It’s no secret that many institutions across Canada have recently established acquisition holds due to financial constraints, limited storage, and/or shifting curatorial priorities. At the same time, many major galleries in Canada have continued to expand their collections at an unprecedented pace, raising questions about the growing disparity between institutions with significant donor support and those that must navigate more restrictive budgets. The impact on the art market is twofold: while high-profile acquisitions and donations elevate the profiles of certain artists, institutions with limited acquisition capacity risk reduced influence over market trends, potentially leaving gaps in the representation of emerging or underrepresented artists.
Looking ahead to 2025 through the acquisitions and donations of 2024, the divide in collection strategies may deepen. Large institutions with robust endowments will likely continue acquiring works, reinforcing their positions as a key market influence. Meanwhile, smaller galleries may turn to alternative strategies such as joint acquisitions, temporary loans, or rotating exhibitions rather than expanding their permanent collections. If this trend continues, we may see a concentration of high-value works in a handful of institutions, while smaller galleries focus more on curatorial experimentation and community engagement rather than shaping the market through acquisitions.
Let’s look at some of the major acquisitions that took place in 2024.
The Vancouver Art Gallery announced in August 2024 that it would expand its permanent collection with the acquisition of over 300 works from both local and international artists, including Beau Dick, Geoffrey Farmer, Gabrielle L’Hirondelle Hill, Paul Wong, Deanna Bowen, and Caroline Monnet. The construction of the VAG’s new building—despite delays resulting from cut ties with the architectural firm it partnered with—has created an opportunity for significant collection growth based on capacity. A market response to these acquisitions, which signal an institutional confidence in these artists, may be increased collector interest, particularly for contemporary Indigenous work. Market valuations for artists like Bowen and Monnet might see increased demand as a result of their inclusion in not just a high-profile institutional collection, but also an acquisition event of such gravity.
The VAG’s acquisition program continues with the January 2025 announcement of a promised gift of 122 artworks from Vancouver-based collectors Brigitte and Henning Freybe, featuring internationally renowned artists such as Christian Boltanski, Tacita Dean, and Wolfgang Tillmans, alongside Canadian figures like Stan Douglas, Rodney Graham, Brian Jungen, Kathy Slade, and Jeff Wall. Donations of this scale often validate an artist’s market status, while reinforcing the importance of the donor’s collecting vision. What a boon for these artists!
Similarly to the VAG, the Glenbow Museum in Calgary is undergoing a major physical transformation. A $1 million donation from the Fischer-Cuthbertson family will fund four commissioned art installations as part of the Glenbow Reimagined campaign, while a $35 million gift from JR Shaw will allow the museum to permanently offer free admission. These developments not only expand public access to art but also alter the economic landscape for local artists. By commissioning new works, Glenbow directly injects funds into the market, potentially driving up demand for regional artists. Additionally, free admission may encourage a broader audience, which, in turn, could nurture a new generation of collectors.
Philanthropic donations of both cash and artwork remain a cornerstone of museum growth. The Montreal Museum of Fine Arts received just this month bequests from art historians Janet M. Brooke and Bruce Hugh Russell, creating endowment funds that will support the expansion of the MMFA’s permanent collection. These endowments provide financial stability, allowing institutions like the MMFA to make deliberate, long-term acquisitions rather than reacting to immediate market fluctuations.
For institutions with more limited space and financial resources, alternative acquisition models have taken centre stage. In May 2024, the Art Gallery of Nova Scotia and the National Gallery of Canada jointly acquired Moving Off the Land II by New York and Cape Breton-based artist Joan Jonas. This partnership, supported by the Sobey Foundation and philanthropist Michael Nesbitt’s patronage of the NGC’s National Engagement initiative, reflects an emerging trend of shared ownership as a way to maximize resources while still securing high-value works.
Amid concerns over acquisition holds, deaccessioning has become an increasingly strategic tool for collection management. In October 2024, Cowley Abbott and the Winnipeg Art Gallery-Qaumajuq announced the sale of 19 artworks to benefit The Legacy Fund at The Winnipeg Foundation. The goal was to diversify the collection by acquiring contemporary Canadian artworks. This move illustrates a significant shift in institutional priorities—where historical holdings, such as Group of Seven paintings, are reintroduced into the private market, while contemporary works take priority place in institutional collecting. The impact on the market is immediate: works by historical Canadian artists may see increased availability (and possibly volatility) in pricing, while a heightened focus on contemporary art could drive up demand and valuations for emerging Canadian artists.
And, speaking of emerging artists, what of the National Gallery of Canada’s big display of “building a collection in real time” at Art Toronto in October? The initiative, which saw the NGC making acquisitions directly from the fair, highlighted the institution’s commitment to supporting contemporary Canadian artists while responding dynamically to the market. By selecting works on-site, the NGC not only reinforced its role as a major buyer but also influenced collector interest and market valuations for emerging artists. This kind of high-profile institutional participation can create a ripple effect, boosting the visibility of selected artists and potentially increasing demand for their work in both primary and secondary markets. It also raises questions about how museums balance curatorial vision with market-driven trends and whether real-time acquisitions will become a more common strategy for public institutions looking to stay relevant in an increasingly fast-paced art economy.
The significant influx of artworks into Canada’s major institutions underscores the growing role of philanthropy and private collectors in shaping public collections. As major institutions expand, the market benefits from increased visibility for both emerging and established artists. However, the uneven distribution of acquisition power witnessed in 2024 may result in a narrower set of institutions influencing long-term market trends, particularly in terms of which artists gain institutional recognition.
At the same time, space limitations and financial constraints are pushing many institutions toward innovative acquisition models. The rise of joint acquisitions, strategic deaccessioning, and endowment-driven purchasing may become more prevalent as museums balance expansion with sustainability. For collectors, appraisers, and dealers, these shifts will shape the valuation and desirability of both historical and contemporary works, reinforcing the critical role of institutions in defining Canada’s public art heritage.