Art Basel, the contemporary art fair taking place this week in Switzerland, was once again marked by very large sales which, however, mask a disparate evolution of the art market, still in the “trough of the wave “, according to some experts.
The fair – which runs until Sunday in Basel – opened this year on an uncertain note after a decline in the art market in 2023, cooled by interest rates, macroeconomic uncertainties and geopolitical tensions.
During days reserved for collectors, large galleries nevertheless achieved eight-figure sales. On Tuesday, the David Zwirner gallery found a buyer for a painting by the American artist Joan Mitchell, entitled Sunflowers, for 20 million dollars (nearly 18.7 million euros).
The Zurich gallery Hauser & Wirth sold a charcoal and pastel work by Arshile Gorky for $16 million, a painting by Georgia O’Keeffe for $13.5 million and an oil on canvas by Philip Guston for $10 million. dollars.
“The fair was very good,” reacted to AFP James Koch, executive director and partner of this Zurich gallery, which presented both major 20th century signatures and recent artists, including Amy Sherald, who became known to the general public through his portrait of Michelle Obama.
The fair was an opportunity to meet “serious collectors”, who buy “for the long term”, the market having “lost a little of its speculative aspect”, he notes. “Which is great because the conversation is focusing on art again.”
These large transactions are, however, “not representative of the entire fair”, specifies Hans Laenen, art market specialist at insurer AXA XL for Europe and Asia-Pacific.
“In some years there is a very clear trend that emerges from the fair,” he told AFP. But “this year, it is more difficult to say,” he admits, the general impression being more vague this time.
“There are always quite significant transactions” but “certain gallery owners seem to say that the market is a little more difficult,” he observes. Overall, the market seems “fairly stable”, “without deterioration or improvement”, he considers.
– Postponement of investments –
“For the moment, the market is at the trough of the wave. As in real estate, buyers are waiting, postponing investments until later,” noted Julie Hugues, head of the art market at the insurer Hiscox in France, during an interview with AFP.
“In an unstable economic situation like today, the tendency is to turn towards safe haven values, like gold or art”, but rather towards “safe values”, like “ancient or modern art” than towards “contemporary art which is subject to strong fluctuations”, she deciphers.
However, she notes “good deals” in the so-called “accessible” price segments, “from 50,000 euros”, which provides an entry point for “looking at young emerging artists” by identifying those that “the big galleries entered into their catalog”.
According to a study by the UBS bank and the Arts Economics firm, the art market fell by 4% in 2023, to around $65 billion, with collectors being more cautious before spending large sums or to put expensive parts on sale. The affordable price segments, however, remained dynamic, according to this report.
“It’s an opportunity for young artists,” said Thomas Uetwiller, art insurance underwriter at Baloise, one of the fair’s partners.
This Swiss insurance group awards a prize every year which opens the doors of major museums to young artists, this year rewarding the Hong Kong artist Tiffany Sia and the Sudanese-Norwegian artist Ahmed Umar.
“Art Basel is a unique event,” recalls Mr. Uetwiller, given the quality of the works presented there.
“This is the tip of the iceberg of the art market,” he says, believing that it is difficult to draw conclusions for the market as a whole.
