Realigning Art Market Dynamics: Art Basel 2023
Art Basel 2023 offered a glimpse into the current state of the art market, offering valuable insights for discerning art collectors.
Art Basel’s return to Basel signaled a gentler realignment of the art market, which had previously become overheated. Galleries reported strong sales, showcasing a diverse range of artworks. Standout successes included landmark works by Louise Bourgeois, Jack Whitten, George Condo, Mark Bradford, and Barbara Chase-Riboud, with several fetching seven-figure prices.
Installation view of Bernier : Eliades’s booth at Art Basel in Basel, 2023. Courtesy of Art Basel.
Gerhard Richter, installation view of STRIP-TOWER, 2023, in David Zwirner’s presentation at Art Basel Unlimited in Basel, 2023. Courtesy of Art Basel.
Noah Horowitz, Art Basel’s global chief executive, noted an “exceptional energy” at the fair, although business conditions were described as “slightly tough.” Despite these challenges, confirmed sales exceeded $245 million, with leading galleries accounting for a significant portion of that total. Galleries such as Hauser & Wirth and Gagosian reported substantial sales, reflecting the continued interest and engagement of collectors.
Established artists like Picasso, Richter, Basquiat, Calder, and Bourgeois remained prominent at the fair, although some works took longer to sell. There is often a preference for more established artists during conservative times.
The primary market showed promise, with collectors displaying a keen interest in acquiring art by emerging and re-emerging talents. Younger artists from established galleries continued to command robust waitlists, indicating a sustained demand for their work. Artworks consigned directly from artists’ studios remained strong across the board, providing collectors with diverse options from renowned artists.
Louise Bourgeois, installation view in Hauser & Wirth’s booth at Art Basel in Basel, 2023. Courtesy of Art Basel.
Installation view of Pace Gallery booth at Art Basel in Basel 2023
Robert Ryman Untitled, 1998David Zwirner
Bridget Riley Intervals 18, 2022 David Zwirner
Georg Baselitz, Spekulatius, 1965. Courtesy of Thaddaeus Ropac.
Daniel Richter Doc Doctopus, 2023 Thaddaeus Ropac
Jennifer Guidi Interaction of Light and Dark (Black Sand with Colored Sand, Colored Rocks, Black Ground), 2023 David Kordansky Gallery
Joel Mesler Untitled (Burn It Down), 2023 David Kordansky Gallery
The art market is a dynamic and ever-evolving landscape. As discerning art collectors, staying informed about market trends can help shape your collecting strategies and enhance your art acquisition journey. If you have any questions or wish to explore further, feel free to reach out to us.
International Art Acquisitions is here to assist you in navigating the art world and finding exceptional pieces for your collection.
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