"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"."
"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 attracted renewed spending, with several galleries recording sizable early sales. Pace reported almost $5m across the fair's first two days, including a 2020 Sam Gilliam painting sold for $1.1m. Isla Flotante and Galatea sold $575,000 across the first three days. Autumn fairs and auctions delivered robust results, but collector behaviour has shifted toward greater caution and reduced end-of-year indulgence. Opening-day crowds were noticeably thinner, and roughly 20 long-standing galleries did not return while the fair added a record 48 new exhibitors. A new Zero 10 digital-art section saw brisk demand, including a Beeple robotic-dog NFT installation that sold out in five hours, generating $1.2m.
Read at The Art Newspaper - International art news and events
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