In this year’s Art Basel Miami, running from 7th – 10th December 2017, it was a VIP opening on Tuesday made up of 300 galleries featuring 4,000 artists. After 291 sales that day, gallerists said it was a very productive and active day. Many million-dollar paintings sold.
Galleries from North America, Latin America, Europe, Asia and Africa showed significant works from the masters of Modern and contemporary art, as well the new generation of emerging stars. Paintings, sculptures, installations, photographs, films, and editioned works were on display in the main exhibition hall. Ambitious large‐scale artworks, films and performances become part of the city’s outdoor landscape at nearby Collins Park and SoundScape Park.
Art fairs have been a driving force in the art global market, with sales hitting $13.3 billion, a 57% increase since 2010, and accounted for 41% of dealer sales in 2016, according to the 2017 Art Basel and UBS Global Art Market report. Among the galleries at Art Basel Miami Beach, which runs through Sunday, you will find, as always, a mix of blue-chip masters, rising talents, and genuine discoveries.
Art sales had picked up globally from June onwards, an artwork sold at a record price, and that was all before Art Basel Miami Beach, which experts are optimistic will help finish the year strong in sales.
It is one of the most popular art fairs, and what Miami offers is something special and something new at every event. It has a great impact on the importance of South Florida being an art center. The US led all nations in global art sales in 2016 with a dominant 40% of the market share. The United Kingdom accounted for 21% and China 20%. Together, the three had a combined 81% of estimated sales by value. Next closest was France at 7%.
The month also saw a strong prior boost for the art market when Leonardo da Vinci’s “Salvator Mundi” was sold for $450.3 million at auction, a record for any artwork sold. The price of the 500-year-old painting far surpassed the prior high when Picasso’s “Women of Algiers” in 2015 sold for $179.4 million.
All in all, art fairs as a very efficient way to do research. Because all the dealers are bringing a lot of art together at once, it’s a great place for people to find new things.The trick is not to have a strategy or a specific work in mind; we don’t want to get in at the opening bell and buy it before someone else does. Take some time to be more thoughtful, to step back and keep our minds open for discovery and don’t be intimidated. It can be an overwhelming experience, especially at the main fair, so you should ask questions and don’t be afraid to ask for the price. There are obviously some things that are going to sell for jaw-dropping prices, but not everything, and just because you don’t know the price doesn’t mean you can’t afford it.
Curiosity and inquisitiveness are the keys, and after a while, you start to get a sense of the place.