely well. The most important call I made was probably the decision to effectively move into the crisis center during the first long week of the fires. It meant that I could know what was going on in real-time and, more crucially, that at very least I could show presence and solidarity to the people who were doing the really heavy lifting. And that I was there for the very few calls that I did have to make, even if they didn’t want me to, like telling people to go home and get some rest after a long and grueling shift.

Has the experience prompted internal changes to crisis planning or communication protocols across the Getty Trust’s different entities? And has the Trust considered how climate risk might affect long-term conservation priorities or acquisitions strategy?

Southern California has always been prone to natural disasters—fires, floods, mudslides, earthquakes. Traffic and pollution! (Though I guess those ones aren’t natural…) Our sites were conceived, from inception, to be resilient in the face of these risks; though climate change has certainly intensified a few of them. Our conservation institute conducts extensive research on the potential impact of such risks on works of art and develops technologies to help mitigate them. Our museum is a leader in seismic mounts, among other things. And we are also looking to reduce our own carbon impact by slowing the cadence of exhibitions, re-using the packaging for loaned objects, pushing for science-backed new norms around temperature and humidification and by completely rebuilding our energy facility for maximum decarbonization of our sites.

You helped spearhead the $12 million L.A. Arts Community Fire Relief Fund to help artists and arts workers affected by the fires. What did you learn from that initiative about the vulnerabilities and strengths of L.A.’s creative ecosystem?

I’ll start by saying that all credit for Getty’s role in the fund goes to Joan Weinstein, who directs our Foundation and had mounted a similar effort during Covid-19. A major strength of L.A.’s creative ecosystem is its sense of massive solidarity and collegiality—that really shone through during and after the fires. Everyone was checking in on everyone else, trying to help one another even as catastrophe was unfolding. I’d experienced that solidarity in other contexts since my arrival in the summer of 2022, but it was super striking during the fires. But they also laid bare just how vulnerable many creative workers are—financially and infrastructurally. In a flash, artists lost the literal tools of their trade, the studio spaces in which they work and, in many instances, even their life’s work. We were happy to be able to do something to help, but remain acutely aware of the ongoing devastating impact. One thing we’ve been considering as a consequence is how we might support some global artists’ residencies.

How do you envision strengthening Getty’s resilience—not only in physical terms, but as a cultural and civic institution navigating the realities of a changing planet? And how might the Getty Trust get more involved in strengthening L.A.’s creative resilience?

I’m not being lazy, I promise! But for this one, I think the best way to answer is to only slightly reframe my answers to your first two questions. In a world of dizzying change, making sure that the Getty is a public resource as a place of beauty and respite is even more important than it’s ever been. We’re a repository and generator of knowledge about visual art and all the ways in which it is essential to human existence. Keeping that in the forefront of people’s minds is a critical task. And as for L.A.’s creative resilience, we are doubling down on work that supports it: from the Getty Prize to our thinking about how to play a role in the upcoming Olympics, we very much have L.A. and its creative genius on our minds.

Jeffrey Yin, featured on this year’s Art Power Index, leads Artsy, the world’s largest online marketplace for fine art, at a moment when technology, transparency and global access are transforming the art world’s power structures. As CEO, Yin oversees a platform that connects millions of collectors with over a million available works through partnerships with more than 3,000 galleries and auction houses worldwide. Under his leadership, Artsy has expanded access and reshaped how art is discovered, valued and purchased.

In the past year alone, first-time buyers on Artsy have risen by nearly 30 percent, artwork sales are up 20 percent and total sales value has grown 10 percent. But the most revealing statistic might be geographic: the average distance between buyer and seller is now about 2,500 miles, a clear indicator of how technology is dismantling traditional boundaries and redistributing opportunity across the global art ecosystem. Yin attributes this growth to a fundamental shift in collector behavior, driven by transparency and access. A decade ago, few galleries listed prices publicly. Now, three-quarters of works on Artsy include visible pricing, and more than half are enabled for direct purchase. Those changes have built trust, democratized collecting and brought in a wave of younger and first-time buyers whose expectations—speed, personalization and transparency—are redefining the market.

Artsy is navigating that evolution by leveraging A.I. to make art discovery more personal, using data to strengthen gallery relationships and maintaining the human connection at the heart of collecting. The next frontier, as Yin sees it, will involve sustaining the next generation of collectors through curation, education and social discovery while ensuring technology amplifies the emotional experience that makes art matter.

What do you see as the most transformative shift in the art world power dynamics over the past year, and how has it impacted your own work or strategy?

The biggest shift I’ve seen is how transparency and access are transforming collector behavior. A decade ago, it was rare to see artwork prices listed online—now, 75 percent of artworks on Artsy include visible pricing. At the same time, the ability to buy online has grown dramatically: when we launched e-commerce in 2018, only 9 percent of works were enabled for direct purchase; today, it’s 53 percent. Together, those changes have built trust and made collecting more welcoming, especially for newer audiences. 

This year alone, first-time buyers on Artsy are up by around 30 percent, and many start with an online purchase under $3,000 before moving into higher-value works. Additionally, artwork sales on Artsy are up 20 percent year-to-date; total sales value increased 10 percent last quarter; partner auctions grew nearly 20 percent; and new buyers on Artsy are increasing about 20 percent each month, sometimes more than 60 percent. This momentum isn’t being driven by the usual insiders—it’s coming from younger and first-time buyers.

For us, this has meant doubling down on tools that make discovery and purchase as seamless as possible, while keeping the gallery-collector relationship at the center. For example, a collector might discover a work through Artsy’s personalized recommendations, save the work, get an offer directly from the gallery and finalize the purchase online—all within a few days.

As the art market and industry continue to evolve, what role do you believe technology, globalization and changing collector demographics will play in reshaping traditional power structures?

Technology and globalization are redefining how the art world operates and who can participate. Younger collectors—82 percent of whom have purchased art online—expect immediacy, transparency and access. They’re more likely to discover a new artist through social media or an email newsletter than at an in-person fair. On Artsy, the number of artists with commercial activity has grown by 20 percent since 2020, and galleries are now selling works by 40 percent more artists.

These shifts have made the market far more global. A gallery in Mexico City can now place work with a collector in Seoul, or a buyer in London can discover a Lagos-based artist through Artsy and acquire the piece online. The average distance between buyer and seller on Artsy—about 2,500 miles—says a lot about how technology is expanding reach and redistributing opportunity across the art ecosystem.

Our focus is on continuing to build the infrastructure that supports that growth: connecting the right collectors with the right artworks, giving galleries the tools to thrive globally and ensuring technology strengthens, rather than replaces, the curation and personal relationships that make the art world unique.

Looking ahead, what unrealized opportunity or unmet need in the art ecosystem are you most excited to tackle in the coming year, and what will it take to make that vision a reality?

The biggest opportunity ahead is guiding the next generation of collectors—and sustaining their engagement over time. The foundation of transparency and global access is now in place; the next step is helping collectors navigate the overwhelming volume of art online in a personal, meaningful way. A.I. and personalization are allowing us to do that. By understanding a collector’s tastes and behaviors, we can surface works they’re genuinely likely to connect with—whether that’s a first-time buyer discovering an emerging painter or a seasoned collector seeking out underrecognized voices. At the same time, we’re investing in tools that make the collecting journey continuous, not just transactional: from discovery to education to consideration and purchasing.

Social platforms will also play a major role in that evolution. Seventy percent of consumers expect to shop primarily through social channels by 2030, and the art market is poised to meet that expectation. Our goal isn’t to automate or remove the human experience from collecting, but to meet people where they are—making art discovery as intuitive and inspiring as it is personal.

Artsy sits at the intersection of technology, art and commerce—three worlds that don’t always move at the same speed. How do you balance innovation with the traditional art world’s preference for discretion and personal relationships?

The art world has always been built on trust and personal relationships, and that’s something we deeply respect. At Artsy, we use technology to strengthen those values, not replace them. Our goal isn’t disruption for its own sake; it’s to build on what already makes the art world special and open it up to more people. We see technology as a bridge—helping collectors and galleries connect in meaningful ways without needing to be in the same city or have insider access. That might mean a collector in London discovering an artist in Mexico City, or a gallery in Seoul connecting with a buyer they’d never otherwise meet. Everything we do comes back to our mission: to expand the art world to support more artists and art in the world.

When we build new tools—like a feature that lets a gallery send a personalized offer to a collector who’s saved a work, or the ability to check out instantly with Apple Pay or Google Pay—the goal is simple: make it easier for people to discover art and live with art, whether they’re seasoned collectors or buying art for the first time. We look to use technology to remove the friction so that the human part—the artist and their story—can stand out.

You’ve emphasized making art more accessible to new buyers as part of Artsy’s five-year vision. The art market is still notoriously opaque. What concrete steps is Artsy taking to build more price transparency and trust among collectors, galleries and artists?

Our five-year vision is centered on making art accessible to a broader, more diverse group of collectors while maintaining integrity and trust for galleries and artists. Data supports this focus: our Art Market Trends 2025 report found that 69 percent of collectors say a lack of transparency keeps them from buying art, and only 17 percent believe the market serves them well.

That’s why we’ve made transparency a priority. A decade ago, collectors had to contact galleries or check auction results to get a sense of pricing; today, 75 percent of artworks on Artsy include prices. We know this matters—works with visible prices are six times more likely to sell. We share those insights with gallery partners to help shift the market toward greater openness, while giving them control over how they present their art and artists.

We’ve also focused on making buying easier. In 2018, only 9 percent of works on Artsy could be purchased directly online; today, it’s more than half. Collectors can now buy securely from their phones in seconds instead of spending days negotiating or wiring funds. And we continue to invest in context—like artist bios and editorial storytelling—so collectors can find the context they need to buy with confidence.

What patterns are you seeing in how younger or newer buyers behave differently from traditional collectors?

I think younger collectors are approaching art in new ways. They’re discovering artists through the people they follow, the places they travel, or what they see on social media. They might visit a show they’ve seen on Instagram, but they’re not necessarily flying across the world for an art week. For them, art sits alongside fashion, design and music—it’s another way to express who they are and what they value.

A lot of their energy is focused on emerging art. In our Art Market Trends report, 72 percent of collectors said they were most drawn to emerging artists, with the majority of purchases under $5,000. On Artsy, we’ve seen the same pattern: first-time buyers are up about 30 percent this year, and most begin with works at those price points. They’re thoughtful and curious, spending time learning about artists before they buy, and they expect transparency—clear pricing, accessible information and trust in the process.

Our role is to meet them where they are: helping new collectors discover artists who resonate with them, learn the stories behind the work and build lasting relationships with galleries. This new wave of collectors is expanding the market, not redefining it—they’re bringing fresh energy to the ecosystem as a whole.

How is Artsy thinking about A.I. and its implementation? Do you think it’s possible to translate artificially generated insights into curation without losing the serendipity and emotion of discovering art?

We think about A.I. as a way to make the art world work better for people. It’s not here to replace anyone’s eye or intuition—it’s about taking care of the busywork so gallerists and collectors can focus on what really matters. Sometimes that means making it easier for someone to discover an artist they’ve never heard of, or giving galleries a little time back through tools that handle repetitive tasks.

A.I. already shows up in useful ways on Artsy. It powers Discover Daily, our personalized feed that helps collectors see new artists they might love. It tags and captions artworks automatically, making them easier to find. It also helps us keep transactions secure. And for galleries, it helps with uploading and organizing inventory quickly, so less time can be spent on admin work and more on relationships. The goal isn’t to replace human curation. Curation, storytelling and taste will always depend on human judgment and emotion. A.I. just clears the path so those moments of discovery and connection can happen more often.

As a collector yourself, how involved have you been in shaping Artsy’s recommendation strategy? Do personal tastes ever inform the company’s approach to what gets surfaced on the platform?

As a collector, I certainly have my own taste—much of it shaped by discoveries I’ve made on Artsy. But what I love about Artsy is that no two people see the same art. We’ve invested heavily in personalization so that every collector’s experience reflects their own taste, not someone else’s idea of what’s “good.” 

The art world has long been defined by a handful of gatekeepers; we’re doing the opposite. We’re giving collectors the tools to shape their own art world—with curatorial guidance built in for those moments when you want a spark of inspiration. And the more you use Artsy, the better it gets: the experience becomes more dynamic, more personal, and filled with artists whose works resonate with you.

Who are some of the artists you love that our readers should be following?

I can’t not mention the artists featured in The Artsy Vanguard 2026, our annual list of the most promising artists working today. Every year, I’m blown away by the talent our editorial and curatorial teams spotlight, and this group is no exception. I’m especially drawn to Emil Sands, whose paintings explore the body with so much honesty and tenderness, and Heidi Lau, who creates these incredible ceramics rooted in Chinese mythology and folklore.

In my own collection, I recently acquired a work by RF. Alvarez, an Austin-based painter who explores intimacy and belonging. He just gained representation with Megan Mulrooney Gallery in L.A., where he had a wonderful solo show this fall.

Maria Brito, featured on this year’s Art Power Index, has built a career—and a community—by dismantling the art world’s most persistent myth: that collecting is an insiders’ game. A top New York-based art advisor who has moved more than $150 million in blue-chip and emerging works for A-list clients, Brito has made transparency and education central to her practice. Her weekly newsletter The Groove reaches more than 32,000 readers, and her Instagram, where she shares market insights, cultural commentary and sharp takes on art-world trends, has grown to over 140,000 followers. Beyond the metrics, Brito’s influence can be better measured by how she’s reframed what power and access look like in a market often defined by its opacity.

While old hierarchies still stand, influence is increasingly moving through younger generations of collectors, new modes of media and varied access to quality artworks. That shift—toward younger, global and more values-driven collectors—has fueled Brito’s mission to bridge knowledge gaps and open doors that once felt closed. Whether she’s guiding a new collector through their first Frieze acquisition or dissecting the ethics of the market in her writing, Brito approaches art as both cultural currency and a mirror of global change.

Brito remains candid about the evolving dynamics of power, the responsibilities of advisors in an era of hyper-visibility and the need for intellectual integrity in collecting. As technology democratizes visibility but not access, and slowing down becomes an act of discernment, the future of the art world will hinge on those willing to make it smarter, more inclusive and more transparent without losing sight of excellence.

What do you see as the most transformative shift in the art world power dynamics over the past year, and how has it impacted your own work or strategy?

Power has become more distributed and far less predictable. The old hierarchies still stand, but influence now moves through new collectors, new media and access to quality works. I work with many Millennial and Gen Z collectors who are already shaping the next generation of collecting, and they value transparency and education over gatekeeping. I’ve leaned into that by focusing on direct relationships and using my social media and newsletter platforms to shape narratives around art, culture and collecting.

As the art market and industry evolve, what role do you believe technology, globalization and changing collector demographics will play in reshaping traditional power structures?

Technology has democratized visibility, not access. Everyone can see art online, but few know how to buy well or build meaningful collections. Globalization has made the market faster, bigger and more connected, while younger collectors demand purpose and transparency. My role is to bridge worlds, combining knowledge, data, relationships and intuition so collectors can navigate this landscape with clarity and confidence.

Looking ahead, what unrealized opportunity or unmet need in the art ecosystem are you most excited to tackle in the coming year, and what will it take to make that vision a reality?

The biggest gap I see is between cultural influence and access. The art world still operates like a closed circuit, even though so many people are hungry to enter it. I want to expand how collectors (and future collectors) learn, discover and connect.

That means using technology, storytelling and education to bridge the gap between the “inside” and the “outside.” That’s why I write a free weekly newsletter and post on Instagram almost daily, to make high-level knowledge more accessible while keeping the integrity of expertise intact. It’s not about disruption for the sake of it. It’s about evolution: making the art world smarter, more inclusive and more transparent without diluting its excellence. That’s the real opportunity ahead.

Your public platforms—The Groove and Instagram—are unusually transparent for the advisory world. What motivated you to make the inner workings of art collecting more accessible?

I’ve been writing about the art world for magazines and websites and my own blog since I opened my company in 2009. In fact, I was one of the first advisors to use Facebook and Twitter to share insights about collecting, and an early adopter of Instagram, which changed everything for everyone in this business.

I’ve always believed in making access to the art world less mysterious and more democratic. Too many people still think the market begins and ends with the Wall Street Journal headlines about multimillion-dollar auction sales. By design, the art world has historically left out the very people it’s now trying to court. The truth is, old collectors aren’t buying; royals and aristocrats aren’t buying; it’s younger professionals and entrepreneurs across continents who are starting to move the needle.

Many of your headlines—“Do artists need galleries?” or “Can art still shock us?”—pose questions that challenge the status quo. What facets of the art world do you think most urgently need reexamination?

When the art world expands as rapidly as it has over the past decade, everything inevitably gets diluted. We’re basically living Andy Warhol’s prophecy, where everyone gets their fifteen minutes of fame. The market could use some editing: there simply aren’t enough serious collectors for the sheer volume of artists, nor enough museums and institutions to secure their legacies. At the same time, social media has desensitized us. We scroll through thousands of images a day, and nothing shocks us anymore. The only real antidote is to slow down, to look longer, think deeper and give art the space to challenge us again.

How do you balance accessibility with the discretion that clients expect from an art advisor? Are there subjects you deliberately steer clear of?

I never mention clients by name unless they’ve given explicit permission. Saying “a young collector who works with me bought an established female painter at Frieze for the mid–five figures” protects their privacy while still sharing something meaningful about the market. I don’t shy away from topics, but I also don’t speak just to fill space. If I can’t offer something that informs, sparks reflection or presents a new perspective, I’d rather not expand on it. The goal is always to add clarity, not noise.

The art market has cooled since the pandemic boom, and you’ve described this as a “new part of the cycle.” What behaviors or shifts are you observing among top collectors, and how are you advising them to adapt?

Top collectors have become far more discerning over the past two years. They’re taking their time, comparing quality and context and securing works that genuinely hold long-term value. Pieces that once had twenty people competing for them are now available, which has created more thoughtful, strategic acquisitions.

The focus has shifted from the “it” artist of the moment to strong mid-career and established names with proven museum and institutional support. That said, there are still younger and mid-career artists generating excitement, and in some cases, waitlists, but most collectors now approach those markets with more curiosity than urgency. My role is to help them navigate this shift with perspective and patience, not panic.

You’ve built a following that extends well beyond traditional collectors, reaching entrepreneurs, cultural leaders and young professionals. How do you navigate working with different types of collectors—say, the analytical financier and the instinctual fashionista—when guiding them through the same volatile art market?

At the end of the day, all clients (whether they come from finance, fashion or tech) want the same thing: great service, sharp instincts and someone with real access and trusted relationships across galleries and institutions. Some are more analytical and want detailed data, comps and context; others respond to intuition and storytelling. Either way, I’m always two steps ahead with the information they need.

Technology has made that easier: instant access to pricing histories, press coverage and upcoming projects allows me to tailor the conversation to each client’s mindset. And while few like to admit it, nearly every collector cares about numbers, because even emerging art is expensive, and no one wants to see their investment disappear. That’s where nuance matters: helping clients understand that a young artist selling for six figures is both a sign of confidence and a reminder that, in this market, every great collection involves a little bit of risk.

You often speak about intellectual integrity in collecting. How do you help clients develop taste and conviction in a market where trends—and valuations—can change overnight?

I insist on context. Taste doesn’t develop from chasing trends; it comes from understanding where things come from and why they matter. I talk to my clients constantly about art history, about how nothing exists in a vacuum. We visit museums, draw parallels between what’s being made today and the movements that shaped it, and whenever possible, speak directly with artists. Hearing how an artist thinks about materials, form or meaning changes everything.

Intellectual integrity means knowing why you love something and being able to defend that love when the market moves on. I can’t stand behind empty works that are merely decorative. Beauty alone isn’t enough. What lasts are the ideas, the rigor and the sense of connection between past and present. That’s the foundation of real collecting.

Antwaun Sargent, featured on this year’s Art Power Index, has built a career dismantling the art world’s old hierarchies and rebuilding them around artists. As director at Gagosian, he’s been dubbed the “Art Star Maker,” though Sargent rejects that label, insisting that success belongs entirely to the artists he champions. His philosophy is deceptively simple: believe in artists and do everything possible to bring their visions to life.

That ethos has shaped some of the past decade’s most notable exhibitions, from Virgil Abloh’s “Figures of Speech” at the Brooklyn Museum to “Barkley L. Hendricks: Portraits at the Frick,” the institution’s first solo show dedicated to a Black artist. Since joining Gagosian in 2021, Sargent has continued to push the boundaries of what’s possible inside the “white cube,” curating shows that center Black creativity and urging collectors and institutions alike to expand their understanding of cultural value.

A writer and curator in equal measure, Sargent’s influence predates his gallery work. Through essays in scores of publications like The New York Times and The New Yorker, and through books such as The New Black Vanguard: Photography Between Art and Fashion (which he authored) and Young, Gifted and Black: A New Generation of Artists (which he edited), he’s helped reframe how the world engages with the intersections of art, race and representation.

For Sargent, power in the art world is—and isn’t—shifting. True inclusion, he argues, requires generational commitment, while technology—from social media to A.I. tools—is transforming ideas of artistic authorship. Above all, he returns to his core question: how to keep putting more power directly into the hands of artists.

What do you see as the most transformative shift in the art world power dynamics over the past year, and how has it impacted your own work or strategy?

My main focus is to continue to make the best shows possible. The artists I work with at the gallery, Lauren Halsey, Rick Lowe, Tyler Mitchell, Cy Gavin and Derrick Adams, are focused on making great work, and my role is to support the production of that art. I will continue to focus on that, as we have seen great success. I am always asking: How do we help the artists make the best work possible? It’s the guiding question that has really allowed me and my team to support our artists in my most effective way. My only strategy is to believe in artists, which is to say I do whatever possible to make their visions reality. 

As the art market and industry continue to evolve, what role do you believe technology, globalization and changing collector demographics will play in reshaping traditional power structures?

The evolution of the art world and its centers of power have been greatly exaggerated. The only thing I’m interested in is putting more power in the hands of artists. 

Looking ahead, what unrealized opportunity or unmet need in the art ecosystem are you most excited to tackle in the coming year, and what will it take to make that vision a reality?

I still think the best way to encourage an art ecosystem I believe in is to create it. So, I’ll continue trying to broaden participation in every way, from the artists, the gallery show, to the collector and audience, who will encounter and thus be moved by the work. 

You’ve been described as the “Art Star Maker.” Does that label resonate with you? 

The success of an artist is wholly their own. 

The art world sometimes celebrates inclusion rhetorically but struggles structurally. From your vantage point today, what tangible progress have you seen—and where are the most urgent gaps still visible?

The urgent question today is: will the art world keep its word? In 2020, a lot of promises and declarations were made around questions of diversity and representation. I hope the current situation only emboldens the necessary work of correcting the narrative to continue. I think the important thing to note is that this is long-term work, generational work: keep going. 

You’ve talked about “expanding what’s possible inside the white cube.” What does that mean in practice—how are you reshaping the curatorial voice of one of the world’s most powerful galleries?

Look at the shows. 

Has working within a mega-gallery altered your ideas about equity in the art world?

Nope. It is possible. More of us should want it. 

The collector base for young artists of color has exploded, sometimes leading to market overexposure. What are your thoughts on the realities of balancing hype and stewardship?

I think young artists should work through the system and build careers over the long term. If they truly do that, then they will be fine. 

Your written work continues to influence how people think about visual culture. How do your writing and curation inform one another in your practice?

My writing was about taking Black artists seriously and at their word. The decade of writing really informs everything I do. I think because writing requires a kind of sustained looking, and the more you look at art, the more it reveals its many possibilities. Deep looking rewards the viewer. 

You’ve curated over 30 shows, from Virgil Abloh’s “Figures of Speech” at the Brooklyn Museum to “Barkley L. Hendricks: Portraits at the Frick.” Are there throughlines that connect these projects conceptually for you?

Not at all. I was interested in the fact that Black artists were making all these wonderfully diverse artworks, and I wanted to show that. I still do, that’s the thesis of my current job. There are no boxes. Black art is whatever the Black artist says it is. 

Digital culture and social media have been central to your curatorial language. How do you see platforms like Instagram or A.I.-assisted tools changing the way we perceive authorship and artistic labor?

Before when I was using it a lot, social media, it was about trying to direct my audience toward the power of art. I was genuinely just trying to say to the audience, “This is great, go see it.” The current social media and rise of A.I. are very different from those early days. I hope we survive it.

Andrew Wolff, recognized on this year’s Art Power Index, is reshaping the digital infrastructure of the art market at a scale few imagined even five years ago. As CEO of Beowolff Capital, Wolff made headlines in 2025 with two bold plays: acquiring a controlling stake in Artsy and pursuing a €65 million delisting and takeover of Artnet. But for Wolff, these weren’t trophy acquisitions. They were the foundation for a new kind of art world ecosystem, one built on data, connectivity and what he calls “networked authority.”

Wolff argues that the next phase of art world power will be determined by who can build open, transparent and participatory systems that expand access to art itself. His strategy centers on fusing the intelligence of Artnet’s secondary-market data with Artsy’s primary-market reach, using A.I. to create a seamless digital environment for collectors, artists and galleries.

As technology and globalization erode old hierarchies, a more fluid, decentralized art market is emerging. Wolff envisions a future where discovery, valuation and transaction happen frictionlessly across connected platforms, and where A.I. serves to amplify human expertise. The result would be nothing short of a structural redefinition of art commerce: one that balances transparency with trust and expands creative and commercial agency for artists and collectors worldwide. For Wolff, the goal is to rewire the art market for a new era of digital collection. In a world increasingly mediated by algorithms, the human dimension of art matters more than ever.

What do you see as the most transformative shift in the art world power dynamics over the past year, and how has it impacted your own work or strategy?

In general, I think the world is moving from static forms of power to a more fluid model of networked authority and strength, one in which power and influence are built on the foundations of interconnected communities. Old-school power structures build walls to protect themselves. But our younger generations are skeptical of centralized gatekeepers; they want access, participation, transparency, consistency, objectivity. Many of the institutions and companies of the future—think open source or Web 3.0—are building power and scale based upon those principles.

This trend is just beginning to shift the power dynamics of the art market. Young, aspiring collectors—those that are so vital to a healthy and growing market—want to be part of a permissionless network. They want to discover art and transact in an open and transparent marketplace.

 These thematics align well with what we are doing at Beowolff Capital through Artnet and Artsy. We want to give collectors the power to participate in social networks in order to discover what art they like, what it means to them, how to value it and how to enjoy it with others. And we are providing our business partners with the software operating system that will enable their clients to do so in a safe and transparent ecosystem.

As the art market and industry continue to evolve, what role do you believe technology, globalization and changing collector demographics will play in reshaping traditional power structures?

Technology is inherently disruptive. When used as a force for good, it can be a catalyst for democratization. It can equalize access to goods and services. It can connect people and drive globalization. It can liberate buyers and sellers from transactional friction and illiquidity. It can educate by giving everyone access to the same data and the tools to interpret it and generate insights and opinions. It can create new media for human expression and metaphor.

Those forces mesh well with Beowolff’s mission. Recently on Artsy, our recommendation engine showed me a work by a painter in Suzhou, China, who is using a novel technology to reimagine the centuries-old sfumato painting technique. I went to Artnet to look at historical sales data for the artist to gain comfort and read a piece we published on the artist. In the near future, our technology will allow me to learn more about the background of the artist and the symbolism of the work, watch a video that explains his creation process, connect with other collectors who share similar tastes and sensibilities, and generate predictive insights as to the value of the work in the future. That’s the fun stuff I want to be involved with. Simultaneously, agentic tools will be working in the background to deal with shipping, customs, insurance, framing and assist me in financing the purchase.

 Looking ahead, what unrealized opportunity or unmet need in the art ecosystem are you most excited to tackle in the coming year, and what will it take to make that vision a reality?

It’s so hard not to say A.I., so I won’t try. At Artsy and artnet, we are building A.I.-native tools and services to create opportunities and solve problems for our partners and clients. Our innovations are taking many forms. A.I. can mean using deep learning to train and refine our recommendation engine to understand why a collector responds to a given work, in order to show them other works that will resonate with them. Or a valuation tool based on structured and unstructured data. Or an agent that can take a gallery’s PDFs, structure the data, and upload them onto our online marketplace, freeing the gallery to interact with artists and collectors, tell stories, and sell.

We embrace A.I. not to reduce the role of human expertise in the art market, but to amplify it. Not to steal the voices of artists, but to allow them to expand their reach. After all, in a world where machines can do more and more, the ability to create and feel the power of art is an increasingly critical part of what makes us human.

With Artnet’s secondary-market data strength and Artsy’s primary-market marketplace focus, there’s a lot of potential to redefine how art market data and sales interact. Is that the goal?

Absolutely. We’re creating a symbiotic commercial ecosystem, starting with Artsy and Artnet, which creates a new kind of intelligence for the art market, one in which insights and transactions reinforce each other and increase the velocity and power of both. We are supercharging our complementary, industry-leading businesses with shared A.I. tools that deliver next-generation products and better serve collectors, galleries, and artists alike.

At the same time, you’ve said the two companies will remain separate, at least for now. How do you envision balancing their distinct identities in the short and long term?

Both Artnet and Artsy have earned deep trust within their community and market, and their uniqueness is a strength. We will preserve those differentiated voices while quietly building connective tissue—shared data architecture, technology and tools that enhance both brands.

Looking ahead five years, what does your “ideal state” look like in terms of user experience and industry impact—one mega platform or still two distinct but interconnected platforms?

Five years from now, I’d like collectors to move much more fluidly through discovery, valuation and transaction without noticing where one platform ends and the other begins. Whether that manifests as one unified ecosystem or several connected destinations matters less than the experience itself. For Beowolff, our north star is transparency, liquidity and empowerment across the full art journey, which will matter more and more as today’s young collectors continue to develop their tastes and aspirations. If we do all of that, the impact on the industry will be substantial: significant growth in the services industry that benefits everyone and is sized more appropriately for a market that serves an alternative asset class of over $1.5 trillion in aggregate value.

Where do artists fit in? How will they benefit from a more connected online ecosystem?

Our platform will help artists find their global audience, understand their market in real time and tell their stories with more agency and impact. Technology should expand their creative and commercial freedom, not intermediate it. After all, to appreciate art is to derive meaning and emotional response to symbolism and metaphor, to understand the story behind the work. If our tools can help collectors find the narratives that resonate with them, this will allow artists to amplify their voices.

How do you see the offline and online art worlds evolving together now and in the future?

I think we are past the stage of seeing online and offline as competing realities—they have and will continue to converge. Think of how important the virtual salesroom experience has become to auction houses, where online and in-person bidders carry equal weight. Offline curatorial decision-making will be increasingly powered by software. Digital tools will enhance physical experiences by making discovering and acquiring art frictionless. Physical experiences will be supplemented by digital metadata—imagine museum audio guides superpowered by A.I. This convergence will permeate all industries, but will have a profound impact on the way in which we experience art.

Proprietary user and market data are already hugely valuable and are likely to become even more so in an A.I.-powered world. What ethical or practical safeguards do you see as absolutely necessary to safely scale the Artsy/Artnet ecosystems?

Data is a privilege, and it must be governed with objectivity and accountability. As we develop A.I.-native tools, we are focused on using data to inform and empower, not to exploit or steal. Transparency must be balanced with protection. Collector anonymity, artist ownership of imagery, gallery control of transactional data: these all must remain sacrosanct. The companies that thrive in the next phase of the art world—and frankly in all industries—will be those that combine innovation with trust. Beowolff is one of those companies, and we believe that it is critical to our success that we are responsible custodians of our data.

A small number of galleries closed this year—each for reasons so idiosyncratic that no narrative could be assembled from these developments one way or the other. I imagine that Tim Blum is comfortable in his retirement, having relinquished the throne as Los Angeles’s top dealer. Meanwhile, the young Angeleno Matthew Brown proved that savvy up-and-comers can still make a splash with a recent expansion to New York, where, this year, he stole living legend Carroll Dunham from Gladstone.

Hauser & Wirth had a good year, not that they’ve ever had a bad one. This spring, several of their artists opened exhibitions at three of New York’s top museums, including Amy Sherald at the Whitney Museum of American Art, Jack Whitten at the Museum of Modern Art and Rashid Johnson at the Solomon R. Guggenheim Museum. That’s a rare accomplishment, even for a gallery with pockets as deep as Hauser’s—shoutout to Marc Payot. Next year, the gallery will open a space in Palo Alto, following Marc Glimcher and Pace in their quest to determine whether or not tech guys will ever collect anyone besides Alec Monopoly.

Issy Wood impressed a certain set by rebuffing Gagosian in that New Yorker profile, but absorbing young artists has become a trend for the blue chippers, in part because their lower price points represent the amount of money that collectors today want to spend. David Zwirner has recently absorbed Yu Nishimura, Sasha Gordon and Emma McIntyre, and the gallery’s space at 52 Walker feels like a farm team. In Mexico City, where young artists abound, kurimanzutto takes the opposite approach, distinguishing itself by staging museum-quality exhibitions with the biggest names possible, which can be confirmed by anyone who saw their Haegue Yang survey during ZONAMACO this year.

On this iteration of our Art Power Index are a number of auction-world personalities, and here again, we must talk about the New Yorker, because the auction world is a duopoly, and the story of Christie’s success is also that of Sotheby’s failure. Sam Knight’s recent profile of Patrick Drahi, who purchased the house in 2019, implies that the owner is less concerned with success than with lining his pockets and giving his children jobs. Hong Kong rainmaker Patti Wong left in 2022 after Drahi put his son Nathan in charge of the formerly successful office. Now, “literally half of the H.R. department’s job is trying to manage Nathan’s damage.” At least Guillaume Cerutti and Alexander Rotter have been having a good time—at the auction previews in the spring, Rotter could be seen palling around with his former coworker Loïc Gouzer, who brought his Fair Warning startup venture to Christie’s that season. The two were so ebullient you would have never suspected that, according to the 2025 Art Basel and UBS Global Art Market Report, public auction sales were down 19 percent, or $25.1 billion—the steepest fall since 2009.

Clare McAndrew, author of that report, appears on this power list because it remains authoritative despite recent forays into the space by outlets such as Artnet and Artsy. This is, perhaps, a testament to the Art Basel brand. Honcho Noah Horowitz and Chief Artistic Officer and Global Director of Art Basel Fairs Vincenzo de Bellis must be doing something right; everyone who’s anyone went to Art Basel Paris this year. On the other side of that particular duopoly sits Ari Emanuel, who took personal ownership of the Frieze fairs (via new venture MARI) from his agency Endeavor, which went private this year. Even when sales at the fairs are down—and they are down, representing just 31 percent of annual sales for galleries from a pre-pandemic high of 43 percent—the fairs themselves always seem to make money through their booth fees and ticket sales. Who doesn’t like it when the circus comes to town?

But all that power pales in comparison to the kind exercised by museums. This year saw the loss of Agnes Gund, the patron par excellence, and the continued rise of MoMA’s young board president, Sarah Arison, deemed “her generation’s Agnes Gund” by Town & Country. Max Hollein remains his generation’s Max Hollein, ubiquitous as New York gallery-opening scenester despite moonlighting as director of the Metropolitan Museum of Art. This year’s opening of that institution’s refreshed Rockefeller Wing shows its dedication to new ideas, and they’re already on to the next project: a new wing that promises 50 percent more gallery space for the museum’s 20th- and 21st-century collections. Across the country, construction has nearly been completed on Michael Govan’s brand-new LACMA, which was designed by Peter Zumthor and promises to reshape the social fabric of the city. If that isn’t power, what is?

Keep reading for more insight into the people whose actions, tastes and endorsements move the needle on valuation and the people who decide who gets in and what gets seen (and what gets left off the gallery wall). Each year, our Art Power Index spotlights the figures shaping how capital and vision move through today’s art world. It turns out that the reports of the art industry’s demise were premature, but it is changing, and our 2025 honorees are the ones reinventing its structures and steering its evolution into unexpected new territory.

Refik Anadol

• Dataland | Founder & Artistic Director

It’s hard to think about A.I. art without thinking about Refik Anadol—that’s how profoundly he’s shaped the field. From blockbuster installations like Unsupervised – Machine Hallucinations at MoMA to his relentless pursuit of A.I. as a creative medium, Anadol has transformed how we experience data, memory and perception. His work, which merges machine intelligence, architecture, and new media art, is part of major institutional collections, including MoMA, Kunsthaus Zürich, Istanbul Modern and the Museum of the Future.

Now he’s pushing boundaries again with Dataland, the world’s first A.I. art museum, originally set to open at The Grand LA this year but now debuting in spring of 2026. “While Dataland will primarily focus on creating new, site-specific projects exclusive to the museum, we plan to also feature some key projects from our past to offer visitors a glimpse into the broader context of our work,” Anadol told Observer. The space will also support emerging artists and expand the place of digital art in mainstream culture. “Since beginning my journey, I’ve dreamed of moving digital art out of the margins and into the mainstream. It’s inspiring to witness this vision coming to life,” he added. A vocal advocate for ethical A.I., Anadol launched the “Make It Fair” campaign to promote transparency and accountability in creative technology—a mission that earned him recognition on the TIME100 A.I. Impact Awards list in 2025.

Sarah Arison

• YoungArts | Board Chair
• Arison Arts Foundation | President
• Museum of Modern Art | President, Board of Trustees

A quiet but mighty powerhouse of arts philanthropy, Sarah Arison has used her influence to subtly but decisively shape the contemporary art landscape. As president of the Arison Arts Foundation, a family legacy, and the youngest-ever president of MoMA‘s Board of Trustees, she is known for championing emerging U.S. artists across disciplines early in their careers through sustained patronage and partnership. Her leadership was on full display this year when she delivered remarks at MoMA’s annual fundraiser and co-chaired the 2025 MoMA PS1 Gala, events that underscored her status as one of the country’s most influential private grantmakers.

“Institutions, funders and collectors are looking more closely at how artists are uplifted at all stages of their careers and how communities of practice form around them,” Arison tells Observer. “Much of my work focuses on creating environments where emerging artists can take risks, engage in dialogue, and build networks that sustain them over time. Rather than focusing on visibility alone, we are working to build durable networks of care that allow artists to evolve and lead the conversations that shape the cultural landscape.”
 
Based in Miami, the Arison Arts Foundation awarded more than 100 grants last year, distributing nearly $30 million to artists and institutions. Arison also continues her family’s legacy as Chair of the Board of YoungArts, the multidisciplinary arts organization founded by her grandparents Lin and Ted Arison. At YoungArts, she has helped advance a model of lifelong support for literary, visual and performing arts that begins when artists are still in high school and continues throughout the full arc of their careers. This work sits alongside her leadership at MoMA and MoMA PS1, as well as support for numerous grassroots programs that provide fellowships, community-building, and relief for artists facing financial hardship. Arison has emerged as a pivotal force in reimagining how arts philanthropy operates, emphasizing cooperation over competition. “When we invest in the full arc of an artist’s journey, the entire cultural landscape benefits,” Arison says.

Vincenzo de Bellis

• Art Basel | Chief Artistic Officer & Global Director of Art Fairs

At the helm of Art Basel since 2022, Vincenzo de Bellis has redefined what it means to run a global art fair brand. As director overseeing all fairs and exhibition platforms, he has shaped the format, tone and exhibitor selection across Basel, Art Basel Miami Beach and Art Basel Hong Kong—while steering the brand into new territory with the launch of a Paris edition in 2022 and the upcoming inaugural edition of Art Basel Qatar, slated for early 2026. What distinguishes his approach is a commitment to rooting each fair in its local cultural and market ecosystem, creating distinct identities that feel both globally connected and regionally grounded. Art Basel Paris has quickly established itself as a must-attend European event, while Art Basel Qatar aims to tap into the Gulf’s accelerating creative and economic transformation.

Now deep in preparations for the Qatar debut, De Bellis is applying a proven balance of curatorial rigor and industry savvy, building strategic alliances with regional players such as Qatar Sports Investments (QSI) and QC+, while putting acclaimed Egyptian artist Wael Shawky in the driver’s seat as artistic director—a move that underscores the fair’s intent to connect institutional ambition with local voices. Beyond the fairs themselves, De Bellis has also strengthened Art Basel’s role as a thought leader within the art world, introducing the Art Basel Awards in 2025 to honor organizations and individuals driving innovation. Under his leadership, the brand has evolved from a marketplace into a global platform for dialogue, vision and cultural exchange.

Christine Berry & Martha Campbell

• Berry Campbell | Owners

Specializing in postwar American artists who were long overlooked or underrepresented, Christine Berry and Martha Campbell have built Berry Campbell gallery into one of the most influential forces behind recent market rediscoveries. “We were looking for postwar artists we could potentially represent, so we went to the Archives of American Art,” Campbell told Observer earlier this year. From there, they took a deeply hands-on approach, reaching out to the families and estates of forgotten artists, unearthing archives and cataloguing works that had slipped through the cracks of art history. Their training as art historians became the foundation for rebuilding these artists’ legacies, connecting the missing dots that institutions and markets had ignored for decades.

That persistence has paid off. The gallery’s exhibitions have ignited new visibility—and new valuations—for once-neglected painters. Bernice Bing, whose works sold for around $30,000 only a few years ago, reached $850,000 in 2024. Alice Baber, long undervalued at roughly $3,000, sold for a record $700,000 following her first major exhibition in more than 40 years. Lynne Drexler’s market followed a similar ascent. By championing these artists with scholarly rigor and curatorial conviction, Berry and Campbell have not only altered their markets but reframed the larger story of American modernism, ensuring that women and other marginalized voices occupy their rightful place in it. 

“As two women business owners for over a decade now, we have watched wealth change hands to where more women are making the buying decisions,” the duo tells Observer. “Naturally, as this happens, women are being more inclusive in buying women artists. It is exciting to witness (and be a part of) this evolution.”

Michael Bloomberg

• Bloomberg Philanthropies | Founder

Michael Bloomberg isn’t just a philanthropist—he’s the top philanthropist in the U.S., with a record of supporting art initiatives with a focus on urban renewal and access. (He reportedly gave $3.7 billion last year, putting him at the top of the Chronicle of Philanthropy’s latest Philanthropy 50 report.) His foundation, Bloomberg Philanthropies, partners with more than 700 cultural organizations worldwide, and through his donations, the former mayor of New York City has built a legacy of supporting small, medium and large organizations and initiatives—particularly in urban environments. The annual $100,000 Asphalt Art Grants transform streets and public spaces with artworks designed not only to activate underutilized areas but also to enhance street safety. Then there are the $1 million Public Art Challenge grants, which fund projects that address civic challenges like health equity, climate resilience and urban revitalization through the installation of artworks.

“The arts have always been at the center of movements for change,” Bloomberg tells Observer. “Today, they can play a role in spurring progress in the fight against climate change. Artists are drawing attention to the problem in powerful ways that encourage people to take action.”

In addition to doubling down on public art as a lever for urban change in the U.S., Bloomberg has a reputation for directly and indirectly supporting culture around the world. He’s chairman of the Serpentine Board and opened the London Mithraeum Bloomberg SPACE. This year, he made the largest private donation ever recorded to the London Museum—a £20 million contribution plus a donation of 14,000 Roman artifacts uncovered during the construction of the Bloomberg European headquarters in London. On the accessibility side, the Bloomberg Connects app offers free digital guides to hundreds of museums, galleries, sculpture parks, gardens and other cultural institutions around the world. “The more we do to support both arts and arts organizations, the more we can capitalize on their potential to drive progress,” Bloomberg says. Ultimately, the scale and scope of Bloomberg’s giving affords him significant influence over the institutions, artists and stories that will be funded and amplified.

Tim Blum

• BLUM | Founder

Tim Blum has spent decades redefining how Western audiences engage with Asian art—and now he’s redefining what it means to run a gallery. The veteran dealer, who introduced Japanese and Korean postwar masters to the U.S., stunned the art world this year by announcing the closure of his galleries in Los Angeles and Tokyo, as well as the shelving of plans for a New York outpost. “We’ll begin a new chapter: transitioning away from the traditional gallery format toward a more flexible model,” he explained. “Without a permanent public space or formal artist roster, this structure will allow us to engage with artists and ideas in new ways, through collaborations, special projects and longer-term visions still in development.” It was a decision years in the making, reflecting the mounting pressures of a gallery system stretched by nonstop programming, art-fair fatigue and the gravitational pull of the mega-galleries that dominate global attention and resources.

Blum’s exit from the brick-and-mortar model has become a lightning rod for broader conversations about sustainability, leadership and intentionality in the art world. His pivot toward a leaner, more fluid structure signals a move away from the volume-driven expectations that have defined the industry for decades. In doing so, he’s opened a pathway for a new kind of dealer—one focused less on scale and spectacle and more on depth, collaboration and long-term vision. Still, don’t expect him to vanish anytime soon. “Of course I’ll still be buying and selling art,” Blum said. “It’s part of my DNA.”

Bonnie Brennan

• Christie’s | CEO

Auction veteran Bonnie Brennan took the helm as CEO of Christie’s in early 2025, marking one of the year’s most closely watched leadership transitions in the art world. Formerly head of Americas—where she drove nearly half of the auction house’s global sales—Brennan now oversees an operation that brought in $2.1 billion in auction revenue in just the first half of 2025. Seven of the ten highest-priced artworks sold globally during that period went through Christie’s under her leadership, including Piet Mondrian’s Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue (1922) and Canaletto’s Venice, the Return of the Bucintoro on Ascension Day. Her ascent signals both continuity and evolution at a firm balancing tradition with transformation.

Brennan has made it clear she intends to broaden Christie’s reach, engaging younger and more diverse buyers while keeping a steady hand amid market headwinds. “We are deepening our connectivity in these growth markets—listening closely, partnering locally, and ensuring we are part of the cultural dialogue taking place across every continent,” Brennan tells Observer. “This widening landscape of creativity and collecting represents one of the most exciting opportunities in the art market today.” From exploring A.I. applications to rethinking the global sales calendar to committing to an ethos of sustainability, Brennan’s leadership reflects a pragmatic understanding of where the auction world is heading and a determination to keep Christie’s leading the charge. “We see ourselves as an important part of helping to ensure that growth in the art world happens with purpose, integrity and inclusion.”

Maria Brito

• Maria Brito LLC | CEO

New York art advisor Maria Brito has moved more than $150 million for A-list stars and financiers (the vast majority of her clients are U.S.-based). She publishes The Groove, a widely read weekly newsletter that reaches 32,000 engaged readers, and she regularly shares market tidbits, cultural commentary and art obsessions with her 142,000 Instagram followers. “Globalization has made the market faster, bigger and more connected, while younger collectors demand purpose and transparency,” Brito tells Observer. “My role is to bridge worlds, combining knowledge, data, relationships and intuition so collectors can navigate this landscape with clarity and confidence.”

Her analyses of the art market—whether through interviews, in The Groove or on social media—are generous, engaging and accessible. With headlines like “Do artists need galleries?,” “Can art still shock us?” and “Can you love the art but hate the artist?” Brito uses her platforms to curate far-ranging conversations on the state of the art sector today, turning her into an influential voice among the traditionally tight-lipped art advisory world. Power, she adds, has become more distributed and far less predictable. “The old hierarchies still stand, but influence now moves through new collectors, new media and access to quality works… It’s not about disruption for the sake of it. It’s about evolution: making the art world smarter, more inclusive, and more transparent without diluting its excellence. That’s the real opportunity.”

Read our full Q&A with Maria Brito

Matthew Brown

• Matthew Brown Gallery | Founder

Matthew Brown was just 23 when he opened his first gallery in Hollywood in 2019. Five years later, he has two spaces in Los Angeles and opened a location in New York in 2024, defying both the COVID slowdown and a recent trend of gallery closures. Brown learned the ropes working simultaneously for mega blue-chip powerhouse Gagosian and experimental gallery Hannah Hoffman (soon to be Hannah Donahue). He was then unofficially mentored by groundbreaking dealer/curator Jeffrey Deitch, who provided guidance as Brown worked to set up his own space and build his niche (L.A. artists who were not showing in L.A.). Brown’s roster has expanded to more than 20 artists, including painter Carroll Dunham, whose drawing retrospective will open at the Art Institute of Chicago in January 2026. Early next year, he’s moving the Los Angeles gallery to a new space that he’ll inaugurate with an exhibition of works by Mimi Lauter, who he says he’s “long admired.”

Brown’s fast rise in art world circles may come down to his willingness to approach anyone with an ask (he approached Deitch at a fair), but there’s no denying that he has reshaped market dynamics by connecting Gen Z and Millennial collectors with artists on an upward trajectory, nurturing both a younger generation of collectors and platforming emerging artists without succumbing to speculative demand. “The new generation of collectors is more fluid: they’re digitally native, more global and often less tied to one genre, medium or even art historical period,” he tells Observer. “Their approach is intuitive, more lateral.” His artists have been shown by LACMA, the FLAG Art Foundation and El Museo del Barrio in New York City. Young he may be, but by all accounts, his approach is decidedly old-school: focus on the artist, and visibility and valuation will follow. 

Amy Cappellazzo

• Art Intelligence Global | Founding Partner

What Amy Cappellazzo touches tends to turn to gold. She rose through the ranks at Christie’s, transforming its postwar and contemporary art department into a market-defining powerhouse that reshaped valuations and sales across the industry. She then co-founded Art Agency, Partners, which Sotheby’s acquired for $85 million, and went on to serve as chair of Sotheby’s Fine Art division—overseeing strategy across Old Masters, Modern, Contemporary, Impressionist and Asian art. After years of rewriting the rule book at the auction house, she stepped down in 2021 to build something of her own.

That something became Art Intelligence Global (AIG), the firm she co-founded with Yuki Terase to bridge the U.S. and Asian markets through high-end art advisory and private sales. Headquartered in New York City and Hong Kong, AIG has quickly positioned itself as a next-generation player in an evolving art economy. This year, Cappellazzo brought in Matt Bangser as senior director—a move that signals her commitment to a holistic, ecosystem-wide strategy that connects artists, galleries, collectors and institutions. “Because he’s worked in galleries, at auction houses and directly with artists, he brings a range of experience that’s incredibly valuable—especially now,” Cappellazzo told ARTnews. It’s a statement that captures her ethos: art advisory not as a niche service but as a bespoke service that offers premium market intelligence and blurs the traditional boundaries between galleries, advisors and auction houses.

Guillaume Cerutti

• Pinault Collection | President
• Christie’s | Chairman of the Board

Guillaume Cerutti stepped down as CEO of Christie’s in 2025, handing the reins to Bonnie Brennan after a transformative tenure that redefined the auction house’s global footprint. Under his leadership, Christie’s delivered some of the most significant milestones in market history—from the record-breaking sale of Salvator Mundi (still the most expensive work of art ever sold) to the $1.6 billion auction of Paul Allen’s collection—and pushed the industry into the digital age through its pioneering collaboration with Beeple to sell the first purely digital NFT artwork offered by a major auction house. Cerutti proved that heritage and innovation could coexist, guiding Christie’s through the volatile years of online adoption and cementing its reputation as a leader in the next-gen art landscape.

Now chairman of the board for Christie’s and president of the Pinault Collection, Cerutti stands at the intersection of commerce, culture and policy. As such, his vision extends beyond the market: he recently proposed a €50 million European fund to enable joint acquisitions among museums that could foster cross-border partnerships and shared cultural stewardship. The initiative reflects a pragmatic solution to funding constraints and a bold reimagining of how institutions and private collections can work together—something he sees as increasingly necessary. “In a more fractured and brutal environment, the art world has a vital role to play: as a refuge, as a space for dialogue and as a provider of meaning,” he tells Observer. ”At the same time, other events, such as the theft at the Louvre, have reminded us of the vulnerability of these spaces. All players in the art world face this dual challenge: they are more relevant than ever, but also more exposed.” Collaboration, as modeled by Cerutti, could offer protection.

Elizabeth Diller, Charles Renfro & Benjamin Gilmartin

• Diller Scofidio + Renfro | Partners

The studio lost its beloved co-founder, Ricardo Scofidio, this year, but Elizabeth Diller, Charles Renfro and Benjamin Gilmartin remain firmly at the helm. DS+R has never been a conventional architecture firm—it’s the creative force behind some of the world’s most celebrated cultural landmarks, where architecture, art installation and performance converge. Co-founded by Diller in 1981, the studio has shaped the modern city’s cultural identity through projects like New York’s High Line—an eight-million-visitors-a-year phenomenon praised worldwide for its inventive reuse of industrial infrastructure and approach to urban rewilding. DS+R also designed The Shed, MoMA’s renovation and expansion, the $1 billion restoration of Lincoln Center for the Performing Arts, Boston’s Institute of Contemporary Art, The Broad in Los Angeles and its extension, currently underway and slated for completion before the 2028 Olympics.

The studio’s acclaim and collection of awards stem from its ability to transform how the public engages with architecture. DS+R’s work consistently rethinks the civic role of buildings, emphasizing cultural purpose and spatial context within the city. Each project invites participation rather than passive observation, merging design with social experience. Continuing that legacy, Gilmartin assumed the presidency of the American Institute of Architects (AIA) this year, launching the initiative “See You IRL: Designing for Public Life,” a program exploring how shared physical spaces shape the social fabric of New York City and beyond. Renfro led DS+R’s first international projects, including The Tianjin Juilliard School in China and Zaryadye Park in Moscow. He also shaped much of the studio’s academic work, with projects at Rice, Columbia, Stanford and UC Berkeley. Beyond design, Charles has been recognized for his support of LGBTQ+ and BIPOC artists through BOFFO.

Felipe Dmab, Pedro Mendes & Matthew Wood

• Mendes Wood DM | Founding Partners

Pedro Mendes (who is from Minas Gerais, Brazil) and Matthew Wood (a New Hampshire native) were onto something when they established their first artist residency in rural Brazil and their gallery 15 years ago. The idea germinated from their time studying in Paris, seeing that Brazilian artists struggled to be included in top galleries and institutions. “There was never a business plan,” Mendes said in an interview. “It was 100 percent intuitive, it was instinctual.” Their initial address was an auspicious one, next door to Felipe Dmab’s early concept gallery, and so fate gave us the visionary trio known for moves like championing living Afro-Brazilian artists on the global art stage for the first time—including self-taught Sônia Gomes, who a year after joining the Mendes Wood DM roster was included in the 2015 Venice Biennale and today has works in major institutional collections. They capitalize on their cultural differences and diffuse connections when demonstrating that Brazilian art has the potential to reach international markets and institutions, but also to shape intellectual debates and conversations. 

The trio has been the driving force in many cutting-edge conversations taking place in the art world around decoloniality, trans-Atlantic connections, ecology and social justice. Mendes Wood DM is now a multi-city network of galleries with operations in São Paulo, Brussels, Paris and New York and regularly brings work by artists from its roster to the major fairs—including Art Basel Hong Kong—strengthening cross-continental sales of work by Brazilian artists like Solange Pessoa and Rubem Valentim.

Edward Dolman

• Dolman Partners | Co-Founder
• New Perspectives Art Partners | Founder

Ed Dolman knows auctions. Rising from furniture porter to Christie’s CEO and chair, he spent more than a decade at the top, overseeing historic sales, including those leading to the restitution of Gustav Klimt paintings to Maria Altmann and her family. At Phillips, he turned a once-niche house into a billion-dollar contender, driving sales from $398 million in 2014 to $1 billion by 2023. During his 10-year tenure, he expanded the company’s global reach, establishing a Hong Kong office ahead of many Western rivals and betting early on the ultracontemporary market. Dolman’s willingness to embrace risk and innovation (for example, investing in the volatile segments of the art market) helped redefine Phillips’ appeal among younger, more adventurous collectors.

“Taste always changes and evolves, and we are now at a moment when young and new collectors are searching for direction,” Dolman tells Observer. “We have seen a move recently into ‘safer’ and ‘classic’ late 19th- and 20th-century art, but this will not last as the market recovers and the number of collectors grows.”

Late last year, Dolman stepped down as Phillips’ CEO. This year, he helped found and launch New Perspectives Art Partners, the high-end advisory venture poised to reshape the global art-advisory landscape amid generational transitions in collecting. “The art market is more complex and global than it has ever been,” Dolman says. “Private sales need to be able to connect buyers and sellers from completely different parts of the world. It’s a good time to seek independent advice if you’re buying or selling.” Dolman’s deep familiarity with the Middle East’s fast-rising art scene (he previously served as acting CEO of Qatar Museums and remains close to Sheikha Al-Mayassa bint Hamad bin Khalifa Al Thani) will position the auction veteran well in this next chapter.

Ari Emanuel

• MARI | Founder & Principal Investor

Ari Emanuel is never far from the spotlight thanks to a series of major industry moves. The Hollywood power broker made headlines last May with his personal acquisition of the Frieze art fair and media group from Endeavor—a $200 million deal that cements his influence in the arts and puts Frieze’s global fair portfolio (New York, Los Angeles, London and Seoul along with EXPO Chicago, The Armory Show, Frieze magazine and the No.9 Cork Street gallery in London) under the control of his new holding company, MARI. Rather than a shake-up, the move signals long-term stability: Frieze’s senior leadership remains in place, and Emanuel, who previously helped drive the brand’s expansion, appears intent on strategic growth rather than reinvention. To wit, the recent announcements of Frieze House Seoul (a No.9 Cork Street analog) and the fair’s Gulf play, Frieze Abu Dhabi.

For Emanuel, Frieze is both a business and a passion project. His background steering Endeavor/WME’s entertainment empire—including global event platforms like UFC and WWE—makes the acquisition part of a larger play in the live experience economy, where art fairs, fashion and entertainment increasingly intersect. “Frieze has always been a source of inspiration for me—both professionally and personally,” Emanuel said in a statement. While talk of art fair fatigue lingers, Frieze remains a global brand synonymous with prestige and cultural cachet. Under Emanuel’s watch, it’s poised not just to endure but to expand its reach, merging art-world sophistication with the scale and polish of a seasoned entertainment executive.

Katherine E. Fleming

• J. Paul Getty Trust | President & CEO

Katherine E. Fleming oversees one of the most powerful cultural endowments in the world—more than $9.45 billion—and leads a constellation of institutions that includes the Getty Foundation, Getty Research Institute, Getty Conservation Institute and its two museums. Last year, she told Observer that the organization was trying to “think really carefully and creatively about what it means to be wealthy” in one of the most expensive neighborhoods in L.A. That reflection became strikingly literal in January 2025, when the Palisades wildfires tested the Getty’s state-of-the-art fire protection systems—an elaborate defense network of concrete barriers, sealed air systems, water reserves and fire separations designed to protect both the Getty Center and the Getty Villa. “The wildfires really brought home to me, in super concrete terms, what it means to be a repository of global cultural heritage,” she tells Observer. “The art that we own, we own on behalf of humanity. Museums are like a cultural version of Norway’s seed bank. It is vital that we take that responsibility very seriously, even as we try to make our collections as accessible as possible.” 

Beyond preserving the institution’s own treasures, she also turned the crisis into an opportunity to lead by example. The Getty helped launch the $14.3 million L.A. Arts Community Fire Relief Fund to support artists and cultural workers whose homes, studios or workplaces were damaged in the fires. “It made me think a lot about how important cultural institutions are for the resilience of humanity in the face of the multiple disasters that seem to surround us in the contemporary world,” she adds. “We play a vital role in connecting people to the past, to the future, and to one another, and in helping calm them and give them resilience during chaos.” Ultimately, Fleming created a roadmap of how institutions can be more than just fortresses of art and scholarship, serving also as responsive civic resources that use cultural wealth to support community resilience in moments of crisis.

Read Our Full Q&A With Katherine E. Fleming

Vanessa Fusco

• Christie’s | International Director, Head of Impressionist & Modern Art, Americas

As the story goes, Vanessa Fusco was on track for a PhD in art history before realizing she missed the pulse of the auction floor—so she returned to Christie’s, where she’s since become one of its sharpest operators. Now head of the department for Impressionist and Modern Art in the Americas, she advises clients on multimillion-dollar works by the greats of the 19th and 20th Centuries, handling masterpieces with the precision of someone who knows both art and market inside and out. As head of the department, she shapes how blue-chip lots are positioned, priced and ultimately placed in private collections. At the last marquee sales, she presented Claude Monet’s Peupliers au bord de l’Epte, crépuscule (1891)—a performance that reminded everyone why she’s one of the best in the business.

Her strategy blends connoisseurship with global reach. Peupliers was unveiled in Taipei, a calculated move that paid off: “Taipei, in particular, has really had strong interest in classic Impressionism,” Fusco told ARTnews. The work went on to sell for $43 million after fees, a new world record price for the series, surpassing estimates amid competitive regional bidding. Fusco was at the helm of running the inaugural 20th Century Evening sale, a format introduced in May 2021, which combines the best of impressionism, modern and postwar Art into one masterpiece sale. That auction included Picasso’s Femme assise près d’une fenêtre (Marie-Thérèse) (1932), which topped $100 million—the first painting to do so since 2019, and Fusco was on the telephone with the winning bidder. Ultimately, Fusco is orchestrating confidence in a market that still hinges on trust, taste and timing.

Larry Gagosian

• Gagosian | Founder

There’s no contemporary art world without Larry Gagosian, its billion-dollar kingmaker and overall heavy-lifter. While others set up mega-galleries, Gagosian built an empire. He continues to represent the most significant artists and estates, mounting impeccable museum-caliber exhibitions and curating punchy fair booths that set the bar for everyone else while sustaining audiences through his editorial venture Gagosian Quarterly. With such a legacy, no one would blame Gagosian for sitting back to enjoy the fruits of his labor. But in 2025, he delivered head-turning shows, featuring Cy Twombly, Picasso’s rarely seen works in partnership with the artist’s daughter, Paloma Picasso, as well as Willem de Kooning and Takashi Murakami, among others. He opened a new gallery in Seoul in 2024 with plans for expansion in West Hollywood.

Following the end of his Madison Avenue lease in 2026, the art world will hopefully get an answer to the now-perennial question: Who can replace Larry? Gagosian’s succession remains elusive—or close to the vest, your pick. His “council of the wise” (an advisory board peppered with cross-disciplinary luminaries, including Guggenheim chairman J. Tomilson Hill, financier Glenn Fuhrman, LVMH exec Delphine Arnault and filmmaker Sofia Coppola) has been mapping the gallery’s future and providing strategic guidance through leadership shake-ups that muddied earlier theories on possible heirs.

Lina Ghotmeh

• LG—A | Founder & Architect

Lina Ghotmeh is shaping some of the most high-profile art and architecture commissions of our time and changing how we engage with art in the process. In 2023, she designed London’s Serpentine Pavilion “À table,” a witty, design-forward structure that turned the act of breaking bread into an artistic and communal experience. Her international visibility has surged since then. She created the Bahrain Pavilion for the 2025 Osaka Expo and was tapped to lead three major cultural landmarks: the new Qatar Pavilion at the Venice Biennale, the Jadids’ Legacy Museum in Bukhara, Uzbekistan—housed in a restored 19th-century residence—and the sweeping redesign of the British Museum’s Western Range, which encompasses nearly a third of the London institution’s footprint. “It’s an invitation to reframe how we tell the story of humanity through art—decentering traditional hierarchies and embracing a more interconnected, equitable cultural landscape,” she tells Observer. “We are finally witnessing the rise of influential perspectives from historically underrepresented regions. This expansion of voices is not only reshaping who gets to speak but also how and where art is being shown.”

Projects like the AlUla Contemporary Arts Museum in Saudi Arabia “sit at the crossroads of this transformation—where local narratives meet global dialogues,” she says. Across continents, Ghotmeh’s projects share a distinctive ethos rooted in what she calls the “Archaeology of the Future”—an architectural philosophy that insists buildings must rise from the spirit of their place, history and environment rather than sit apart from them. This sensitivity to context infuses her work with cultural depth and visual clarity, producing spaces that both honor their surroundings and reimagine how art, architecture and heritage can exist in conversation. “I’m deeply interested in rethinking how we show art and in reaffirming its central role within society,” she adds. “I believe museums and cultural spaces should evolve into living environments.”

Marc Glimcher

• Pace Gallery | CEO

At the helm of Pace since 2011, Marc Glimcher has overseen significant evolutions and expansions, propelling the gallery into a global brand and powerhouse through a strategic blend of robust programming and market leadership. Pace opened a new location in Tokyo in 2024, consolidating its presence in the Asian market and bringing the total number of cities under the mega-gallery’s wing to eight. The gallery also opened a new space in Berlin in collaboration with Galerie Judin in 2025. All of this belies a long history: Arne Glimcher founded Pace in 1960; the gallery has built relationships with artists and estates as recognizable as those of Alexander Calder, Jean Dubuffet, Agnes Martin and Mark Rothko; and it launched one of the longest-standing gallery imprints.

The gallery has championed Abstract Expressionists and Light and Space movement artists, with a head-spinning roster of the most prominent modern and postwar artists and estates that withstand broader market downturns. Under Glimcher’s vision, Pace Gallery has adopted frontier and innovative projects, including Pace Live in 2019, placing its West 25th Street space as a multidisciplinary cultural hub and Pace Verso in 2021, delving into the world of NFTs. It’s this blend of steady and new that keeps Pace at the center as it proudly celebrates its 65th anniversary this year.

Brett Gorvy

• Lévy Gorvy Dayan | Co-Founder & Partner
• New Perspectives Art Partners | Founder

In 2025, Brett Gorvy joined an elite group of seasoned industry experts to launch New Perspectives Art Partners, a new collaborative consultancy launched specifically to reshape the landscape of high-end art advisory. He brings extensive experience in auction house and gallery leadership to the table. Before stepping down as chairman and international head of Postwar and Contemporary Art at Christie’s to become a dealer, his department was the auction house’s highest-earning and, through it, he shaped the art market as well as art history by shifting the valuations of canonical contemporary works and artists (notable among them a Picasso for $179 million and a Modigliani for $170.4 million). His semi-recent venture, the blue-chip East 64th Street gallery Lévy Gorvy Dayan, of which he is a co-founder and partner, has mounted critically acclaimed exhibitions of artists including Alexander Calder, Lucio Fontana, Ellsworth Kelly, Yves Klein, Andy Warhol and Gerhard Richter. 

“In the last five years, there has been an explosion of interest internationally in young contemporary artists, especially female artists and artists of color,” Gorvy tells Observer. This market has become very challenging, especially with the difficulties in Asia. Asian collectors have been responsible for much of this boom. As advisers, there is a need for greater scrutiny of younger markets and a focus less on pure financial return than greater curatorial focus.”

Gorvy, an art world heavyweight (and Instagram whiz with 164,000 followers), is now focused on turning New Perspectives Art Partners into a top-tier advisory service for top-of-market collectors navigating the current market challenges. “We’re in a market that’s shifting in real time and it’s happening in complex, layered ways,” he told Observer, certain that the McKinsey-like dream team of which he is part will be able to reshape the landscape of high-end art advisory in 2026 and beyond. “We aim to act like a management consultancy coming in to assess a project,” added Gorvy, whose in-depth knowledge of modern, contemporary and U.S. markets will no doubt set new standards in advisory services.

Loïc Gouzer

• Fair Warning | Founder

Making his name at Sotheby’s and Christie’s, Loïc Gouzer is the maverick who orchestrated the record-shattering sale of the Salvator Mundi in 2017. Considered by many the “Federer of the art market,” he’s now set on reinventing the auction model through his app-based venture Fair Warning, rebooted in 2024 after raising $5 million. It cuts out the traditional auction house, curating single-piece sales of mid-tier works by artists like Basquiat and Picasso for a members-only audience of digitally fluent collectors who bid via the app. It’s not about breaking records but about reshaping access, luring a younger, tech-native generation more comfortable wielding a digital paddle than a physical one.

“Algorithms now shape taste more than Gertrude Stein ever did,” Gouzer tells Observer. “Social media does to art what the food industry does to food: it sucks out the nutrients, flattens the flavor, standardizes the recipe, and sells it back as culture. Freeing oneself from this master will be the existential cause of artists and collectors alike.”

This experiment in one-off auctions builds on Gouzer’s earlier venture Particle, which offered fractional art ownership as part of a move to democratize blue-chip collecting. (Two years ago, Particle sold 500 shares of H.R. Giger’s sculpture of the famous Xenomorph featured in Alien.) Fair Warning has already surpassed $50 million in auction sales, with private transactions exceeding that total. Still, Gouzer insists it’s not about hype but integrity—proof that innovation in the art market doesn’t have to come at the expense of connoisseurship. Or, as he famously put it: “quality, quality, quality.”

Michael Govan

• Los Angeles County Museum of Art (LACMA) | CEO

Michael Govan has redefined Los Angeles as a global cultural capital and transformed LACMA into one of the world’s most forward-looking museums. Since taking the helm in 2006, he has overseen the acquisition of more than 35,000 artworks and artifacts, expanding the museum’s scope across continents and centuries while strengthening ties to Los Angeles’s own creative communities. Under his leadership, LACMA has deepened partnerships with organizations such as East West Bank and launched initiatives like rotating loans with the new Las Vegas Museum of Art, reinforcing its role as a connector between local and international audiences.

Now Govan is steering LACMA through its most ambitious transformation yet: the $725 million David Geffen Galleries refurbishment and expansion, set to debut next year. “We had a vision of creating something truly unique—rooted in our locality but with a global perspective. And we’re incredibly excited about what we’ve been able to achieve,” he told Observer this summer during a preview tour of the space. The reimagined galleries will abandon traditional divisions by geography or chronology, instead emphasizing cross-cultural exchange and dialogue—mirroring Los Angeles’s own mosaic identity. With its open, park-like design and new public gathering spaces, the project redefines what a 21st-century museum can be: accessible, interconnected and alive to the global conversations that art can spark.

Philip Hoffman

• The Fine Art Group | Founder & Chairman
• New Perspectives Art Partners | Founder

Christie’s prodigy Philip Hoffman—CFO before he turned 30 and on the Global Management Board by 33—is CEO of The Fine Art Group and a founding member of the powerhouse collective New Perspectives Art Partners, launched this year. Renowned for turning art into a bona fide asset class, Hoffman has redefined high-end collecting and professionalized the advisory field with a financier’s precision. Since founding The Fine Art Group in 2001, he has built it into a global empire, launching eight art investment funds, advising on more than $20 billion annually and transacting over $1.4 billion in artworks and jewelry. 

“One of the biggest changes I’ve seen is how proactive collectors have become,” Hoffman tells us. (It is a topic about which he regularly shares insights with Observer.) “They’re more informed, more mobile, and far more attuned to the financial side of collecting than ever before.”

Representing 350 family offices across 28 countries, Hoffman has strategically expanded his global reach through partnerships, including a 2023 collaboration with Patti Wong & Associates in Asia—and now aims to amplify that model through New Perspectives Art Partners. The venture, he told Observer, “could pick up the phone to probably 1,000 or 2,000 of the world’s top clients,” emphasizing the scale of his infrastructure. “We’ve got warehouses and operations in every country.” Few can make that claim—and even fewer with such authority.

Max Hollein

• Metropolitan Museum of Art | Director & CEO

Max Hollein is steering the Metropolitan Museum of Art through one of the most ambitious periods of change in its history. Since becoming director and CEO in 2023, his unified leadership has allowed him to guide the Met’s evolution with clarity and purpose—addressing head-on the complex issues of provenance, deaccessioning, cultural heritage and institutional inclusivity. Under his watch, the museum has strengthened its provenance research capacity with the appointment of Lucian Simmons and a dedicated team, signaling a deeper institutional commitment to transparency and accountability in the stewardship of its global collections.

Equally transformative is Hollein’s effort to reframe how the Met presents non-Western art. The reopening of the Michael C. Rockefeller Wing earlier this year marks a major step in that direction, with renovated galleries that reflect new scholarship on the arts of Africa, the Ancient Americas and Oceania—bringing forward fresh curatorial perspectives and cross-cultural connections. “Together with our collaborative and community-based approach to curating these collections, the transformation of these galleries allows us to further advance the appreciation and contextualization of many of the world’s most significant cultures,” he told Observer. More rethinking is underway: a 15,000-square-foot suite dedicated to ancient art from Cyprus and West Asia will open in 2027, aiming to transcend outdated East-West divides, while the long-awaited Tang Wing for Modern and Contemporary Art—slated for completion in 2030—will further redefine how the Met engages with the art of our own time.

Noah Horowitz

• Art Basel | CEO

Art Basel isn’t just about fairs anymore. Since taking over as CEO in 2022, Noah Horowitz has transformed the organization into a multifaceted global culture brand—one that extends far beyond the convention halls. Under his leadership, Art Basel has strengthened its international footprint, reinforcing its Hong Kong edition with a three-year partnership with the Hong Kong Tourism Board and increasing first-time exhibitors by 37 percent in 2024—a growth trend that continued this year. In Europe, he solidified the brand’s presence, renaming Paris+ to Art Basel Paris and aligning it with Basel’s other flagship cities, while anticipation builds for the debut of Art Basel Qatar in 2026, set to redefine the fair model for the Gulf region.

But Horowitz’s ambitions stretch further. This year, he launched the Art Basel Awards to celebrate and support the wider art ecosystem, signaling a shift from pure market focus to cultural leadership. He’s also ventured into brand collaborations and partnerships—including one with Hugo Boss for the awards—and expanded into the lifestyle space with last year’s launch of the Art Basel Shop concept store. Alongside these initiatives, Art Basel continues to set the tone for global art-market analysis through its annual Art Market Report. The result is a newly energized, forward-facing Art Basel that’s reshaping the art world instead of responding to it.

Steve Ivy

• Heritage Auctions | Co-Founder & CEO

While other auction houses are grappling with double-digit declines in sales volume, Heritage Auctions continues to defy gravity. The firm reported $962 million in total sales through June 2025—its highest midyear figure ever—surpassing last year’s then-record $924 million. It ultimately closed 2024 at $1.86 billion in total sales. Now the world’s third-largest auction house, Heritage boasts nearly two million registered bidders across categories that span fine art, numismatics, jewelry, design, science and pop culture. Under CEO Steve Ivy, Heritage has broadened its reach by expanding into unconventional collectible markets and capturing the attention of first-time and younger buyers. The company has redefined the boundaries of art sales to include comic books, film storyboards, sports memorabilia and other cultural artifacts once considered peripheral to the fine art market. 

Behind this growth lies a radically transparent consignment and bidding model across its 50 departments—an approach that contrasts sharply with the opacity of its older rivals.
“Gen-Next and Millennial collectors have replaced their Baby Boomer parents as the most active participants in the auction market, and they are not as interested in $10 million and above contemporary artworks,” Ivy tells Observer. “They have a much stronger preference for transparency and lack of friction in their auction buying. Additionally, they have been turning to collectibles, and this has benefited Heritage tremendously. We were the first auction house to invest heavily in these sectors beginning in the early 2000s.” It’s a pragmatic formula built around steady innovation, disciplined risk and an eye for where new collectors actually live.

Megan Fox Kelly

• Megan Fox Kelly Art Advisory | Founder & Principal

The art advisory field has evolved dramatically since she began, but Megan Fox Kelly remains at the top of it. Through her namesake firm, she manages more than $3.5 billion in art assets, guiding ultra-high-net-worth collectors and institutions through every stage of building, managing and preserving major collections. Her clientele reads like a who’s who of contemporary collecting, from the estate of Faith Ringgold and the Robert Indiana Estate (Star of Hope Foundation) to Michael Crichton and the Robert A. and Beatrice C. Mayer Collection, to the Terra Foundation for American Art, the Robert Rauschenberg Foundation and the estate of Robert De Niro Sr. Yet her work extends beyond private counsel. “This is about professionalizing advisory practice beyond just transactional brokerage, and building long-range strategies that sustain value for collectors and, for artist estates, build scholarship and access,” Kelly tells Observer. “If you’re managing a specific collection or an artist estate, you need bespoke analysis—what’s happening with pricing in this particular segment, what are the trends that matter for these works?” 

As a contributor to Observer, Kelly writes about collection legacies, art fair strategies, and market forecasting. As host of the Reading the Art World podcast, she helps demystify the business for a wider audience. A former president of the Association of Professional Art Advisors, Kelly is a regular presence at TEFAF Maastricht, The Art Business Conference and The Armory Show, where her perspective carries the authority of both experience and discretion. Behind the NDAs and closed doors, she is a strategist; onstage and in print, she’s a translator of market complexity. Her advice to her colleagues remains succinct and timeless: “What it takes to make this real is collaboration. Financial advisors, attorneys, and art market professionals actually working together instead of in silos. That’s how we better serve both collectors and estates.”

Read our Full Q&A with Megan Fox Kelly

Tina Kim

• Tina Kim Gallery | Founder & Owner

Tina Kim keeps a foot on both shores of the Pacific. Born in South Korea and raised in California, she was destined to build bridges long before the “Korean wave” went global. After getting her start organizing exhibitions for the influential Kukje Gallery in Seoul, founded by her mother, she established her eponymous gallery in New York City in 2001. “I’ve always seen my work as a cultural bridge—initially bringing Korean art to a wider audience, and now expanding that to connect more diverse voices,” Kim tells Observer. “The art world today feels less centralized and more interconnected, and that’s exactly the kind of landscape I want to help build.”

Through her New York program, Kim has been instrumental in bringing Korean and Asian diasporic artists to international prominence. She has championed figures like Park Seo-Bo, Ha Chong-Hyun, Kim Tschang-Yeul, Pacita Abad and Lee ShinJa, placing their work within major institutional collections and critical discourse, while amplifying the global visibility of a new generation, including Mire Lee and Maia Ruth Lee. Kim is widely credited with introducing Dansaekhwa—the influential postwar Korean monochrome movement—to a global audience, organizing a landmark collateral exhibition at the 2015 Venice Biennale, and this year, publishing a major new volume of artist letters translated from Korean, thereby contributing critical primary documents to the study of modern Korean art.

As a member of Frieze Seoul’s selection committee, Kim has helped shape the fair’s growth and visibility within the region from inception. With a surging Asian market and growing U.S. demand, Kim remains at the forefront. “Seoul will only continue to grow as a cultural capital in Asia—next year will be particularly exciting with the Gwangju and Busan Biennales coinciding with Frieze Seoul,” Kim says. “What it will take now is genuine exchange: artists, curators and audiences engaging directly, across regions. The future of the art world will depend on connection, not hierarchy.”

José Kuri & Mónica Manzutto

• kurimanzutto | Founders

Last year, the husband-and-wife duo Mónica Manzutto and José Kuri celebrated their 25th anniversary at the helm of kurimanzutto, the once itinerant Mexico City gallery. In 2022, the pair put down roots in New York with a permanent gallery space in Chelsea. While CDMX Art Week is now an established date in the global art market calendar for collectors and curators alike, this wasn’t always the case; Manzutto and Kuri have done a lot to elevate the visibility and valuation of contemporary Mexican and Latin American art in the U.S. by giving these artists a platform domestically and abroad. “It was a desert. You could count on one hand collectors in the city,” said Kuri of the Mexico City art market during the 1990s in a recent interview. Today, they no longer need to individually call collectors after each show; instead, collectors rush to Mexico City, with demand and pricing momentum projected to steady levels into 2026. “The most transformative shift in the art world’s power dynamics has been the emergence of multiple narratives,” the duo tells Observer, adding that this has informed their strategy to “insist, insist, insist.”

Manzutto and Kuri can arguably boast of having successfully skyrocketed contemporary Mexican art to the global art scene and made Mexico City a hub in global conversations. They’ve propelled prominent artists like Gabriel Orozco and Abraham Cruzvillegas, securing major institutional exhibitions and the representation of estates like that of John Giorno, catalyzing collector demand by building international relationships with museums, curators and collectors, making Mexican artists accessible to global markets and boosting their liquidity and prestige. (Sotheby’s, for instance, recently reported that sales of works by Latin American artists have climbed more than 50 percent above pre-pandemic levels.) Concurrently, there’s been a notable accumulation of wealth in the Latin American region and within the Latino diaspora, and Mexico City has become an arts destination in its own right. Looking ahead, they are most looking forward to “privileging knowledge and critical thinking over influencers and oversimplifiers of the complexities of art and its ecosystems.”

Philomene Magers & Monika Sprüth

• Sprüth Magers | Founders

One of the few German galleries to establish a truly global presence, Sprüth Magers has infrastructure spanning Berlin, London, Los Angeles and New York. In March, Philomene Magers told Observer she sees its priorities “in a much wider global system.” While the gallery represents a long list of artists globally, it remains at least partially focused on groundbreaking German artists like Anne Imhof—who won a Golden Lion at the 2017 Venice Biennale and more recently brought DOOM: HOUSE OF HOPE to the Park Avenue Armory—and Andreas Gursky, who brought “New Works” to Gagosian Paris, had a solo show in the gallery’s New York space earlier this year, and just opened a show at White Cube Mason’s Yard in London. The band/art project Kraftwerk also has a long-standing, albeit not-quite-representational, relationship with Sprüth Magers. “It shows that iconic and important figures continue to emerge from this cultural background,” said Magers. It also shows that the gallery has been savvy and laser-focused on positioning German contemporary art, with a high level of curatorial commitment.

The “re-centering of artists,” Monika Sprüth tells Observer, has been the most transformative shift in the art world’s power dynamics over the last year. “What emerges is not merely a new market logic, but a new cultural syntax. The next chapter of the art world won’t be defined by exclusivity. I see this moment as an invitation to exchange between cultures, technologies, and generations of artists and collectors alike.”

During their four-plus decades in the business, the pair has developed a sharp knack for identifying talent, including the likes of Barbara Kruger, George Condo (who recently left Hauser & Wirth for joint representation by Sprüth Magers and Skarstedt) and Jenny Holzer, who are among a roster of more than 70 artists and estates—and staying ahead of the curve despite pressures at home, with Berlin’s place as a major artist hub waning in recent years. Magers summarized their quest for talent, an ethos that transcends short-term trends: “To reimagine what the art world could become may require new kinds of alliances between galleries, collectors and institutions that are all defined together. We should always be open to operating beyond the structures that have historically been in place.”

Clare McAndrew

• Arts Economics | Founder & Cultural Economist

Dr. Clare McAndrew is the economist behind the data that defines the art world. As founder of Arts Economics and author of the annual Art Basel & UBS Art Market Report (as well as several others on art and collectibles), she produces the most authoritative snapshot of the global art economy—September Vogue with charts instead of couture. When the yearly report drops in March, dealers, collectors, institutions and journalists alike turn to its findings to gauge the market’s health, whether it’s rebounding, contracting or simply shifting shape. Its headline figures—sales volumes, sector shares, regional trends—are matched by nuanced analysis of global economic forces, auction performance and dealer sentiment, offering an unparalleled outlook for the year ahead, along with some much-needed clarity. “As most of what the mainstream media reports on is the multi-million-dollar sums paid for this very small number of artists’ works, new buyers are led to believe that the art market is out of their reach, and that you can only get a quality work of art if you have a budget of over $1 million or so, when in fact there are so many other less publicized artists and works available at much lower prices,” she tells Observer.

McAndrew has managed what once seemed impossible: to quantify the notoriously opaque art market. By applying rigorous economic methods, she has developed a research framework that combines surveys, data modeling, and a mix of quantitative and qualitative analysis to produce consistent and comparable insights across regions and sectors. The result is a report that helps the industry reflect on the past year while strategizing for the next, exposing how sales respond to shocks, trends and evolving collector behavior.

In 2024, she expanded her scope with the first-ever Japan Art Market Report—a detailed national study continuing her focus on regional “spin-offs” as emerging markets and shifting collector bases demand sharper, more localized intelligence. She also points to ongoing changes in what’s being sold in the art market, including an expanding range of collectibles and luxury products being sold by dealers and at auction houses and new digital mediums and channels for accessing these works. “The traditional mediums still dominate by value for now, but that could change in the future,” McAndrew says, adding that “how we account for and measure these sales will become increasingly important in understanding the activity in the sector as a whole, especially when we’re trying to assess its economic and social impact.” 

Julie Mehretu

• Artist | Marian Goodman Gallery

Can a major contemporary artist also become a meaningful patron? Julie Mehretu just proved it. When the Whitney Museum raised its admission price from $25 to $30 in 2023—another sign of the art world’s rising inaccessibility—Mehretu stepped in with a $2.25 million gift to fund the institution’s “Free 25 and Under” program. “If you’re waiting tables in New York like I used to, you can’t afford to go to a museum all the time,” she said. “But young artists need access to art.” Her act wasn’t about spectacle—it was about restoring one of the core promises of public institutions: access and equity. It was also a reminder that philanthropy doesn’t have to mean billion-dollar endowments; timing, intention and empathy can be just as transformative.

Mehretu’s gesture comes as her own career reaches new heights. Her acclaimed retrospective “Ensemble” at Palazzo Grassi coincided with the 2024 Venice Biennale, spanning 25 years of work, while this year’s “KAIROS / Hauntological Variations” in Germany marks her largest European survey yet, featuring more than 100 pieces. Her auction market remains robust, but her growing role as a philanthropist might become an equally enduring legacy—showing that influence in art isn’t just about the work you make, but the access you help others gain.

Marc Payot

• Hauser & Wirth | President

This year, Marc Payot celebrated a quarter century with Hauser & Wirth, and what a year it’s been. A remarkable number of the gallery’s artists and estates headlined exhibitions at New York’s top institutions: Amy Sherald at the Whitney, Flora Yukhnovich at the Frick, Jack Whitten at MoMA, Lorna Simpson at the Met and Rashid Johnson at the Guggenheim. Numerous others—Jenny Holzer, Firelei Báez, Glenn Ligon and Annie Leibovitz, among them—commanded major museum shows across the U.S., Europe and Asia. The gallery, now spanning 18 locations across the United States, Europe, Hong Kong and the U.K., published 17 titles under its Hauser & Wirth Publishers imprint, a testament to the scope of its cultural reach. Next year, it will add new physical spaces in London and Palo Alto, further expanding its presence.

The empire’s builders, Manuela and Iwan Wirth—who are now busy redefining the model of a cultural enterprise that fuses art, publishing, real estate and hospitality—have left the gallery in formidable hands. Under Payot’s leadership, 2025 was marked not only by institutional success but also by growing engagement and notable collaborations. To wit: Hauser & Wirth launched its “In the Studio” series of compact, illustrated books offering deep dives into artists’ practices; forged collaborations with arts organizations, including London’s Royal Drawing School and Whitechapel Gallery; and partnered with The New Art School Modality to provide free hybrid art courses. Then there’s the Collective Impact initiative—a project in which Hauser & Wirth joins forces with smaller, younger galleries to represent artists in an approach defined by parity, transparency and mutuality. “It’s clear to us that ‘success’ is not a zero-sum game in a delicate ecosystem like the art world,” Payot tells Observer. “We’ve been putting a lot of energy over the last few years into collaborations with our colleagues who operate at different scales, so that we can contribute in concrete, measurable ways to the health of the wider field.”

Emmanuel Perrotin

• Perrotin | Founder

Emmanuel Perrotin’s eponymous mega-gallery continues to chase global domination by expanding into prime global markets, but with a lean and measured approach to growth. Perrotin represents approximately 70 artists and collaborates with 30 others, including emerging and established mid-career artists, as well as estates. Currently, the gallery has a presence in nine cities worldwide, with bookstores in Paris, London, New York and a pop-up at the Bellagio in Las Vegas. In 2025, Perrotin opened new galleries in London and Dubai and relocated its Hong Kong outpost to a different part of the city. Earlier this year, after two years of negotiations, Perrotin sold a majority stake in the gallery (51 percent) to private equity firm Colony Investment Management in a move he calls “a monumental decision for us and the first of this kind in the contemporary art world.” In doing so, he amplified the financialization of contemporary art, ushering in increased capital flows, accelerating global scaling and setting new market expectations in the U.S. and beyond.

At the same time, Perrotin hasn’t shied away from expansion or experimentation. “When I started my gallery in Paris in 1990, I had a mission to make more people interested in contemporary art,” he tells Observer. “To do this, I had to find links with other disciplines—I was already connected to people who were in fashion and music, so I started these collaborations early on.” Joining its existing locations in Paris, New York City, Shanghai, Seoul and Tokyo are new spaces in Los Angeles (opened in 2024) and, in 2025, Paris, London and Dubai, where the gallerist recommitted to the Emirati city and its regional art scene with a primary-market venue. Now with private equity support, Perrotin told Bloomberg he would consider opening galleries in cities like Zurich, Bangkok or Istanbul. Or, he added, buying rivals—because consolidation among art galleries may be the future of the industry.

Magnus Renfrew

• ART SG & Tokyo Gendai | Co-Founder
• ARTHQ Group | Managing Director

Magnus Renfrew wants the art world to look east—and he’s giving it every reason to. As co-founder of ART SG and Tokyo Gendai, Renfrew has spent the past two years strengthening the art fair portfolio that he leads. A master of regional infrastructure building, he’s creating new platforms for galleries and collectors while also advising private clients, artists’ estates, institutions and governments through his consultancy ARTHQ, shaping how the region’s art economies connect and grow. Positioned as the leading art fair in Japan, Tokyo Gendai has already drawn global attention in one of the world’s most dynamic emerging markets. The rise of ART SG reflects the shift from the Asia Pacific to the Indo Pacific. “I’m looking at how I can engage this new demographic of people who are proud of their cultural roots, particularly from Asia and Southeast Asia, yet open to artistic expressions from other regions,” Renfrew tells Observer of his current priorities. 

Renfrew’s confidence is earned—he was the founding director of Art Hong Kong, which later became Art Basel Hong Kong, and his leadership helped put Asia-Pacific firmly on the international art map. He’s particularly excited, he says, about deepening the infrastructure for art in Southeast Asia. “Technology, globalization and demographic change are all accelerating a decentralization of the art world… This is enormously exciting. Technology has democratized access to information, allowing collectors to discover artists wherever they may be. Globalization has brought new perspectives and cultural narratives to the fore. The younger generation of collectors is approaching collecting with a new sense of purpose and curiosity.” And his fairs will be there to answer their call.

Alex Rotter

• Christie’s | Global President

Alex Rotter was appointed global president of Christie’s in May 2025—a natural progression for an executive who has spent the past decade redefining how the auction world operates. In his new role, he’s charged with shaping strategy for both auctions and private sales in concert with regional presidents and global chairs, all while continuing to serve as global chair of 20th- and 21st-century art. Few understand the nuances of market psychology and collector behavior quite like Rotter, whose tenure has been marked by bold structural innovations and a willingness to rewrite the rulebook when convention no longer serves.

His decision in 2020 to collapse Christie’s traditional art categories—merging Impressionist, Modern, Postwar and Contemporary art under a single “20/21” banner—was initially radical but ultimately visionary. It acknowledged a collector base less bound by chronology and more attuned to cross-era dialogues, streamlining consignment strategies and strengthening Christie’s market dominance. When the pandemic upended live auctions, Rotter adapted again, introducing the relay auction: a hybrid, live-streamed event that seamlessly passed from city to city, transforming sales into global spectacles. He remains candid about market turbulence yet unflappable in the face of it—and consequently known for turning headwinds into opportunities.

Mary Rozell

• UBS | Global Head, UBS Art Collection

Mary Rozell oversees one of the most influential corporate art collections in existence, comprising 30,000 works spanning canvas, paper, photography, sculpture, video and installation, amassed over decades of collecting. What began as a scattering of individual acquisitions coalesced in the 1960s into a distinctly contemporary collection that has since grown into a global cultural asset. Only works by living artists and those acquired directly from galleries make the cut, and today pieces by Lucian Freud, Roy Lichtenstein, Andy Warhol, Philip Guston and Cy Twombly hang across UBS’s 700 offices worldwide. They serve not just as conversation starters but as quiet assertions of taste and intellect, transforming corporate hallways into a museum-grade experience for employees and visitors alike.

When Rozell, an art lawyer and former director at Sotheby’s Institute of Art, stepped into the role, her mandate was clear: unify the disparate collections under a single, forward-looking vision. She approached the task with both precision and openness, expanding the collection’s diversity while maintaining its exacting standards. “Generally we’re not buying an artist at their first show—it’s the second or third, when they have some traction but before they get too much recognition,” Rozell told Observer of her acquisition strategy. Among her most meaningful contributions has been lifting the velvet rope around a once-insular collection. “I feel like some of our pieces are so important that we have a responsibility to share them with the greater public,” she said—a sentiment that has helped redefine UBS’s art holdings as a cultural resource.

Antwaun Sargent

• Gagosian | Director

Curator and writer Antwaun Sargent has been dubbed the “Art Star Maker” for his ability to not only celebrate Black creativity in art, fashion and design but also to leverage people and platforms to bring it market and institutional attention. “I still think the best way to encourage an art ecosystem I believe in is to create it,” Sargent tells Observer. Since his appointment to director at Gagosian in 2021, the 30-something has rapidly become a high-profile tastemaker, but he was shaping discourse long before joining the mega-gallery, with bylines in the New York Times, the New Yorker and scores of art publications, where he questioned the relationship between art institutions and Black artists. His book credits include The New Black Vanguard: Photography between Art and Fashion, which he wrote, and Young, Gifted and Black: A New Generation of Artists, which he edited. 

Both his curation and his commentary have been seminal in reshaping conversations, collector taste and boosting the visibility of historically underrepresented Black contemporary artists. His debut show with Gagosian, “Social Works,” explored the relationship between the physical spaces we engage with and Black social practice. He was behind Virgil Abloh’s “Figures of Speech” at the Brooklyn Museum and “Barkley L. Hendricks: Portraits at the Frick,” the institution’s first solo show dedicated to a Black artist. These are just a few of the 30-plus critically acclaimed and commercially successful shows he’s curated, and yet his approach is deceptively simple: “My only strategy is to believe in artists, which is to say I do whatever possible to make their visions a reality.” Lauren Halsey, Rick Lowe, Tyler Mitchell, Cy Gavin and Derrick Adams are among those artists—they make great work, Sargent asserts, and his job is to support them. “The evolution of the art world and its centers of power have been greatly exaggerated,” he adds. “The only thing I’m interested in is putting more power in the hands of artists.”

Read Our Full Q&A With Antwaun Sargent

Muys Snijders

• Private Client Select | SVP, Head of Art Services

With over 25 years in the international art world, Muys Snijders is a leading expert in fine art insurance. As head of art services at Private Client Select, she oversees risk management for a portfolio insuring over $50 billion in fine art and collectibles across 50,000 policies. In an era of intensifying climate threats, Snijders is redefining how the industry protects cultural patrimony. “Many new technologies have been introduced in recent years to support mitigation efforts,” Snijders told The Art Newspaper, citing innovations like automatic fire suppression and hypoxic storage now being implemented for collections in wildfire zones. Over the years, Snijders and her team have provided bespoke coverage to some 60 percent of the top 200 ARTnews Collectors, conducting site visits worldwide to ensure proactive protection. 

At this year’s Aspen Art Fair, Snijders moderated “A Collector’s Point of View: Curated Approaches in a Contemporary World,” with collectors including Nancy Magoon, Sharon Hoffman and Christine Mack. Snijders is also steering Private Client Select toward a new era of corporate collecting, championing acquisitions by diverse artists and launching commissions focused on sustainability. The firm’s new managing general underwriter (MGU) structure, she says, reflects a changing insurance landscape—one where agility and tailored solutions are paramount.

Snijders serves on the Guggenheim‘s Young Collectors Council Acquisition Committee, ICA Miami‘s International Council, and the Aspen Art Museum‘s Director’s Circle, among other board and advisory roles. Before joining Private Client Select (formerly AIG Private Client Group), Muys launched her own art consultancy firm and served as the managing director of Christie’s Americas. With natural catastrophes mounting, her steady leadership is preserving art for generations to come.

Sheikha Al-Mayassa bint Hamad bin Khalifa Al Thani

• Qatar Museums | Chairperson

Sheikha Al-Mayassa bint Hamad bin Khalifa Al Thani has become the current that moves the Gulf’s entire cultural tide. As chairperson of Qatar Museums, she has not only cemented Qatar’s position on the global art map but ensured it will stay there for decades to come. With access to both immense family wealth and a sharp curatorial instinct, she recently helped broker the landmark Art Basel Qatar, set to debut in February 2026 through a partnership between Art Basel, Qatar Sports Investments and QC+. She also championed the launch of the new Qatar Pavilion at the Venice Biennale, which debuted at this year’s architecture edition—a clear signal that her ambitions extend well beyond Doha.

This outward expansion follows years of building a formidable cultural foundation at home—consolidating acquisitions, infrastructure and institutional strategy while elevating Qatar’s artistic profile across the region. Her vision has translated into major public art initiatives, including Richard Serra’s East-West/West-East, and into making Qatar a first-choice destination for artists, curators and global institutions alike. Under her leadership, dynamic platforms such as Mathaf (Arab Museum of Modern Art), the Lusail Museum, the Art Mill Museum (opening in 2030) and the Fire Station have flourished, alongside high-profile exhibitions such as “LATINOAMERICANO | Modern and Contemporary Art from the Malba and Eduardo F. Costantini Collections” and “Seeing Is Believing: The Art and Influence of Gérôme.”

Yü‑Ge Wang

• Christie’s | Associate Director, Senior Client Advisor & Auctioneer

After joining Christie’s more than a decade ago, Yü-Ge Wang quickly rose through the ranks to become associate director and senior client adviser, specializing in Asian collectors. She was the lead auctioneer at Christie’s 21st Century Evening Sale last May, commanding $96.5 million with a 92 percent sell-through by lot and 97 percent by value—an impressive feat in a tightening market. Under her gavel, visibility and valuations surged for women artists and contemporary stars, like Carmen Herrera, Cecily Brown and Elizabeth Peyton. She hammered Miss January by Marlene Dumas for $13.6 million, setting a record for a living woman artist. “Innovation isn’t just about digital tools,” she tells Observer. “It’s about who gets to be part of the conversation, whose stories we tell, and how we authentically interact with a much more diverse and global community, so people feel heard rather than excluded.” 

Having worked across China, Germany and England, Wang bridges languages, markets and cultures with rare fluency, and her star is on the rise. “Collecting motivations and strategies are changing and creating meaningful dialogue is more important than ever,” she says. “As an auctioneer, I learned to create this dialogue also on stage by using my language skills to connect with bidders from different countries and my body language to engage with the audience in the room or online.” She frequently appears on panels exploring how media and photography can ignite cross-cultural dialogue, while using that same instinct for connection to drive sales with confidence, charisma and sharp market intuition. For Wang, learning to engage with other cultures isn’t just about boosting bottom lines but also a sign of respect—one that “helps colleagues from diverse backgrounds feel seen, valued and included, as well as being essential for long-term relevance.”

Martin Wilson

• Phillips | CEO

Art lawyer Martin Wilson rose to CEO of Phillips in early 2025, stepping into the role after Ed Dolman left to launch New Perspectives Art Partners. A seasoned art and auction veteran, Wilson was brought in during a turbulent market moment—an era of softening demand and growing regulatory scrutiny. Brought in as a “safe pair of hands,” he drew on his deep legal and compliance expertise (and the authority of being the author of Art Law and the Business of Art) to stabilize operations amid a 17.5 percent sales decline. His steady leadership has been defined by pragmatism and a measured confidence that Phillips will adapt rather than contract. “We’re seeing a real ‘taste transfer’ happening alongside the ‘great wealth transfer,’” Wilson tells Observer. “The challenge for the market is to anticipate and understand the expectations of these new collectors, both in terms of their taste but also how they prefer to engage with the art market.”

It is at inflection points like this, he says, that opportunities for innovation present themselves, and he’s already steering Phillips toward the future. He has appointed new heads for modern and contemporary art and private sales, while introducing a flexible premium structure designed to counter early bid hesitancy and soothe wary consignors. The new pre-auction bidding model allows early participants to benefit from reduced premiums while generating more authentic competition in the room. “We have a history of delivering positive results for our clients, as evidenced by our 90 percent sell-through rate this spring,” Wilson said this year. “Our aim now is to build on that by encouraging early engagement to generate spirited bidding and provide greater certainty for sellers.”

Read our Full Q&A With Martin Wilson

Andrew Wolff

• Beowolff Capital | CEO

Andrew Wolff stormed into the online art market in 2025 with a pair of headline-making plays: acquiring a controlling stake in Artsy and launching a €65 million delisting and takeover of Artnet, in moves that were less about buying legacy names than about combining market intelligence and reach. It’s not about the multi-brand cachet, but about building a vertically integrated digital empire, merging reach, data and market intelligence to rewire how art is discovered, priced and sold. “I think the world is moving from static forms of power to a more fluid model of networked authority and strength—one in which power and influence are built on the foundations of interconnected communities,” Wolff tells Observer. “Old-school power structures build walls to protect themselves. But our younger generations are skeptical of centralized gatekeepers; they want access, participation, transparency, consistency, objectivity.” 

His aim is to provide it with innovation, using analytics and A.I. to unlock the latent power of two of the art world’s most influential tech platforms. “We embrace A.I. not to reduce the role of human expertise in the art market, but to amplify it,” he says. “Not to steal the voices of artists, but to allow them to expand their reach. After all, in a world where machines can do more and more, the ability to create and feel the power of art is an increasingly critical part of what makes us human.” For now, Artsy and Artnet remain separate, ostensibly rivals, but his long game likely involves strategic complementarity: Artsy’s dominance in the primary market paired with Artnet’s unrivaled secondary market data. If and when those worlds merge, Wolff will control an ecosystem linking 67 million annual users to the world’s largest online marketplace for fine art—a rare position from which to shape the digital future of collecting.

Read Our Full Q&A With Andrew Wolff

Patti Wong

• Patti Wong & Associates | Co-Founder
• New Perspectives Art Partners | Founder

As one half of Patti Wong & Associates with Daryl Wickstrom, Patti Wong commands an unrivaled network across Asia, where the art market continues its ascent, powered by new institutions such as M+, where she now serves on the board. That appointment, along with her role as a founding partner of New Perspectives Art Partners alongside Brett Gorvy, Philip Hoffman and Ed and Alex Dolman, underscores her status as one of the region’s most influential cultural figures. 

“We foresee opportunities to build comprehensive advisory relationships with collectors and institutions in these regions, working with clients on long-term goals, legacy planning and collection dispersals that go beyond major collection sales at public auction—helping collections evolve in a way that can be passed down through generations or even transitioned into institutions,” Wong tells Observer. “It is about looking beyond the transaction and focusing on the bigger picture of what art legacy means and how art endures.”

From the outset of her career, Wong aimed to make Hong Kong a market force equal to New York and London—and she did. Over three decades at Sotheby’s, she transformed the city into a global art capital, introducing Asian collectors to Western postwar and contemporary art, elevating the international valuations of Asian artists, and overseeing record-breaking sales that established Hong Kong’s auctions as unmissable events on the global calendar. “We have always believed that understanding how different cultures collect, what motivates them and how they engage with art is key,” Wong says.

Following her 2023 collaboration with The Fine Art Group and her departure as International Chairman and Chairman of Sotheby’s Asia, Wong’s independent firm has quickly become a powerhouse in its own right. It has, she says, “generated a total transaction value for our clients in excess of $1 billion”—evidence that the Asian market remains active and resilient, even if it’s no longer operating at the inflated pace of its most frenzied years.

Jeffrey Yin

• Artsy | CEO

Jeffrey Yin runs the world’s largest online marketplace for fine art—a platform whose scale and sophistication have redefined how art is bought and sold. Artsy connects more than one million available works to millions of collectors globally through partnerships with over 3,000 galleries and auction houses. It combines editorial authority, curatorial intelligence and data science to power a marketplace that has become indispensable to the art world’s digital ecosystem. For example, Yin tells Observer that a collector might discover a work through Artsy’s personalized recommendations, save the work, receive an offer directly from the gallery, and finalize the purchase online—all within a few days. “The average distance between buyer and seller on Artsy—about 2,500 miles—says a lot about how technology is expanding reach and redistributing opportunity across the art ecosystem,” he says.

Under Yin’s leadership, Artsy has seen record momentum: first-time buyers are on the rise, and 2024 sales climbed 15 percent year over year—the platform’s strongest growth since 2021. The number of artists with commercial activity on the platform has grown by 20 percent since 2020, and galleries are now selling works by 40 percent more artists. The Artsy mobile app, now a fixture among younger collectors, continues to expand the company’s reach, while its inaugural 2025 Art Market Trends report and new collector follow-up tools mark a push toward data-driven personalization and higher conversion. The biggest opportunity, he says, will involve not just guiding the next generation of collectors but also sustaining their engagement over time. “The foundation of transparency and global access is now in place; the next step is helping collectors navigate the overwhelming volume of art online in a personal, meaningful way,” he says. “Our goal isn’t to automate or remove the human experience from collecting, but to meet people where they are.”

Read our Full Q&A With Jeffrey Yin

David Zwirner

• David Zwirner | Founder

Mega-dealer David Zwirner knows how to weather art market headwinds. He cancelled a massive expansion project in 2023—a swanky Renzo Piano-designed, 50,000-square-foot building on West 21st Street in Chelsea—only to rebound with an office on West 20th Street and an 18,000-square-foot gallery designed by Annabelle Selldorf on West 19th Street, which opened last May with a major solo show of work by Michael Armitage. Zwirner has demonstrated similar agility in his art-tech ventures, including the digital marketplace Platform, which he has reshuffled whenever needed to stay ahead of key blue-chip competitors, all of which have been in expansion mode in recent years. 

Zwirner’s fire-tested commercial operation remains as relevant as ever. His global network of galleries in New York, L.A., London, Hong Kong and Paris shapes consumer taste through bespoke programming and market experimentation. A prominent roster of estates, emerging artists and new talents drives high-end primary market sales. Most recently, he poached artist Yoshitomo Nara from Pace—the artist joins a robust roster that includes the estates of Donald Judd, Diane Arbus and Paul Klee and contemporary talents Gerhard Richter, Yayoi Kusama and Félix González‑Torres, among others. Likewise, he poached Alex Marshall (now a senior director) from Christie’s after elevating Ebony L. Haynes to global head of curatorial projects. State-of-the-art content production via David Zwirner Books, a line of prints and editions, and the podcast Dialogues diversifies Zwirner’s influence at a time when galleries everywhere are seeking to hook the attention of the growing (and much coveted) market of young collectors.

Amandeep Singh Gill, recognized on this year’s A.I. Power Index, is part of a small but critical group of leaders shaping how A.I. is integrated into global systems—and international diplomacy itself. As the United Nations Under-Secretary-General and Special Envoy for Digital and Emerging Technologies, Gill sits at the center of one of the most complex policy challenges of our time: how to ensure A.I. strengthens humanity rather than undermines it. Gill is candid about the assumptions, power dynamics and governance hurdles that define the global A.I. landscape. He challenges the prevailing notion that A.I. will automatically deliver “abundance without limits,” warning that the concentration of A.I.-driven power and wealth in a few hands could erode human agency and freedom.

Yet he’s not a pessimist. For Gill, the recent drop in training costs for smaller language models and signs that scaling laws may be reaching their limits signal the possibility of a more democratic, less centralized A.I. future. From negotiating frameworks that reconcile vastly different national A.I. capabilities to confronting the ethical and humanitarian dangers of autonomous weapons, Gill views governance guardrails as the essential foundation of innovation. “Innovation that undermines trust and safety poisons the well for everyone who cares about A.I.,” he says. Gill’s work reflects the UN’s broader ambition to foster responsible A.I. development, building digital capacity, promoting cooperation and investing in shared human and technical infrastructure.

What’s one assumption about A.I. that you think is dead wrong?

That A.I. is going to usher in an era of abundance without limits by turning human intelligence into a commodity. “Intelligence too cheap to count” reminds me of the phrase “Electricity too cheap to meter” from the heydays of the nuclear hype.

If you had to pick one moment in the last year when you thought “Oh shit, this changes everything” about A.I., what was it?

It was the almost simultaneous occurrence of the drop in training costs for smaller, more efficient LLMs (DeepSeek, Indus, WinAI) and Ilya Sutskever’s NeurIPS talk about scaling laws reaching a plateau. It gave me hope that a different long-term outcome is possible, namely, a more democratic, less concentrated, more sustainable A.I. innovation ecosystem.

What’s something about A.I. development that keeps you up at night that most people aren’t talking about?

The social and political consequences of the enormous concentration of A.I.-derived power and wealth in a few hands. I worry that the growing gulf between the architects of cognition and those who inhabit architected cognitive spaces would undermine human agency and freedom.

What are the biggest challenges in getting countries with vastly different A.I. capabilities and philosophies to agree on common frameworks, and how do you balance innovation with safety?

This is a collective action problem familiar to us from other areas, such as climate change. In the UN, we address this problem with multidimensional differentiated agendas that address different priorities not only of countries but also stakeholders such as the private sector—promotion of A.I. use, risks, governance interoperability (of interest to the private sector), capacity building (of particular concern to developing countries), etc. We also rely on agreed norms such as human rights to harmonize perspectives. The innovation-safety dilemma is false. Innovation has always proceeded best within guardrails. Innovation that undermines trust and safety poisons the well for everyone who cares about A.I.

How is the UN leveraging A.I. to accelerate progress on the Sustainable Development Goals, particularly in developing nations? What specific A.I. applications have you seen make the most impact in bridging the technology gap?

Our focus is on boosting national capacity to develop and deploy A.I. responsibly for the Sustainable Development Goals. Solution-making ability rather than solutions. There are countless sectors where A.I. will have a beneficial impact, delivering government services in real time and context, planning and monitoring of infrastructure projects, agriculture extension and livestock/fisheries management, the green transition, public health and diagnostics equity, education, etc. We have barely scratched the surface with some applications, such as data-driven A.I. tools for predicting food insecurity. The Secretary-General’s recent report on innovative financing options for A.I. capacity building makes the case for urgent investments around the globe in critical enablers such as compute, cross-domain talent and context-rich datasets. A broad innovation base can unleash A.I. solutions close to where the need is.

How do you navigate the tension between military A.I. applications and humanitarian concerns in your diplomatic work, and what progress are you making on international agreements around lethal autonomous weapons?

From a UN perspective, we remain concerned about the potential of military A.I. applications to undermine respect for international humanitarian law, set off new arms races and lower the threshold of conflict. The Secretary-General believes that life and death decisions cannot be delegated to machines and has called on UN Member States to set clear prohibitions and regulations on such systems by 2026.

If you were tasked with using A.I. to protect students in schools, what would be your approach, and what key challenges would need to be solved? How might A.I. contribute to prevention and early intervention efforts without creating surveillance environments undermining the educational experience?

I would have the students themselves think through the pros and cons of A.I. as a tool to address their insecurity. For example, if they perceive that bullying is an issue or there is a risk of violence with guns or knives, I will have them think through how an A.I. tool could help identify victims or perpetrators and deter intimidation or violence. This will also allow them to think about trade-offs around data collection and use or A.I. versus analog solutions.

In reflecting on this question, I am reminded of an experiment by Carnegie Mellon University researchers where air quality sensors were brought into class. Students experimented with them, took them out into the parking and realized that there were spikes in pollution at pick up and drop off times. They engaged their parents in conversations empowered by the data they had collected and brought about a change in behavior to improve air quality. This is an example of empowering use of technology, and this is how we should approach A.I. solutions in general. 

Shiv Rao, featured on this year’s A.I. Power Index, has built what may be one of the most consequential applications of A.I. in medicine today. A practicing cardiologist turned founder, Rao saw firsthand how much of modern medicine’s burden falls on the complexity of the paperwork surrounding care. After long days with patients, hours of charting and documentation often followed, contributing to record levels of burnout across the profession. His healthtech startup, Abridge, set out to fix that by transforming one of healthcare’s most abundant yet underutilized data sources: the doctor-patient conversation.

Founded in 2018, Abridge uses ambient A.I. to convert spoken exchanges between clinicians and patients into accurate, real-time clinical notes that integrate directly into electronic health records. What began as an ambitious experiment in language understanding is now a $5.3 billion enterprise trusted by over 150 major health systems across the U.S. In a sector where most startups position themselves as disruptors to major EHR players, Abridge has instead chosen collaboration, partnering with Epic to embed its technology into existing workflows rather than rebuild them. Health systems adopting Abridge have reported reductions in after-hours work of more than 80 percent and dramatic improvements in clinician satisfaction. Yet Rao insists the true goal lies in restoring empathy and connection to clinical practice. “It’s not just about cutting costs,” he says. “It’s about bringing humanity back to healthcare.” 

You’re a practicing cardiologist who built an A.I. company now worth $5.3 billion. What problem did you see in the hospital that tech entrepreneurs working from Silicon Valley completely missed?

As a doctor, nothing was more soul-crushing than working a full day helping patients only to come home and have hours of documentation. I knew the key was unlocking what was said in the exam room in real-time: gathering intelligence at the point of conversation. Now Abridge’s enterprise-grade ambient A.I. is trusted by more than 150 of the largest and most complex health systems across the U.S. and we are extending the value of clinical conversations across workflows for providers, payers and patients.  

Abridge converts doctor-patient conversations into clinical notes in real time. How often does the A.I. misunderstand something critical, and how do you handle those mistakes?

Science is at the heart of Abridge. Every note is linked back to the conversation transcript so clinicians can verify evidence before signing off. We run continuous quality-assurance loops and ship models only after clinician-in-the-loop evaluations. Clinicians remain the final sign-off. Abridge’s pioneering models ensure that A.I. hallucinations are eliminated from draft documentation for market-leading accuracy that clinicians can trust. Abridge caught 97 percent of confabulations, or unsupported claims in draft clinical documentation, outperforming GPT-4o, which only caught 82 percent. 

You partnered with Epic rather than trying to replace them. Most healthcare startups want to disrupt the EHR giants. Why did you choose integration over disruption?

Our partnership with Epic has been and will always be rooted in solving problems that matter most to health systems, clinicians and patients. By focusing on the conversation itself, we enable better workflows, deeper integration and meaningful outcomes at scale. We are meeting clinicians where they are and this is only at the beginning of what’s possible at the point of conversation.

Your platform now serves over 150 health systems, growing 50 percent in just four months. What’s driving that rapid adoption—is it physician burnout or genuine efficiency gains?

It’s both. Leaders feel the urgency to address burnout, but adoption only sticks if the efficiency is real. Abridge integrates seamlessly within EHR workflows—across care settings, 55+ specialties, and 28+ spoken languages. This year alone, Abridge will support clinicians across more than 50 million medical conversations, helping to reduce burnout by up to 60 to 70 percent. At Sharp Healthcare, clinicians who use Abridge reported an 83 percent reduction in note-writing effort. At Lee Health in Florida, 86 percent of clinicians reported doing less after-hours work. 

Administrative costs are 30 percent of healthcare spending. If AI documentation works perfectly, how much of that waste can you actually eliminate?

The 30 percent stat is staggering, but it’s not just about cutting costs—it’s about bringing humanity back to healthcare. With Abridge, return on investment is more encompassing than improving work relative value units, increasing operational efficiencies and reducing clinician recruitment and retention costs. It’s also what happens when clinicians feel joy again, when patients feel heard and when health systems eliminate impossible backlogs and unsustainable workflows. 

You’re expanding from general documentation into pediatrics and emergency care. What makes medical A.I. different across specialties—isn’t documentation just documentation?

Specialty context changes everything. In pediatrics, the “historian” is often a parent or multiple caregivers, so the A.I. has to attribute who said what, capture developmentally appropriate histories and encode family-centric plans. In emergency medicine, speed, brevity and structured clinical reasoning matter. Triage cues, time stamps and problem-oriented summaries have to be spot-on. We’ve built specialty-tuned models and workflows with children’s hospitals and ED teams so the note reflects the way those clinicians think and document, not a one-size-fits-all template.

Simon Kohl, recognized on this year’s A.I. Power Index, stands at the leading edge of a scientific transformation: the fusion of A.I. and biology. A co-developer of AlphaFold2—the Nobel Prize-winning breakthrough that cracked one of biology’s grand challenges—Kohl has now turned his focus from understanding life’s molecular machinery to authoring it. As co-founder and CEO of Latent Labs, he’s advancing a vision where biology becomes programmable, and drugs can be designed with the precision and speed of semiconductor engineering. Kohl’s platform, LatentX, achieves laboratory hit rates of 91 to 100 percent for macrocycles—an astonishing leap compared to the sub-one-percent success rates of traditional methods. Rather than just predicting what nature has created, the system generates what nature could create, simultaneously designing molecular sequences and 3D structures in real time. Backed by investors including Google’s Jeff Dean and Cohere’s Aidan Gomez, Latent Labs is applying these capabilities to areas where conventional discovery has long faltered, like oncology, autoimmune diseases and rare genetic disorders.

The promise of generative A.I. in biology is matched by its complexity and responsibility. Kohl is pushing back on the assumption that A.I. will make biology “easy,” and argues that the race to create novel biological systems demands new frameworks for safety and governance. From DeepMind’s London lab to Latent Labs’ San Francisco wet lab, Kohl’s trajectory traces the next frontier in scientific discovery: where the boundary between computation and creation is rapidly dissolving.

What’s one assumption about A.I. that you think is dead wrong?

That A.I. will make biology ‘easy’ overnight. Having co-developed AlphaFold2, I’ve seen firsthand how A.I. can solve incredibly complex problems like protein folding. But the assumption that this means we can computationally get perfect drugs at this moment is wrong. Biology remains fundamentally messy. A.I. currently amplifies our capabilities—at Latent Labs, we’re making biology programmable—but it still requires deep scientific intuition to ask the right questions and interpret what the models are telling us.

If you had to pick one moment in the last year when you thought “Oh shit, this changes everything” about A.I., what was it?

It wasn’t a single model release over the last few years, but rather when I realized we could move beyond just predicting biological structures to actually designing them from scratch. That’s why I left DeepMind at the end of 2022 to start Latent Labs—I saw we were at an inflection point where generative A.I. could make biology truly programmable. We’re not just understanding nature anymore, we’re becoming capable of authoring it with precision.

What’s something about A.I. development that keeps you up at night that most people aren’t talking about?

The widening gap between our ability to design biological systems and our ability to predict their broader consequences. We can now generate novel proteins and biological circuits with unprecedented precision, but biological systems are interconnected in ways we’re only beginning to understand. As we give researchers and companies these powerful generative tools, we need to develop equally sophisticated frameworks for testing safety, understanding off-target effects and ensuring we’re not creating biological complexity we can’t control.

You co-led DeepMind’s protein design team on the Nobel Prize-winning AlphaFold2 project, and now LatentX goes beyond structure prediction to actually design entirely new proteins. What technical breakthroughs enabled this leap from predicting existing structures to creating novel ones, and how does this change the timeline for drug discovery?

The breakthrough was moving from predicting what nature has created to generating what it could create but hasn’t. AlphaFold2 understood existing structures, but Latent-X co-samples sequence and structure simultaneously—designing both molecular sequence and 3D shape in real-time while following atomic-level rules. We’re authoring biology, not just predicting it. The impact is dramatic: 91 percent to 100 percent laboratory hit rates versus traditional methods below one percent. Scientists achieve in 30 candidates what previously required testing millions, turning months of experiments into seconds of computation.

Your web-based LatentX platform allows researchers to design proteins directly in their browser, making this cutting-edge capability accessible to academic institutions and biotech startups. How are you balancing the need to democratize this technology with ensuring it’s used safely and responsibly, especially given the potential dual-use implications?

We envision a future where effective therapeutics can be designed entirely in a computer, much like how space missions or semiconductors are designed today. Our platform empowers scientists with lab-validated protein binder design at their fingertips, whether they’re experts or new to A.I.-powered drug design. In democratizing access to our breakthrough science, we take dual-use implications seriously—actively participating in biosafety discussions with regulators and restricting access per international sanctions lists. Our integrated approach, validating everything in our San Francisco wet lab, means we understand real-world implications, not just computational possibilities. We prove value first while maintaining robust safeguards.

You’ve achieved state-of-the-art results in lab testing for protein binding and recently raised €47.9 million with backing from notable A.I. leaders like Jeff Dean and Aidan Gomez. What specific therapeutic areas are you targeting first, and how do you see competition evolving as more companies enter the AI-driven protein design space?

Our models are general in nature and are able to generate macrocycles, mini-binders and antibody formats from scratch. We’re keen on applications in oncology, autoimmune diseases and rare genetic disorders where traditional discovery struggles. Macrocycles are exciting—combining biologics’ specificity with small molecules’ oral deliverability. In head-to-head lab comparisons, we’ve exceeded prior work from large tech companies and academic labs. Our advantage is integrating our world-leading expertise from experience in building AlphaFold with wet lab validation and enterprise-grade platform engineering. With the biologics market growing to over £1 trillion by 2033, success depends on delivering lab-validated results, with scalable engineering that satisfies the security requirements of the industry.

Robert Opp, featured on this year’s A.I. Power Index, is one of the clearest voices urging the world to slow down—not in innovation, but in assumption. As chief digital officer of the United Nations Development Programme, Opp is guiding A.I. and data strategy across more than 170 countries. That global perspective has made him deeply skeptical of the idea that A.I. delivers benefits equally, everywhere. “In reality, the benefits have been distributed unequally across and within countries,” he tells Observer.

When data sets and solutions fail to capture local languages or cultural contexts, Opp warns, A.I. doesn’t close gaps, it widens them. His mandate at UNDP is to ensure the opposite: that digital infrastructure, inclusive governance and strong foundations come first, before layering on A.I. solutions. That approach is rooted in experience. At the World Food Programme, Opp helped launch ShareTheMeal, a mobile app that raised $40 million to combat hunger. The lesson—that digital platforms succeed when they reduce friction and build trust—now informs how he thinks about embedding A.I. into humanitarian work. Under his leadership, UNDP has piloted A.I. initiatives in agriculture, health and education, proving the technology’s potential to directly improve lives if deployed responsibly.

What’s one assumption about A.I. that you think is dead wrong?

A common assumption is that A.I. will automatically deliver benefits everywhere in the same way. In reality, the benefits have been distributed unequally across and within countries. It is highly dependent on context, for instance, on whether people have access to relevant data, affordable compute and the necessary skills. If the data sets and A.I. solutions don’t reflect local realities or languages, A.I. can actually amplify exclusion. What’s missing in the conversation is how to localize A.I. so it addresses local problems.

If you had to pick one moment in the last year when you thought “Oh shit, this changes everything” about A.I., what was it?

If I had to pick one moment in the last year, it would be the MIT report from August showing that 95 percent of companies are seeing “zero ROI” from their generative A.I. investments. That felt like a real turning point, a signal that we might finally be moving past the hype cycle and into a more sober conversation about what A.I. is actually good for. To me, it raised fundamental questions we should all be asking: Why are we building this? Do we know if it works well? Do we know who it works well for? And most importantly, how can we ensure that its benefits contribute to shared prosperity?

It also underscored the urgent need for more rigorous evaluation of A.I. tools—especially in the public sector. Without strong evidence of impact, we risk investing time, money and trust into solutions that don’t deliver. But with the right evaluations in place, we can identify which investments are truly transformative and which are not, ensuring that A.I. is a tool for meaningful progress rather than just another wave of tech hype.

What’s something about A.I. development that keeps you up at night that most people aren’t talking about?

Much of the data used to train A.I. is sourced from the Global North, predominantly in English, and it doesn’t capture local realities, languages or cultural context. Without diverse and inclusive datasets, A.I. will continue to misrepresent and even marginalize entire populations. This issue doesn’t make headlines as much as job displacement or safety risks, but it is fundamental to whether A.I. can actually serve everyone.

ShareTheMeal has raised over $40 million through micro-donations. What did that teach you about how people engage with global problems through digital platforms?

It showed that digital platforms can radically reduce the friction of engagement. When people can act instantly from their phones, they are more willing to participate, even in small ways. And those small actions, aggregated at scale, can generate real impact. But more than the technology, it’s about trust: people engage when the purpose is clear, the impact is transparent and the experience feels human.

You’re leading digital transformation across 170 countries with vastly different tech infrastructure. How do you build A.I. solutions that work in both Silicon Valley and rural Bangladesh?

The starting point is not the technology itself, but the foundations: digital infrastructure, enabling policies and capacity building for people. We focus on helping countries build digital public infrastructure, the equivalent of roads and bridges, like digital ID, payments and data exchanges. Once these are in place, A.I. solutions can be layered on top in ways that are safe, inclusive and relevant to local needs. That way, whether in Silicon Valley or rural Bangladesh, the solution works because the foundations are solid. 

The UN has been pushing “digital public goods” as alternatives to Big Tech platforms. What’s one digital public good that’s actually working at scale, and why?

It’s not about pushing alternatives to tech companies; it’s about opening more choices to countries that are trying to build their digital infrastructures. One digital public good that has been adopted at scale is DHIS2, an open-source, web-based software platform most commonly used as a health management information system (HMIS) but adaptable for other sectors. Originally developed by the HISP Centre at the University of Oslo, it has grown through collaboration with a global network of local HISP groups over the past three decades. DHIS2 is now used as the national HMIS in more than 80 low- and middle-income countries, covering about 3.2 billion people, and is also applied in areas such as logistics and education due to its flexible, customizable design. Its global community-based development model combines international standards with local adaptation, making it both widely implemented and locally owned.

You’ve written about South Africa prioritizing A.I. equity over A.I. advancement. Should developing countries leapfrog the “move fast and break things” phase entirely?

The developing countries don’t need to repeat the mistakes of others. They have an opportunity to prioritize equity, inclusion and rights from the start, rather than retrofitting protections later. That doesn’t mean slowing down innovation. It means shaping it with guardrails so that A.I. accelerates sustainable development without leaving populations behind. In other words, putting people first.

UNDP works on everything from climate change to poverty reduction. Where is A.I. making the biggest difference in UN programs?

We are seeing promising applications in agriculture, where A.I. provides farmers with real-time feedback on crops. In the health sector, language models are improving access to information, such as on maternal health. And in education, A.I. can transform education by making learning more accessible, personalized and effective, benefiting both educators and students. These are areas where A.I. directly improves lives—but only if countries have the infrastructure, data and governance to make it work.

How do you balance innovation with protecting vulnerable populations when deploying A.I. in countries with limited data privacy laws?

We take a people-first approach. That means supporting countries in building robust data governance frameworks, privacy protections and trust mechanisms alongside deploying new technologies. One example is our AI Trust and Safety Re-imagination Programme, which moves beyond reactive risk management toward proactive, inclusive, and context-sensitive approaches to A.I. governance. Drawing on insights from the 2025 Human Development Report, the programme strengthens local enabling environments while complementing global research and policy efforts. By engaging innovators across the public and private sectors, it re-imagines trust and safety frameworks that prioritize equity, anticipate and prevent harm and ensure A.I. development benefits communities fairly.

Joelle Pineau, recognized on this year’s A.I. Power Index, has long been one of the field’s most influential voices on reproducibility, open science and ethical frameworks in A.I. After nearly eight years leading Meta’s FAIR research division, Pineau made a high-profile move in August to Cohere as its first chief A.I. officer. Pineau is steering development of the company’s North platform and its expanding portfolio of enterprise agents, with a focus on privacy, security and interoperability with sensitive data—priorities that set it apart from rivals chasing the more nebulous goal of AGI. She brings with her the conviction that open protocols and transparent systems are practical necessities for secure, business-critical applications. Pineau also pushes back against the idea that A.I. is an inscrutable black box, arguing that enterprise systems can, in fact, be more transparent than human decision-making. Her perspective underscores a broader shift in the industry: away from speculative visions of AGI and toward the practical, secure and ethically grounded deployment of A.I. at scale.

What’s one assumption about A.I. that you think is dead wrong? 

A lot of people think of A.I. as a black box, which isn’t really accurate. It’s certainly complicated and complex, but it’s not impossible to trace and understand how a prompt leads to an output. Especially in an enterprise setting, where you’re working with agents to use internal data and tools, more often than not, you’re able to see where information is coming from more easily than you could understand another human’s thought process. 

If you had to pick one moment in the last year when you thought “Oh shit, this changes everything” about A.I., what was it?

The area where I’ve seen the most impressive rate of change is in A.I.-assisted software development. The ability for LLMs to generate code, to assist developers, to resolve bugs, there’s just been amazing progress in the last year, and this changes a lot of things. It opens up the door to much faster development and validation of complex systems. It increases the level of verification and transparency, since it’s now possible to ask questions in natural language about the behavior properties of software systems. And it empowers almost anyone, even with very little computer science training, to implement their ideas quickly. It also opens up the door to A.I. systems self-improving. The technology is not perfect, and there are still many years of progress ahead, but there is no going back.

How do you reconcile your commitment to open science with building proprietary enterprise A.I. solutions, and what does responsible A.I. development look like in a commercial context?

Privacy and security are really central to the conversation about responsible A.I. in a commercial context. Enterprises can’t afford to have data leak. Whether it’s internal proprietary data or sensitive customer data, a big part of my work is making agents better and more powerful without compromising security. One thing we know from many years of computer security is that often, open protocols are in fact more secure, because flaws are discovered much faster and properties are better understood. So I see open science, especially during the research and early development phase, as an essential practice to improve the privacy and security properties of enterprise A.I. solutions. And this is why Cohere Labs has been built on an open science model from the beginning.

What specific advantages do you see in Cohere’s approach to large language models, and how do you plan to differentiate from the dominant players who have significant resource advantages?

The approach Cohere is taking is more focused than players that are chasing AGI or general superintelligence, and that gives us a leg up in the enterprise market. Cohere is able to differentiate itself by focusing on the things that matter to enterprises, which have proven to be privacy, security and working well with enterprise data sources.  This is particularly important in domains such as finance, healthcare, telecoms, government and many others.

You’ve spent years championing reproducible A.I. research and ethical frameworks at Meta. How are you applying those principles to Cohere’s North platform and enterprise A.I. agents, particularly around issues like bias, transparency and accountability in business-critical applications?

The goal at Cohere is for enterprises to have traceable, controllable and customizable A.I. for their systems, including North. To consistently achieve this, I’ll continue to champion rigorous testing, transparent evaluation protocols, robust performance, clear documentation. Our evaluation strategy also needs to account for both standard engineering metrics (accuracy, speed, efficiency) and broader social impact metrics (safety, bias, transparency).

Alex Zhavoronkov, featured on this year’s A.I. Power Index, has spent his career pushing the boundaries of what A.I. can achieve in medicine. As founder and CEO of Insilico Medicine, he built Pharma.AI, a platform designed to compress traditional drug development timelines from years to mere months. Already, the system has produced a breakthrough Parkinson’s therapy and delivered promising results in idiopathic pulmonary fibrosis, evidence, Zhavoronkov says, that A.I. is a driver of real clinical progress.

Zhavoronkov believes the industry is on the cusp of what he calls “pharmaceutical superintelligence”: an era when A.I. begins to manage experiments, make decisions and design therapies. That vision is taking shape across Insilico’s fast-growing global footprint. In June, the company raised a $123 million series E round, entered clinical trials for an A.I.-designed cancer drug, launched its Nach01 chemistry foundation model on AWS and expanded its R&D presence in the UAE. Zhavoronkov shares his perspective on misconceptions in A.I. drug discovery, breakthrough clinical moments and where the next wave of innovation will emerge.

What’s one assumption about A.I. that you think is dead wrong? 

An assumption about A.I. in drug discovery that I think is dead wrong is the idea that generative models can be trusted without validation. LLM output in biomedicine should clearly not be assumed accurate and needs to be coupled with rigorous experimental validation in the lab, assets obviously need to undergo extensive clinical testing.

If you had to pick one moment in the last year when you thought “Oh shit, this changes everything” about A.I., what was it? 

The “oh shit, this changes everything” moment for me was seeing the positive Phase 2a data from our lead asset, rentosertib. We saw signs of potential lung function restoration and improved Forced Vital Capacity (FVC) in patients with Idiopathic Pulmonary Fibrosis. That moment proved to me that A.I. was helping drive real clinical breakthroughs that could directly improve patients’ lives.

What’s something about A.I. development that keeps you up at night that most people aren’t talking about? 

How quickly we’re moving toward A.I. training A.I. We’re heading into an era of pharmaceutical superintelligence, where agents won’t just streamline workflows but actually make decisions and design experiments. Most people aren’t talking about it yet, but once A.I. starts managing A.I., everything changes.

How did your A.I. systems actually design the Parkinson’s therapy you announced in August, and what makes this approach fundamentally different from traditional drug discovery methods? 

ISM8969 was designed using Insilico’s Pharma.AI platform, which integrates target discovery, molecular generation, and optimization across biology, chemistry and pharmacology. The system first identified NLRP3 as a key regulator of neuroinflammation and then generated structures for oral, brain-penetrant inhibitors. In traditional approaches, a process like this would take years, but our systems compressed it on average to just 12-18 months. We rapidly iterate, test and synthesize 60-200 molecules on average, and our Pharma.AI system produces a candidate for further testing. This candidate showed favorable pharmacokinetics and safety but also delivered dose-dependent improvements in motor function in Parkinson’s mouse models, with effects at the highest dose approaching healthy controls. We streamline the entire process as opposed to traditional drug discovery, which relies on (much more expensive) long trial-and-error cycles. Additionally, a recent study titled “Molecular LEGION: Latent

Enumeration, Generation, Integration, Optimization and Navigation. A case study of incalculably large chemical space coverage around the NLRP3 target” highlighted how we used our Chemsitry42 system and advanced cheminformatics to release over 100 million molecular structures for the NLRP3 target. We uncovered novel scaffolds and patentable chemotypes at a size that traditional libraries would never reach.

Your Life Star 2 lab in Shanghai will be completely A.I. and automated. What specific bottlenecks in drug development are you solving with full automation, and how do you see humanoids changing the research process? 

Our new Life Star 2 lab in Shanghai is a leap forward in drug development by being able to fully integrate A.I. decision-making and solve bottlenecks like manual experimental workflows, human bias and fragmented data loops. Our systems can propose targets and orchestrate workflows, while our modules execute cell culture, high-throughput screening, next-generation sequencing, cell imaging and genomics analysis and prediction, without human intervention. The automated lab is faster and more precise than humans, and as they perform experiments, they feed the A.I. system with data, improving the system’s target hypotheses and ability to validate those hypotheses. Our bipedal humanoid “Supervisor” allows fully automated operation on lab equipment originally designed for humans and can handle tasks like pipetting, reagent handling, and real-time lab oversight. As training continues, so will the elevation of tasks.

You’ve moved from longevity research into broader disease applications like cancer and lung disease. How does your A.I. platform adapt across different therapeutic areas, and where do you see the biggest opportunities for A.I. to accelerate clinical breakthroughs in the next 3-5 years? 

We’ve always pursued diseases that were closely linked to aging processes. Our first internally developed program targets idiopathic pulmonary fibrosis, and our algorithms used in longevity research can be trained just as effectively on oncology, fibrosis or neurodegeneration. PandaOmics uncovers novel targets from large, complex biomedical data, and Chemistry42 generates novel molecules against those targets. In the next couple of years, I see a great opportunity in further shortening the time between a new target and proof of concept in the clinic. In areas of high unmet need, A.I. can give us the ability to move cheaply, more efficiently and with potentially greater precision than traditional approaches. I believe these systems will evolve into what I call pharmaceutical superintelligence, where A.I. supports discovery and actively drives decision-making across the entire drug development process.

Winston Weinberg, featured on this year’s A.I. Power Index, is a lawyer turned tech entrepreneur who is redefining the practice of law with Harvey, his A.I.-powered platform for legal and professional services. Since launching in 2022, Harvey has reached $100 million in ARR in just three years, with weekly average users quadrupling over the past year. The platform now serves clients in 53 countries and has forged strategic partnerships with industry leaders such as LexisNexis, PwC and Microsoft Azure.

Weinberg emphasizes that Harvey is transforming the day-to-day work of lawyers at every level. “Most forward-thinking firms know A.I. is going to change their business, it’s just a question of how much and when,” he tells Observer.

What’s one assumption about A.I. that you think is dead wrong? 

That it creates a net negative impact on the current work experience. Harvey serves legal and professional services, and right now, if you’re a junior lawyer or an associate in financial services, you’re doing a lot of work that doesn’t reflect your training and what you thought the role would entail. A.I. changes that and ideally makes the work you do as a human more meaningful.

If you had to pick one moment in the last year when you thought, ‘Oh shit, this changes everything,’ about A.I., what was it?

The release of reasoning models.

What’s something about A.I. development that keeps you up at night that most people aren’t talking about?

I don’t think folks are spending enough time thinking about the future of training young professionals.

You’ve pioneered an ‘expand and collapse’ product philosophy where Harvey builds specific, detailed workflows for complex tasks and then integrates them into unified, simple interfaces. With Harvey now reaching $100 million in ARR and serving over 500 customers, how do you balance the tension between creating highly specialized A.I. capabilities for elite law firms versus building accessible tools that can scale across the entire legal market—and what does this approach reveal about the future architecture of professional A.I. systems? 

If you’re building A.I. in a vertical right now, it’s important to design your system as a platform. In order to get the best ROI, you need a product that both (1) can be used generally across a profession in a creative way by the user and (2) allow the user to “click” to get instant value in a specialized use case. Luckily, the models are getting better at tool use and general orchestration, so you can use those capabilities to get the best of both worlds.

PwC partners report that junior lawyers would ‘riot’ if Harvey were taken away because it allows them to focus on qualitative rather than tedious work. Yet, law firms traditionally make money from billable hours. You believe A.I. will help fix ‘an apprentice system that’s long been broken’ in professional services. How are you navigating the fundamental economic disruption Harvey creates for law firms, and what new business models do you envision emerging when A.I. can reduce legal processes from weeks to minutes? 

The short answer is thoughtfully. Most forward-thinking firms know A.I. is going to change their business, it’s just a question of how much and when. You’re already seeing firms experiment with project-based work and fees, and you’re seeing significant client demand for firms to use A.I. in a manner that benefits them. As a result, the role Harvey can

play is simply to make the best product possible that solves core problems for lawyers and to make it as easy as possible for them to do so. By serving both firms and enterprises, we are laying the foundation to help them run their own transformation playbooks, but also to collaborate together long-term in a manner that makes law more efficient and effective for everyone.

Your strategy of targeting prestigious, conservative clients like Allen & Overy and PwC first was designed to build credibility, and you maintain that only 18 percent of Harvey’s workforce are lawyers. Yet, you believe attorney-employees are “essential to achieve Harvey’s goal of ‘partnering’ with the industry.” Given that some older partners may be using Harvey as their first A.I. product, how do you design both technology and go-to-market strategies that earn trust from an industry where prestige and trust are paramount, and what lessons does this hold for A.I. adoption in other traditional sectors?

I think the conventional wisdom is to pick the easiest customers and build momentum, and we did just the opposite. We picked the hardest customers to win over and the highest degree of difficulty on enterprise readiness, privacy and security, and I think that was very much by design. You have to start with enterprise trust, and everything else follows. With regard to partners, 20 percent of all of our users are partners, so it’s not just junior associates benefiting from Harvey in daily work. In the firms that are more successful, partners are helping lead the transformation work.

You argue that A.I. agents will “rewire the leverage pyramid” and enable lawyers to “return to their core role as strategic advisors while automating routine work.” You’ve also stated that professionals’ options to do that in the next decade are the best it will ever be because “you will make more impact than you ever will have the chance to in your life.” As someone who left Big Law after just one year to build Harvey, what do you see as the most profound ways A.I. will reshape professional identity and career trajectories—not just in law, but across knowledge work—and how should educational institutions and firms prepare the next generation for this transformation? 

Law at its very best is a strong apprenticeship model, but that’s gotten lost in a lot of the busy work that has come along with scaling the profession. I think many lawyers believe there’s a better way, and part of Harvey’s ambition is to help free up lawyers’ time to focus on the most impactful work. Less busy work, more impact. While we hope our product helps lawyers save time, we also want to be more proactive in shaping the future of law, which is why we just launched our Law School partnerships program. That program will bring A.I. fluency and the Harvey platform to students and professors alike, and our hope is that the partnerships will have a meaningful impact on sharing the future of knowledge work alongside these institutions and their faculty members.

Marco Argenti, featured on this year’s A.I. Power Index, is at the center of Goldman Sachs’ ambitious push to integrate A.I. across one of the world’s most tightly regulated industries. As chief information officer, Argenti leads the firm’s A.I. strategy, from piloting Cognition Labs’ coding agent Devin—the first deployment of its kind by a major bank—to scaling the GS AI Assistant, an internal platform now used by every employee. While the technology is transformative, Goldman’s approach is firmly grounded in safety and control: every line of code written by Devin undergoes the same human review and rigorous testing as any developer’s work.

Under Argenti’s leadership, Goldman has introduced tools such as Translate AI and a developer copilot that boosted productivity by 20 percent in its first year, while experimental platforms like Banker Copilot are being refined for broader adoption. Already, the GS AI Assistant processes more than one million prompts per month from bankers, traders and asset managers. For Argenti, this shift is about reshaping management itself. Supervising A.I. agents requires new skills of description, delegation and oversight, a shift that places early-career workers at the forefront of the bank’s evolving hybrid workforce of humans and machines.

What’s one assumption about A.I. that you think is dead wrong?

That models’ problem-solving abilities cannot generalize.

If you had to pick one moment in the last year when you thought “this changes everything” about A.I., what was it?

The advancements in agentic A.I. have been incredible. Having A.I. that can not only answer questions but reason and plan to complete complex tasks and collaborate with other agents is a game-changer across every industry.

What’s something about A.I. development that keeps you up at night that most people aren’t talking about?

Where does the model end, and where do applications start? Depending on where you draw the line, the market for applications and software can look very different.

Goldman Sachs was the first major bank to pilot Cognition Labs’ autonomous A.I. agent Devin. What convinced you to be first, and how do you manage regulatory compliance with autonomous coding agents

Devin will produce code “merge requests” like any of our developers, the code will be reviewed by a human and go through a rigorous set of CI/CD pipeline controls before being released into production. We are committed to maintaining a strong risk management framework. The guardrails we’ve implemented help mitigate potential risks, and the use of Devin enhances our processes by reducing risk thanks to standardization and automation of software development processes.

When we first started on our generative A.I. journey at Goldman Sachs, we developed the GS AI Platform as a way to safely and securely leverage popular LLMs while incorporating our own data. By developing the platform in this way, we are well placed to build internal applications that have the potential to leverage agentic A.I. responsibly over time. A few months ago, we began collaborating with leading coding agent company Cognition Labs and have begun piloting the usage of Devin, an autonomous generative A.I. agent designed to help transform the way software is developed and maintained. Devin is now being tested in our systems in a controlled environment under the management of our engineers.

As a firm, we prioritize safety and security and believe that Devin will be able to meet our quality and control expectations while still allowing for quality and speed. We anticipate that after this initial phase and review and approval by our governance framework, we will roll out the use of this A.I. tool for specific use cases at the firm. We are looking at targeted use cases to reduce developer toil on repetitive tasks such as upgrading dependencies or migrating code from one language to another. We see agentic tools as a potential force multiplier for our people, presenting an opportunity to improve on speed and scale of our development capabilities while also improving the developer experience.

Regarding Goldman Sachs’ A.I. adoption across trading and advisory, where has A.I.’s impact been most dramatic internally?

Built on top of the GS AI Platform, the GS AI Assistant was recently scaled to all employees at the firm. The GS AI Assistant is an internal natural language conversational application that enables end users to access firm-approved Large Language Models (LLMs) in a safe and secure way using the GS AI Platform; the application is designed to enhance efficiency and increase the productivity of knowledge workers within the firm. Bankers, traders, asset managers and wealth managers at Goldman Sachs have been leveraging the GS AI Assistant. This tool puts the knowledge from a variety of different sources at the fingertips of our people—reasoned, summarized and connected to our data sources.

We also have a tool we call Banker Copilot for some of our investment bankers that is currently not scaled, but is being leveraged by a select group who are optimizing it before it can be deployed more broadly. It helps compile relevant research and provides our bankers with a conversational interface. Beyond this we have a variety of tools in various stages of evaluation and development for different pockets of our business.

How do you innovate when regulators are still figuring out the rules?

Safe and responsible A.I. is absolutely a priority for Goldman Sachs. We take a two-pronged approach to unlocking generative A.I. at Goldman Sachs through a combination of the platform we have built, the GS AI Platform, and our partnerships with leading technology companies. We execute on this through a multi-partner approach, looking strategically at different partners and relationships. We are leveraging our GS AI Platform across use cases within the firm to accelerate A.I. experimentation and deployment in a safe and secure manner. We created a series of tenets to guide our work with our platform:

• Enable safe and compliant A.I.: The GS AI Platform enables developer access to LLMs with both our “wrapped” shield of guardrails as well as embedded controls and security. These guardrails and controls are at the core of how our use cases are developed internally.
• Be model independent: Taking into consideration the best characteristics of each model, we allow users to choose different models depending on what model may be suited for their intended purposes.
• Maximize accuracy: By connecting to our original data sources and making our data accessible and understandable by the A.I., we have the option to fine-tune the model with our own internal data in a safe and compliant manner that seeks to eliminate hallucinations and bias, and protect information, among other concerns.
• Accelerate development by abstracting away complexity and reducing heavy lifting: Our platform allows for applications to be built ‘over the top,’ thus achieving a high level of standardization, faster testing and release cycles, easy access to data sources and built-in safety and compliance. Developers don’t have to start from scratch with every application, and as a result, the speed at which developers are building generative A.I. applications has shortened significantly.

The goal of this platform is to be the central engine of accelerating A.I. experimentation and adoption at the firm in a tangible, safe, responsible and compliant manner.

Through the GS AI Platform we are developing tools and GenAI enabled apps across our businesses with robust content safety, security and confidentiality guardrails.

You’re leading 12,000+ engineers toward a ‘hybrid workforce of humans and A.I. agents’ where productivity could triple or quadruple. How do you prepare managers to supervise A.I. agents alongside human employees?

Not only managers but also those who used to be individual contributors will have to develop three managerial skills at a minimum: the ability to describe, delegate and supervise.

The latter being the most critical—because giving agency to an A.I. without understanding what the A.I. produces, and not being able to critique and correct, is a recipe for failure. The shift to agentic A.I. makes early-career workers more critical than ever as they have grown up alongside generative A.I. Across the workforce we intend to invest in our talent to ensure human adoption keeps pace with the technological innovation.

Your developer copilot achieved 20 percent efficiency gains, and now every Goldman employee has access to the GS A.I. Assistant. What’s the internal resistance been like, and how do you measure ROI on firm-wide A.I. deployment?

The response internally has been excitement, not resistance. Adoption and usage are key metrics in the early stages. With the GS AI Assistant, for example, we are already seeing over one million prompts per month.