Art Basel, 2023
Art Basel, the iconic art fair that has long been the heartbeat of the global art market, has once again opened its doors to VIPs. Described by the new CEO Noah Horowitz as the "single most important annual event in the global art market" and the "barometer of the industry," this year's fair is bustling with energy, with many saying it's the busiest in years.
The walls of the Messe Basel are adorned with multimillion-dollar paintings, and the aisles are teeming with major collectors and curators, such as Frank Cohen and Cecilia Alemani. Despite whispers of a "cooler" art market, the clientele isn't holding back from investing in their love for art.
From the early sales, the noteworthy pieces include Gerhard Richter's magnificent, oversized sculpture STRIP-TOWER (2023), which was presented by David Zwirner at Unlimited and sold for a hefty $2.5m. Another big sale was a 1996 Louise Bourgeois sculpture at Hauser & Wirth, which went for an impressive $22.5m to a US collector. Another gem sold by the same gallery was a painting by Philip Guston for $9.5m.
However, as the sun set on the preview day, several major works, including a $60m Rothko painting offered by Acquavella Galleries, a $25m Picasso from Landau, and a $14m Joan Mitchell triptych from Pace, were still seeking their new homes.
Yet, as Samanthe Rubell, the president of Pace, rightly noted, many major works tend to find their buyers on the second and third days. The galleries have intentionally kept pre-selling to a minimum, providing room for "happy accidents" and ensuring their artists' work finds its way into the most important collections.
While some might see this cooling of the market as a cause for concern, others view it as a necessary correction, creating unique opportunities to buy art. After all, the diverse patrons who visit Basel often budget specifically for the event, and they tend not to be affected by fluctuations in the stock market or interest rates.
Source: The Art Newspaper, by Kabir Jhale and Abby Shaw
Kei London Art Agency, Artist Agent, Artist Management
The walls of the Messe Basel are adorned with multimillion-dollar paintings, and the aisles are teeming with major collectors and curators, such as Frank Cohen and Cecilia Alemani. Despite whispers of a "cooler" art market, the clientele isn't holding back from investing in their love for art.
From the early sales, the noteworthy pieces include Gerhard Richter's magnificent, oversized sculpture STRIP-TOWER (2023), which was presented by David Zwirner at Unlimited and sold for a hefty $2.5m. Another big sale was a 1996 Louise Bourgeois sculpture at Hauser & Wirth, which went for an impressive $22.5m to a US collector. Another gem sold by the same gallery was a painting by Philip Guston for $9.5m.
However, as the sun set on the preview day, several major works, including a $60m Rothko painting offered by Acquavella Galleries, a $25m Picasso from Landau, and a $14m Joan Mitchell triptych from Pace, were still seeking their new homes.
Yet, as Samanthe Rubell, the president of Pace, rightly noted, many major works tend to find their buyers on the second and third days. The galleries have intentionally kept pre-selling to a minimum, providing room for "happy accidents" and ensuring their artists' work finds its way into the most important collections.
While some might see this cooling of the market as a cause for concern, others view it as a necessary correction, creating unique opportunities to buy art. After all, the diverse patrons who visit Basel often budget specifically for the event, and they tend not to be affected by fluctuations in the stock market or interest rates.
Source: The Art Newspaper, by Kabir Jhale and Abby Shaw
Kei London Art Agency, Artist Agent, Artist Management
June 18, 2023
