[analyse_image type=”featured” src=”https:\/\/www.artnews.com\/wp-content\/uploads\/2022\/11\/GettyImages-1240402072.jpg?w=1024″]<\/p>\n
\n\tKenneth C. Griffin, the billionaire hedge fund founder and one of the world\u2019s most prominent art collectors, warned Tuesday that the global economy faces a recession if the Strait of Hormuz remains closed through the end of this year.<\/p>\n
\n\t\u201cLet\u2019s assume it\u2019s shut down for the next six to 12 months,\u201d Griffin said at the Semafor World Economy summit in Washington, D.C. \u201cThe world\u2019s going to end up in a recession. There\u2019s no way to avoid that.\u201d<\/p>\n
\n\tGriffin, the CEO of Citadel, said that closure of the Strait, a daily passageway for roughly 20 percent of global oil consumption, has created energy shocks that have already raised the risk of a downturn. He added that a prolonged closure would force central bankers into difficult decisions over whether to treat inflationary spikes as transitory or to raise rates in order to combat inflation. He called the current moment \u201cvery, very treacherous\u201d for the global economy.<\/p>\n
\n\tThe remarks carry particular weight in the art world, where Griffin is among the most active and deep-pocketed buyers globally. He famously paid $300 million for a Willem de Kooning painting and $200 million for Jean-Michel Basquiat\u2019s Untitled<\/em>\u00a0(1982)\u2014both in private sales. (That painting set Basquiat\u2019s auction record at $110.5 million when it sold at Sotheby\u2019s New York in 2017.) In June, the P\u00e9rez Art Museum Miami\u00a0will present an exhibition of Basquiat paintings owned by Griffin, including Untitled<\/em>. Griffin\u2019s collection also includes major works by Paul C\u00e9zanne, Jasper Johns, Jackson Pollock, and Njideka Akunyili Crosby. <\/p>\n \n\tGriffin is also one of the most active arts patrons, having donated $40 million to the Museum of Modern Art in New York, $10 million to the Museum of Contemporary Art, Chicago, $25 million to the Shed in New York, and $125 million to Chicago\u2019s Museum of Science and Industry, which has since changed its name to the Griffin Museum following the donation.<\/p>\n \n\tWhile the art market clawed its way back to modest growth last year\u2014due in large part to several trophy sales in the fall marquee auctions\u2014the recovery has been tenuous at best. The first half of 2025, however, was marked by lowered sales and collector pullback at the auction houses and galleries, with several prominent galleries closing. The soft market, following a two-year slide in art sales, was largely attributed to fatigue over geopolitical conflicts in Ukraine and Israel, and fears over a recession driven by the Trump Administration\u2019s chaotic tariff implementation and ongoing global trade war.<\/p>\n \n\tAny hopes that 2026 would provide stabilization, either economically or geopolitically, were dashed with US attack on Venezuela to abduct President Nicol\u00e1s Maduro on January 3 and, eight weeks later, the launching of the current war with Iran. As a result of the war, Iran has closed the Strait, which has spiked oil prices and sent shockwaves through financial markets. If such economic shocks continue, it seems likely that collectors may again reduce their spending on art.<\/p>\n<\/div>\n<\/div>\n [analyse_source url=”https:\/\/www.artnews.com\/art-news\/news\/ken-griffin-global-recession-iran-strait-of-hormuz-1234781281\/”]<\/p>\n","protected":false},"excerpt":{"rendered":" [analyse_image type=”featured” src=”https:\/\/www.artnews.com\/wp-content\/uploads\/2022\/11\/GettyImages-1240402072.jpg?w=1024″] Kenneth C. Griffin, the billionaire hedge fund founder and one of the world\u2019s most prominent art collectors, warned Tuesday that the global economy faces a recession if the Strait of Hormuz remains closed through the end of this year. \u201cLet\u2019s assume it\u2019s shut down for the next six to 12 months,\u201d Griffin […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[61,226],"class_list":["post-1883975","post","type-post","status-publish","format-standard","hentry","category-politics","tag-artnews-com","tag-crawlmanager"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/1883975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1883975"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/1883975\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1883975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1883975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1883975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}