"Following a robust season of auctions in New York two weeks ago, with sales totalling $2.2bn, organisers and dealers say they are cautiously optimistic that collectors will buy with renewed confidence, particularly the blue-chip material that had moved more slowly in the last three years. While auction results are not necessarily a barometer for the broader market, especially for primary market dealers, early sales during Wednesday's VIP preview suggested growing momentum."
"The gallery says it sold an abstract painting by Gerhard Richter for $5.5m, as well as the Alice Neel painting Pregnant Nude (1967) for $3.3m. Two Homage to the Square paintings by Josef Albers from 1955 and 1964 sold for $2.5m and $2.2m, respectively. The gallery says it sold a new painting by Dana Schultz to an American museum for $1.2m and a circa 1969 wire sculpture by Ruth Asawa for $1.2m."
Art Basel Miami Beach's 23rd edition hosts 283 galleries as the final major market test of the year. Auctions in New York two weeks earlier totalled $2.2bn, prompting cautious optimism that collectors will return to buying, especially blue-chip works that had moved slowly. Early VIP-preview sales suggested growing momentum. David Zwirner reported high-value sales including a Gerhard Richter for $5.5m, Alice Neel's Pregnant Nude for $3.3m, Josef Albers works for $2.5m and $2.2m, a Dana Schultz to an American museum for $1.2m and a Ruth Asawa wire sculpture for $1.2m. Hauser & Wirth recorded sales 40% higher than last year and announced 27 sales, including a pre-sold George Condo near $4m and Louise Bourgeois works at $3.2m and $2.5m.
Read at The Art Newspaper - International art news and events
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