Art Basel defies economic jitters
Art Basel defies economic jitters
JUNE 13, 2012 BY
Art Basel 2012
BASEL, SWITZERLAND – The world’s largest contemporary art fair, Art Basel, opened to private “First Choice” collectors Tuesday 12 June, with major galleries claiming solid sales in spite of ongoing international economic jitters.
In talks with GenevaLunch, galleries refused, in their standard secretive mode, to divulge actual sales figures on the first day of the fair’s preview opening, but they say that American, European and Asian clients were actively buying ahead of the general VIP and press opening at 15:00 Tuesday.
Bluechip Gagosian Gallery‘s London director Robin Vousden says several new pictures had to be hung after works were sold early Tuesday, including a picture by American Richard Serra and another by canvas-slashing artist Lucio Fontana. He says that while economies are troubled, “The proportion of the world’s wealth owned by the tiny minority… has gone up, so that there are plenty of people with the resources to buy art.”
Gerhard Richter "A.B Courbet", Pace Gallery booth
Rothko's "Untitled"
At New York-based Pace Gallery, where a large red, blue and yellow abstract by Gerhard Richter, sold Wednesday for an undisclosed sum over $20 million, associate Sarah Goulet anticipates that US buyers are back at the fair after a two year lull.
“European collectors never really stopped coming to Basel, but for a few years, the heavy-hitting American collectors just bowed out. Their schedules were so busy and there were other concerns across the entire landscape”.
Andrew Fabricant, director of the Richard Grey Gallery, told the Art Newpaper “Art is portable, and liquid, and can be traded in different currencies”, suggesting that the wealthy consider art to be as reliable an investment as one may find these days.
An orange and yellow Mark Rothko canvas at the Marlborough stand, one of this year’s major talking points, remained unsold at the end of day one.
Director Gilbert Lloyd says several serious collectors expressed interest in the piece, which is going for $78 million.
It was formerly owned by ex-Goldman Sachs banker Robert Mnuchin, who sold it at a Christie’s auction in 2007 for $26.9 million.
Dead, established or young: they are all selling
Purchases at first-tier international galleries were mixed on the opening day of Art Basel, with pieces by young artists selling as readily as those of established and dead artists.
Goulet says at the Pace booth, “People are buying outside of their comfort zone”, with many previously traditional clients buying younger artists. Actual clients’ names and price tags remained unidentified.
London gallery director Richard Nagy, who specializes in modern European art and who has a fabulous collection of Egon Schiele and Gustav Klimt drawings on display, says “No one in this area (of 20th century art) makes snap decisions”. He said quick decisions apply to contemporary art. “People buying in this area are a bit more thoughtful about what they are doing”, adding he doesn’t think it generally appeals to Chinese taste. “They are not going to get it.”
Where the money comes from
Marc Spiegel, co-director of Art Basel, says “Great art means different things to different people. All we can do at the fair is to assure that the quality is as high as possible, in every domain and from every region.”
Spiegel’s explanation for where the money comes from to buy art at Art Basel: “This is not inherited wealth, this is earned wealth.”
He says that a lot of “education” needs to be done still in Asia, where Art Basel will launch its first fair in Hong Kong in May 2013. “One must see art to appreciate it and have a passion for it”.
Applications have opened for the Hong Kong fair, where some 250 galleries are expected to take part.
Other pieces of interest at the fair include:
– a vast collection of Andy Warhol drawings from the early 1950s, obtained in the last year directly from the Warhol familyon display at Munich-based gallery Daniel Blau
– a performance piece involving a nude couple standing still, flanking a doorway, by Marina Abramovic
– and an important sprinkling of Calder mobiles, effectively complementing a current exhibit at the nearby Beyeler collection.
Take time for the films
In the hanger-style building accommodating the larger Art Unlimited displays, the visitor this year is treated to a large selection of films, among them: Richard Philips “First Point”, a short film featuring Lindsay Lohan at the beach, and Dominique Gonzalez-Foerster and Tristan Bera’s “Belle Comme le Jour”, a take on two early classics.
"Tragedy", Nina Beier
A large pink sculpture of coils by Franz West dominates one of the large spaces and Nina Beier’s “Tragedy” has trained dogs lying on an outsized Persian carpet playing dead.
Art Basel is open to the general public Thursday 14-Sunday 17 June, 11:00 to 17:00. Tickets are available online or at the door: CHF40 for one day, CHF70 for two days, CHF20 after 17:00
