"The 23rd edition of Art Basel Miami Beach (ABMB), the most prestigious contemporary art fair in the Americas and the third most important in the world, opens Friday through Sunday at a time of great uncertainty. While last week's auctions in New York injected some vitality into the market, generating $2.2 billion in sales, this year has been very tough for galleries."
"The sector's benchmark report, The Art Basel and UBS Global Art Market Report 2025, highlighted the crisis: global sales fell 12% compared to 2024. The collapse was particularly pronounced at the high end, where sales of works over $10 million dropped 39%, with inflation and market volatility directly affecting U.S. collectors' investments. ABMB, therefore, started from a vulnerable position, since speculation and risk have long characterized this fair (it was at the fair in 2019 that Maurizio Cattelan's controversial The Comedian banana sold for $120,000)."
Art Basel Miami Beach opened amid pronounced market uncertainty and a difficult year for galleries despite $2.2 billion in New York auction sales the prior week. Several elite galleries withdrew from the fair in October. The Art Basel and UBS Global Art Market Report 2025 recorded a 12% fall in global sales and a 39% slump for works over $10 million, with inflation and market volatility impacting U.S. collectors. ABMB entered from a vulnerable position because speculation and risk have long characterized the fair, exemplified by Maurizio Cattelan's 2019 banana sale for $120,000. VIP-opening mood was cautiously optimistic, with fewer pre-sales but sustained collector interest.
Read at english.elpais.com
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