Today’s highlights: The traditional art market is facing a reckoning as 2025 comes to a close. There was a flood of gallery closures and downsizings this year, marking a period of “endings more than beginnings” as the industry searches for a more sustainable model (ARTnews ). In the publishing world, the mass-market paperback is–shockingly– about to disappear from the U.S. market following a major distributor’s decision to halt operations (Publishers Weekly ).
Institutional survival remains deeply tied to holiday ritual, particularly in the dance world. Companies are critically dependent on “The Nutcracker” to keep the lights on—with the New York City Ballet alone generating 45% of its annual ticket revenue from the production (NPR). Yet, even these traditions are becoming controversial; in Florida, officials unsuccessfully lobbied to cancel a sold-out “Drag Queen Christmas” tour stop (The Guardian), while in the West Bank, Christmas celebrations have returned to Bethlehem after a two-year hiatus caused by the war (AP).
Tech billionaire Larry Ellison has personally guaranteed $40.4 billion to back Paramount’s hostile bid for Warner Bros. Discovery (AP). Finally, we recognize the passing of Robert Nakamura, the “Godfather” of Asian-American media and founder of Visual Communications, the oldest community-based organization for AAPI filmmakers, who has died at 88 (The New York Times).
All of our stories below.
