At Art Basel, Everyone Is Playing It Safe, Eying Market Recovery
Artnet News reports that Art Basel’s invite-only opening on Tuesday featured cautious, “measured and steady” buying as dealers and collectors looked for signs of market recovery among 290 exhibitors. Hauser & Wirth said it placed more than $65 million worth of work by day’s end, including a $35 million Pablo Picasso painted en plein air in 1963 depicting the artist and a muse. Thaddaeus Ropac sold nearly $9 million in the first hour, including a 1952 Pierre Soulages and Helen Frankenthaler’s Sudden Wave (1982) at around $3 million each. David Zwirner reported more than $10 million in primary-market sales, including Isa Genzken’s airplane-interior installation sold to a European museum for €1.2 million (about $1.3 million), two Victor Man paintings at €1 million each, and three Josef Albers works totaling $2.3 million, while advisors noted strong activity in the $200,000–$2 million range.
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This story was covered in Safe Markets, Culture Wars, and Queer Reframing