Art Basel fair breathes life back into moribund market

The First Art Newspaper on the Net    Established in 1996 Thursday, March 28, 2024


Art Basel fair breathes life back into moribund market
Art Basel in Basel 2021 © Art Basel.

by Nathalie Olof-Ors



BASEL.- Art Basel, the world's top contemporary art fair, has returned to the Swiss city after a year's gap due to Covid-19 curbs, drawing hordes of wealthy buyers and breathing life into a market devastated by the pandemic.

Despite the near-total absence of US collectors -- a key client base for artists and galleries -- big-money buyers were back from Tuesday to preview the works before the event opens to the public for three days from Friday.

After last year's cancellation, some 272 galleries from 33 countries returned to showcase both emerging artists and major contemporary art figures such as David Hockney, Frank Bowling and Olafur Eliasson.

Exhibitors were impatiently awaiting Art Basel's return, but at the end of August, the United States advised against travel to Switzerland, raising fears that the pandemic would spoil the comeback.

Tension and excitement

"We had an environment which was suddenly very tense," Art Basel's global director Marc Spiegler told AFP.

But he said the fair had tried to remove all traces of the pandemic inside the halls so that visitors "could focus on the artists".

But once the doors opened, he said the atmosphere inside was "buoyant".

"People are excited to see each other again... to see great art in front of them, and not through a screen," he said.

After Tuesday's opening day, several large galleries were already lining up their first seven-figure sales -- $6.5 million for an oil on canvas work by Philip Guston at the Hauser and Wirth gallery; $5-5.5 million for a Keith Haring painting at Gladstone, and $3 million for a Dan Flavin installation at David Zwirner.

"The fair is going extremely well, exceeding all expectations," Emmanuel Perrotin, the founder of France's Galerie Perrotin, told AFP.

Amid booming interest from European collectors, three quarters of the works on show had already been sold by mid-afternoon, he said.




The Austrian gallery Thaddaeus Ropac had sold the three large pieces in its monumental works section, including a huge sculpture by Valie Export representing intertwined scissors.

Barometer for the market

In 2020, the art market fell by 22 percent to $50.1 billion, according to a study by art market specialist Clare McAndrew.

Art galleries were particularly hard hit by the cancellations of major art fairs that contributed around 43 percent of their 2019 sales.

The boom in online sales and drastic spending cuts have allowed them to stay afloat, but many admit that this model is unsustainable in the long run.

"Online sales helped galleries to continue to work with existing clients during the pandemic," McAndrew told AFP.

However, "art fairs are essential to meet new clients", she explained.

The pandemic recovery has tended to favour large galleries over smaller ones with less financial leeway to cope with the shock, said Julie Hughes, head of the art market at the insurer Hiscox.

"We are not seeing any bankruptcies yet," she said, underlining that the survival of the smallest galleries often depended on big art fairs where they can generate "30 percent, 50 percent, or even more of their annual turnover" within just a few days.

Hans Laenen, head of the art market for Europe at Axa Art, expects a resumption of purchases.

"It will be very interesting to see where the sales are at the end of the fair," he said, adding that Art Basel will act as a barometer for trends in the art market.


© Agence France-Presse










Today's News

September 24, 2021

Jasper Johns: Divide and conquer

Island-hopping: Genetics reveal how humans settled remote Pacific

National Cathedral chooses artist to replace windows honoring Confederates

Art Basel fair breathes life back into moribund market

Hindman Auctions' Native American Art Auction realizes over $1 million

The Musée de l'Elysée in Lausanne adopts a new identity: Photo Elysée

In Rashid Johnson's mosaics, broken lives pieced together

MacDougall's announces "École de Paris and Russian Artists in France" sale

The Hepworth Wakefield acquires masterpiece White Relief by Ben Nicholson

Phillips announces highlights from the premiere Photographs Auction at new 432 Park Avenue headquarters

Melvin Van Peebles, champion of new Black cinema, dies at 89

New director for Mass MoCA

Wartime 1937 Mystery Bentley is for sale with H&H Classics

At the 'Human Library', everyone is an open book

AstaGuru's upcoming sale features over 85 leading artists and 120 impressive lots

Dia Art Foundation announces appointment of Jordan Carter as curator

The Micheal Gietzelt Collection of British and Irish Coins sells for £563,000 at Dix Noonan Webb

'Historic night' as Somalia screens first film in 30 years

Carmen Balthrop, soprano known for Joplin opera role, dies at 73

US filmmaker Gus Van Sant sets Andy Warhol's early life to music

Notre-Dame rebuild donations reach 840 mn euros: official

Miller & Miller's Firearms, Sporting & Canadiana auction is slated for Oct. 9

Maureen Paley opens a new exhibition by Hannah Collins

Balanchine, the teacher: 'I pushed everybody'

A Black composer finally arrives at the Metropolitan Opera

The Most Beautiful Paintings Inspiring By Gambling

7 Instagram Hacks That Will Boost Your Instagram Engagement rate

Different Types Of Knives Available In A Kitchen

Frame Numbers: A Guide to Eyeglasses Fitting




Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 



Founder:
Ignacio Villarreal
(1941 - 2019)
Editor & Publisher: Jose Villarreal
Art Director: Juan José Sepúlveda Ramírez

Royalville Communications, Inc
produces:

ignaciovillarreal.org juncodelavega.com facundocabral-elfinal.org
Founder's Site. Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site
Tell a Friend
Dear User, please complete the form below in order to recommend the Artdaily newsletter to someone you know.
Please complete all fields marked *.
Sending Mail
Sending Successful