The dances have begun at Art Basel, and the fairgrounds are buzzing with excitement. Despite a particularly challenging year for the art market, the event is marking significant sales driven by the biggest names in contemporary art. From June 13 to 16, 2024, Masseplatz hosts a diverse human spectacle with journalists, collectors, and enthusiasts roaming the fairgrounds, trying to gather information on sales and new presentations. Greeting them is "Honoring Wheatfield by Agnes Denes, a gigantic public art installation that colors the cemented fair square green. A sea of black Art Basel tote bags moves through the fair sections amid handshakes, comments on the stands, and discussions about the displayed works. The best that the market can offer is showcased in Basel, and all that remains is to see who will be the first to claim it!
The quality of the works presented is impressive. The 285 exhibitors choose to focus on big names and established artists, guaranteeing a secure and much-desired profit due to the current historical moment characterized by a sense of distrust in the contemporary. Indeed, records this year have not been lacking, but they have involved historical names or masters of modern art. It is no surprise, then, that the trend is to present meticulously curated stands with a traditional approach, avoiding any particular aesthetic peculiarities that could risk criticism.
After all, galleries are there to sell. So let's find out together what types of works were appreciated and sold during the first day of the fair. As always, the sensational sales are the main highlights of Art Basel, the kind that wouldn't be possible on any other occasion. It starts with “Sunflowers” (1990-1991) by Joan Mitchell, purchased for $29 million by David Zwirner, owner of the namesake gallery, art dealer, and German philanthropist. A gallery-to-gallery exchange that demonstrates the growing popularity and attention garnered by the abstract artist, who has become the subject of significant investments with good growth prospects that do not seem likely to deflate in a few months. Last month, the artist reached an impressive auction record, with $45.2 million spent on her work. These facts have made her the jewel of several exhibitors, including Mnuchin, which displays a smaller diptych, “Sunflowers” (1991), sold for $7.5 million. However, the news linked to Zwirner's name does not end there; two other sales are worth mentioning: “Abstraktes Bild (Abstract Painting)” (2016) by Gerhard Richter ($6 million) and “Aspiring to Pumpkin’s Love, the Love in My Heart” (2023) by Yayoi Kusama (€5 million). The latter is part of the coveted Unlimited section, an area that enjoys great success following the sale of several large-scale works, including "Survival" (1989) by Jenny Holzer, purchased by an Asian museum.
Followed by another abstract artist, Agnes Martin, whose work "Untitled #20" sold for $12.5 million. Value surpassed by an untitled piece by Arshile Gorky, dated 1974, offered for sale for $16 million by Hauser & Wirth, which currently represents the gallery's largest deal, but may soon be surpassed by a painting by Philip Guston. Canvas that is attracting a lot of attention and could be contended for by multiple buyers in the coming days.
It is imperative to point out among the most expensive works at the fair and purchased immediately after the opening a piece by Jannis Kounellis, an unusually minimal work depicting a single rose rendered with the help of a wooden feather on white canvas, which was awarded $2.5 million.
White Cube also achieved great success, boasting one of the most coveted stands at this edition. The exhibition space, with locations in Hong Kong, Seoul, London, New York, West Palm Beach, and Paris, has already registered two sales: a canvas by Julie Mehretu, “Untitled 2” (1999), purchased for $6.75 million, and “Clowns Travel Through Wires” (2013) by Mark Bradford, sold for $4.5 million.
The achievements of exhibitors offering photography and "emerging artists" should not be underestimated either. Vadehra Art Gallery (New Delhi), present in the Feature section, a serie of photographs by Sunil Gupta, an Indian photographer raised in Canada and currently residing in London, whose research focuses on social and political themes. His vintage C-type prints garnered significant interest from buyers (various private British collections), with several purchased for $20,000 each. The Italian gallery MASSIMODECARLO also bets on a rising star, presenting the work of young Canadian artist Dominique Fung, originally from Hong Kong. The artist blends collective traditions, memories, and cultural heritage in his paintings “Translucent Hand Fan” and “Tang Dynasty Horses as Offer” (2024), sold for $110,000 and $170,000, respectively.
Opposing market sectors are growing; on one hand, we witness the reassuring presence of the most renowned names in contemporary art, and on the other, the rise of young auction stars. Only time will tell which of these new faces will remain in the spotlight. To fully decipher these opposing trends, we will have to wait for the fair's conclusion. Nevertheless, after the first day, we can confidently say that Art Basel is still in excellent health, remaining the event to watch to intuit the market trend for the second half of 2024.
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