"South Florida's sunny skies proved an apt backdrop this week. Across Art Basel Miami Beach (ABMB), key industry figures are proclaiming the clouds hanging over the art market to have lifted. "The last two and a half years were really bad. But now we've moved onto the next 30-year cycle," says Pace's president Marc Glimcher. His gallery reported sales of almost $5m across the fair's first two days, including a 2020 painting by Sam Gilliam for $1.1m."
"While the robust results of the autumn fairs and auctions have proved reassuring, many in the trade acknowledge that the business has fundamentally shifted. "My clients are still more cautious in their decision-making," says the adviser Alex Glauber. "The indulgent, aggressive end-of-year consumption that once defined Miami feels like a thing of the past." Meanwhile, numerous exhibitors noted a thinner opening day crowd, with one New York gallerist describing the emptiness as "a little spooky"."
"selling $575,000 of art across ABMB's first three days. The changing of the guard is evident among both visitors and exhibitors. Around 20 galleries, several of which were mainstays of the fair, have not returned to ABMB this year: some did not apply, others withdrew and more than a handful have closed shop. Plugging the gap, the fair has welcomed a record 48 new exhibitors."
"Proving that necessity is the mother of invention, Art Basel has launched a new digital art section in Miami Beach, Zero 10. The buzzy corridor of stands saw brisk and buoyant sales: a Beeple installation of robotic dogs excreting NFTs (non-fungible tokens) sold out within five hours, with two editions of each robot going for $100,000 apiece ($1.2m in total)."
Art Basel Miami Beach registered renewed sales momentum, with major galleries reporting strong early results including high-value works. Buyer behaviour has shifted toward more cautious and slower decision-making, and opening day crowds felt thinner. Around 20 established galleries did not return or closed, while the fair added a record 48 new exhibitors to fill gaps. A new digital section, Zero 10, attracted brisk sales, including a Beeple installation that sold out quickly with editions at $100,000 each. The overall market tone is optimistic but structurally different from previous high-velocity cycles.
Read at The Art Newspaper - International art news and events
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