Miami’s Design District was abuzz with activity at Art Basel Miami, as dealers reported a noticeable shift in mood and uptick in sales compared to other subdued fairs. David Zwirner partner Greg Lulay noted a “distinctive upbeat energy” in the air, while Hauser & Wirth president Marc Payot described the atmosphere as “buoyant and fully engaged.” The fair saw significant sales from mid-sized galleries, with New York’s Lisson gallery reporting $4.5 million in collective sales and Sprüth Magers generating $1.5 million.
Mid-century works were also receiving renewed attention in Miami, with many dealers reporting an uptick in new buyers seeking these pieces. Andrew Schoelkopf of the eponymous New York gallery noted that new collectors from South Korea had been particularly enthusiastic about 20th-century American art. Welancora’s Ivy Jones reported a promising start to the fair, with $60,000 in sales on opening day.
However, some dealers expressed caution after prices for contemporary artists took a minor correction, and values for younger and emerging artists dropped significantly over the past year. Michele Quinn, a Nevada-based art advisor, noted that while there had been a correction, it was not comparable to the widespread 20-30% drop seen in 2008.
As the fair continued into its second day, dealers reported steady interest from collectors seeking works by established and emerging artists alike. The energy at Art Basel Miami seemed to be back on track, with many dealers optimistic about the week ahead.
Source: https://www.artnews.com/art-news/news/gallerists-and-collectors-art-basel-miami-beach-energy-back-1234726119