(Bloomberg) -- Twenty minutes after the doors opened to VIPs for the first day of Art Basel Miami Beach on Wednesday morning, the collector Komal Shah had already purchased a painting by Vivien Zhang. Standing with Zhang’s dealer, Pilar Corrias, Shah noted it would be only her first purchase of the day. She’d been sent previews by other galleries, and “I have some things I’m very attached to already.”
As hordes of collectors seeped through security into the fair’s aisles throughout the day, it seemed a similarly acquisitive sentiment—not seen in the art market for almost two years—was back. “People sat on the sidelines for 18 months,” said the adviser Candace Worth. “They watched their stock portfolio go up, they’ve got some cash. They’re ready to buy.” (Public days are Dec. 6–8.)
Guaranteed Comeback
A market recovery was inevitable, participants say, because for a certain segment of the very wealthy, buying art isn’t just about acquiring things to put on your wall—it’s also a lifestyle, one that’s hard to quit. “In its simplest terms, the art world and the art market is as commercial as it is social as it is intellectual,” said Art Basel Chief Executive Officer Noah Horowitz, speaking on opening day.
A few minutes later, Sarah Arison, the Museum of Modern Art’s board president, seemed to echo that view. “I don’t love fairs, but what I love about fairs is that you get to see everybody and connect with everybody from all around the world,” she said, adding that cities’ art worlds tend to put their best foot forward whenever a fair is on. “Yes, there might be a fair, but also you’re going to see the best work from the galleries, from cultural institutions.” (Not coincidentally, the entire art world ecosystem relies heavily on these gatherings, too.)
“People love doing this,” said the dealer David Hoyland of London-based gallery Seventeen, standing in front of his booth in the hypercontemporary NADA art fair, which opened to VIPs on Tuesday and runs through Dec. 7. “And so your desire to have fun, and to be engaged in something cultural and have meaning as a collector [overrides] your fear about what’s happening in the world.”
Lots of Abstraction
Not for nothing, it appeared the majority of works on offer at Art Basel this year were studiously apolitical—a sea of lovely abstract paintings that extended across the fair’s 286 galleries. “Of course people are going to play a little bit safe,” said Worth, the adviser. “They pay a lot of money for these booths, they’ve got a lot of staff, and they’re here to sell art. So, you know, that’s no mystery.”
More broadly, art at the fair was notable for its diffusion thematically, culturally and aesthetically. Collectors had definitely returned, but not for any one thing in particular. “Every several years there’s a group of artists that feel like they’re the most interesting and the art market is most excited about,” said Matthew Newton, an art advisory specialist at UBS Group AG. “On the whole, I don’t think there’s any one really clear driving narrative about which art people quote-unquote should buy.”
And yet there was a raft of solid sales. Several of the mega-galleries reported multiple million-dollar transactions, including $4.75 million paid for a work by David Hammons at Hauser & Wirth, $3.5 million for a painting by Yayoi Kusama at David Zwirner and €2.5 million (about $2.6 million) for a piece by Georg Baselitz at Thaddaeus Ropac. Lisson Gallery reported selling at least 15 pieces, including an $850,000 painting by Lee Ufan; Lehmann Maupin said it sold eight works, among which was a painting by Calida Rawles, who currently has a solo show at Pérez Art Museum Miami.
While this is notably better than last year’s edition, where sales—when they happened—came in slowly over the course of the fair, the temperature was still cooler than a few years ago, when there were seemingly four buyers for every painting, and people rushed to buy in the fair’s opening minutes.
Several dealers this year weren’t willing to let themselves get too enthusiastic.
“Until people pay, it’s not called a sale,” said the dealer Pearl Lam halfway through the first day, dismissing some of the jubilant sales reports soon to be sent out by her peers. “A lot of people say they’re interested,” she continued, “but money that pays into your account? That’s a sale. And so far, I have not had money reach my account.”
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