This week's Art Basel, a contemporary art fair in Switzerland, saw record-breaking sales. Nevertheless, some experts argue that these figures hide a dissimilar evolution of the art market, which is still in the "trough of the wave."
Runs through Sunday in Basel, the fair began on a shaky tone this year following a 2023 fall in the art market that was tempered by interest rates, macroeconomic uncertainty, and geopolitical tensions.
Even on collectors' days, eight-figure sales were accomplished by large galleries. A painting by American artist Joan Mitchell titled Sunflowers sold for 20 million dollars (about 18.7 million euros) on Tuesday at the David Zwirner gallery.
An oil on canvas by Philip Guston brought in $10 million, a picture by Georgia O'Keeffe brought in $13.5 million, and an artwork by Arshile Gorky in charcoal and pastel went for $16 million at the Zurich gallery Hauser & Wirth.
"The fair was excellent," one person told AFP. Executive director and partner James Koch of this Zurich gallery, which exhibited contemporary artists including Amy Sherald, who gained widespread recognition for her portrait of Michelle Obama, as well as well-known figures from the 20th century.
According to him, the market has "lost a bit of its speculative aspect" and the expo provided an opportunity to meet "serious collectors" who purchase items "for the long term". Which is fantastic because art is once again the topic of discussion.
Hans Laenen, an art market specialist at insurer AXA XL for Europe and Asia-Pacific, clarifies that these significant transactions are "not representative of the entire fair".
He told AFP that "every year there is a very clear trend that emerges from the fair." However, he acknowledges that "this year, it is more difficult to say" because of the hazier overall consensus.
He notes that although "some gallery owners seem to say that the market is a little more difficult," "there are always quite significant transactions." He concludes that overall, the market appears "fairly stable," "without deterioration or improvement."
The market is currently moving quite slowly. In an interview with AFP, Julie Hugues, head of the art market at the insurance Hiscox in France, said, "Just like in real estate, buyers are waiting, postponing investments until later."
"The tendency is to turn towards safe haven values, like gold or art, in an unstable economic situation like today," she interprets, but not toward "contemporary art which is subject to strong fluctuations," but rather toward "safe values," like "ancient or modern art."
But in the so-called "accessible" price ranges, "from 50,000 euros," she spots "good deals," which offer a starting point for "looking at young emerging artists" by highlighting those that "the big galleries entered into their catalog."
A research conducted in 2023 by the arts economics firm and UBS bank found that the art market shrank by 4% to approximately $65 billion as collectors were more frugal about making big purchases or offering pricey pieces for sale. However, this data indicates that the pricing sectors with lower prices continued to be dynamic.
According to Thomas Uetwiller, an art insurance underwriter at Baloise, a partner of the fair, "it's an opportunity for young artists."
Every year, this Swiss insurance business grants a prize that allows young artists to work in prominent museums. This year's recipients were the artists Tiffany Sia from Hong Kong and Ahmed Umar, a Norwegian-Sudanese hybrid.
Considering the caliber of the pieces on display, Mr. Uetwiller remarks, "Art Basel is a unique event."
He asserts, "This is just the tip of the iceberg of the art market," noting that it is challenging to make generalizations about the sector.
seen in Orange Actualite in France © www.vwart.com
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