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When Art Basel last stormed Miami’s beaches in December 2019, everyone could talk about a certain banana hanging from the walls of Perrotin’s booth. Meanwhile, we were busy reporting a growing number of exhibitors refusing to pay their bills for the Hong Kong iteration of the fair for fear that it would end up being canceled due to reports of a mysterious virus emerging from Wuhan, China. (Spoiler alert: they were right.)
Oh, what a difference two years makes.
There is a change in the air and anyone who was at Art Basel in the First Choice Miami Beach premiere yesterday must have felt it. Although Larry himself has made the trip and happy collectors can be seen at his gallery booth for the first time in two years, and while Leo has been spotted wandering the aisles in With its standard Basel uniform of sunglasses, a hoodie and a baseball cap, the art world is barely returning to its pre-pandemic normal.
Yes, it was Steve Wynn decked out in all the Florida pink admiring the works on the Acquavella booth. And yes, established collectors such as Maria Arena Bell, Rubells, Peter Brants, Mugrabis, Aby Rosen and even Martha Stewart, all showed up on opening day. In fact, even mega-collector Bernard Arnault (who made it to Miami at the last minute with the entire Arnault clan to attend the Louis Vuitton Menswear show following the tragic death of Virgil Abloh on Sunday) took the time to s’ stop at the convention center, which according to a knowledgeable insider we spoke to was the first time the French billionaire has attended an Art Basel fair in person. A shocking little fact, we know.
But despite patronizing the above, it would be hard to deny the feeling that yesterday’s preview seemed to feature a lot more new and unfamiliar faces than in the past. Part of this was intentional, with fair organizers relaxing long-held criteria required to exhibit, such as the need to maintain physical gallery space year-round, in order to diversify the fair’s DNA and get things moving. things for the best. And it was also at least in part thanks to the fair’s new scheduled entry system that kept attendance from skyrocketing to unsustainable and risky levels for COVID; as well as the continuing difficulty for collectors based in Europe and Asia to travel to the United States
But whatever the exact factors at play, the result was clear: The new school of collectors who have dominated the market in recent times, the cohort propelling names like,,, and to the forefront of collective market consciousness, was far more numerous than the known collectors of past generations, who in many ways helped to grow the art market to the heights it is today. And these Young Turks did more than just have fun and kiss on Ruinart flutes (in that regard at least, the art world has apparently returned to normal), they were actively buying. And they bought a lot.
Our full sales report will be released later this week, but as expected on the heels of this season’s successful New York auctions, galleries reported an increase in sales on the opening day of the fair. Victoria Miro had pre-sold Yukhnovich’s 2021 painting Bomb for £ 150,000 plus six tiny 8 x 5-inch works on paper by the London-based artist for £ 15,000 each. ‘s work in pastel and charcoal on paper It’s nothing (2021) sold for $ 250,000 at the Jack Shainman Gallery booth while Blum & Poe sold ‘s motorized My fault your fault work for $ 80,000.
Pace placed a work of 2007 Landscape (Tree) III with a client for around $ 1 million and sold an untitled 2021 painting by the Brazilian artist, which the gallery added to its list last year, for $ 100,000 to an unnamed institution. Kasmin sold ‘s 1985 painting Silent transformations 1985 for $ 300,000, a few months after the gallery announced the representation of the estate. And Lisson Gallery has sold two sculptures by (whose solo exhibition of new works opened at ICA Miami this week) for $ 75,000 and $ 32,000, respectively.
Work on the higher end of the price bracket also continued to meet increasing demand. David Zwirner sold a $ 1953 painting for over $ 7 million. Edward Tyler Nahem Fine Art placed a 1962 painting with a client for an asking price of $ 2.5 million. A painting sold for $ 1.75 million on ‘s stand. And Mnuchin reported a string of high-priced sales, including that of Basquiat Batman a work on paper for $ 2.5 million, a painting for $ 1 million, a 1978 painting for $ 650,000 and a 1986 painting for $ 775,000. And in the sprawling Hauser & Wirth stand, a new painting, Get out of my mind, sold for around $ 1.4 million, making an untitled 1940 painting the most expensive work the mega-gallery has sold so far at this year’s fair.
Perhaps the best illustration of how far this new class of collectors has come to be fully embraced by the established and first-rate art world, The Canvas can exclusively reveal that the buyer of Condo paint at Hauser & Wirth was not a low-key longtime client of the gallery who has attended Art Basel fairs for decades and has slowly but steadily built up his collection over time, but rather was Miami-based collector John Marquez whom we are incredibly happy to announce that it is featured in our second annual “Collectors Issue” released this Sunday. Surprise! (Be on the lookout for other names announced throughout the week and subscribe here if not not already done.)
A director of the ICA in Miami, Marquez made his debut in the art world buying and working around 10 years ago before turning to emerging contemporary artists around 2016. Since then he has built up a impressive collection of over 500 works by some of the most prominent artists in today’s market. —Names like Smith, Nava,,,,, and, to name a few. He proudly posts photos of the works in his collection on his Instagram profile, which has more than 10,000 subscribers. And following in the footsteps of esteemed Miami-based collectors like the Rubells, the Margulies family and the de la Cruz family, he plans to open his collection to the public in a converted warehouse in Allapattah slated to open through Art Basel. in Miami Beach 2022.
Marquez is a figurehead in Miami’s booming collectibles scene, many of whom gathered last night at the ICA in the Design District to toast the store-sized Fadojutimi institution openings. , Hayden, and performances at a boozy party co-hosted by Magazine W. Karlie Kloss, Derek Blasberg, Bill Powers and Christie’s Los Angeles Vice President Alex Marshall were just a few of the many wealthy guests in attendance throughout the evening. And it is clear that the museum – and the community of collectors that has built up around it in recent years – certainly has something to celebrate this week, with Alex Gartenfeld, 34, artistic director of the ICA, helping to orchestrate seven acquisitions. for the Museum of Galleries exhibiting in Miami this week, including works by Johnson and Hauser & Wirth, a piece from LA’s Divers Small Fires and a piece from Castle Shatto.
Ultimately, as long as they follow in the footsteps of the giant collectors of previous generations and resist the urge to sell works from their collections too early – a temptation that is increasingly difficult to resist given current prices – then this new generation of collectors could very well come to an end. dictate the tastes and direction of the art market for many years to come.