Art Works Gallery & Advisory’s Post

What does the future hold for the MENA art market? By: Hannah Amalric, specialized in culture and arts in the MENA region. The contemporary and modern art market in the MENA (Middle East and North Africa) region has shown signs of improvement in recent years, with a flourishing of galleries, museums, auction houses, and art fairs, combined with a growing demand for Middle Eastern artists. Since the 2000s, Arab and Iranian artists have made a marked entry into the international art market. But while local networks are taking off around the region, the beating heart of the MENA art scene remains in Europe. In recent years, in cities like Dubai, Abu Dhabi, Doha, Riyadh, and Marrakech, dozens of art galleries and spaces have launched. The Gulf is the most attractive area, partly due to its geographical location and partly due to the growing attention that Gulf governments are paying to art and culture. The two famous galleries Emmanuel Perrotin and Galleria Continua both opened a space in Dubai in November 2022. Newer galleries are taking a bolder approach by focusing on local artists. Hunna Art gallery, founded in 2021 by Océane Sailly, champions a new generation of women artists native to the Arabian Peninsula or living there. The gallery is based in Sharjah, in the United Arab Emirates (UAE). for more: https://n9.cl/w3uky Tamooda is a media platform launched in partnership with ARDD, to be a platform for free expression, concerned with understanding the renewed and upcoming Arab regional and global issues and transformations, and to offer a modern presentation of the visions and hopes of the Renaissance. Tamooda

🔴Art Basel VIP🟡 Evening in Tokyo, midnight in New York, morning in Dubai, the one event where everyone watches as masterpieces from around the world gather in one place. Here are my takes on the art fair so far: 💸Cha-Ching Cha-Ching💸 The VIP days have demonstrated the great resilience of the art market. There are already rumors of mega-galleries such as Zwirner, Gagosian, and Pace selling works for millions of dollars. ⚠️Market Slowdown⚠️ Despite such rumors, some smaller galleries are concerned about the slow pace of their sales. Especially for Asian galleries where its collectors from their region are suffering from their weak currency. 🖼️What Comes Next🎨 Although media companies are already reporting on the art fair, it is too soon to judge. After all, this is Art Basel. The quality of the collectors is top-class, and surely we will hear more of "million-dollar sales" in the days to come. #artbasel #contemporaryart #art #artmarket #switzerland #gallery #tokyogallery

The Art Basel and UBS Global Art Market Report 2024, authored by cultural economist Dr. Clare McAndrew, is now available. This comprehensive report delves into the sales and various activities across different segments of the market, including galleries, auction houses, and art fairs. Key Findings: - The global art market showed resilience with sales reaching USD 65 billion, a slight 4% slowdown year-on-year, yet surpassing pre-pandemic levels. Growth in buyer activity was particularly pronounced at lower price levels. - The US maintained its leading position in the global art market, accounting for 42% of sales, while China emerged as the second-largest market with a 19% share. - Global online sales have increased by 7% year-on-year, reaching an estimated USD 11.8 billion, with the most significant growth driven by dealers’ own online channels and websites. - The fine art auction market saw a substantial decrease in the USD 10 million-plus segment, with growth in mid and lower-priced segments. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artgallery #artfair #arthistory #artworld #fair #worldrecord #modernart #impressionism #postwar #contemporaryart #artbasel #marketreport #ubs

🎨 #Artsy recently released its "Art Industry Trends 2024" report, gathering insights from 716 gallerists and art dealers worldwide. The USA and the UK emerged as the top contributors, representing 42% and 10% of participants, respectively. The report highlights the current challenges in the art market, including declining sales, economic uncertainties, and gallery closures. Key takeaways from the report include: - Gallerists implementing cost-cutting strategies like reducing art fair participation and adjusting artwork prices to combat inflation challenges. - Nearly half of galleries focusing on trimming expenses to enhance profits, with operating costs on the rise for most respondents. - Discount trends showing that half of the galleries offered discounts on a portion of sales in 2023, with the majority maintaining discount levels similar to the previous year. - Emphasis on ultra-contemporary artists born after 1975, with 48% favoring artists born between 1975 and 1989. - Collaboration among galleries being widespread, with 64% co-representing artists and online platforms becoming vital for client acquisition, surpassing art fairs. The report underscores the adaptability and resilience of gallerists amid the ever-evolving art landscape. Additionally, recent announcements, such as the closure of #SimoneSubal Gallery, reflect the challenges faced by galleries in the current market climate, impacting even well-respected and successful entities. The decline in collector purchases and the tough market conditions have made survival challenging for galleries without substantial resources😏

The Art Basel and UBS Global Art Market Report 2024, authored by cultural economist Dr. Clare McAndrew, is now available. This comprehensive report delves into the sales and various activities across different segments of the market, including galleries, auction houses, and art fairs. Key Findings: - The global art market showed resilience with sales reaching USD 65 billion, a slight 4% slowdown year-on-year, yet surpassing pre-pandemic levels. Growth in buyer activity was particularly pronounced at lower price levels. - The US maintained its leading position in the global art market, accounting for 42% of sales, while China emerged as the second-largest market with a 19% share. - Global online sales have increased by 7% year-on-year, reaching an estimated USD 11.8 billion, with the most significant growth driven by dealers’ own online channels and websites. - The fine art auction market saw a substantial decrease in the USD 10 million-plus segment, with growth in mid and lower-priced segments. Follow the link to download the report. #artcollecting #artexhibition #artmuseum #artinvesting #artinvestment #artcollector #artnews #artworld #artmarket #artmarketnews #artauction #artgallery #artfair #arthistory #artworld #fair #worldrecord #modernart #impressionism #postwar #contemporaryart #artbasel #marketreport #ubs https://lnkd.in/dYYDWYqJ

Usually the major auction houses run blue-chip art auctions in parallel in order to generate the highest possible amount of attention. It was therefore surprising that Sotheby’s was the only auction house to stage (relatively small) auctions in Hong Kong last week. Despite the particularly high sell-through rate of 95% the overall performance was only in line with somewhat lowered expectations. Total sales amounted to USD 86 million with only two blue-chip contemporary paintings selling for more than USD 10 million each. #diversification #artinvesting #artinvestment #alternativeassets

Art Basel happening right now in Switzerland, is the crème de la crème of contemporary art fairs. But why is Art Basel so important anyway? Here’s what you should know 👇 Since Art Basel’s founding nearly 40 years ago, the number of art fairs has exploded to over 200 each year! Still, it maintains its position as one of the premier art events in the world. This fair is a powerful platform that brings together artists, galleries, and collectors from around the world. With 200 galleries and 4,000 artists from five continents, it increases visibility for those participating and has a considerable impact on the art market. Simply put, Art Basel shapes what's hot and what's not in the art world. For example, street art and graffiti became recognised art forms after they were showcased at Art Basel Miami Beach. Remember Maurizio Cattelan’s banana duct-taped to a wall? That happened at Art Basel 2019 and became internationally famous (or infamous?). Fun fact, it was sold for $120,000! 🍌💰 All this is very exciting for galleries like Chemould Prescott Road and Experimenter who will be representing India at Art Basel. This is a big deal because it puts Indian contemporary artists on the global stage — as it should be. My one criticism of Art Basel is that it is simply not cheap. Participating in such a huge art fair can cost well over $275,000, which often prevents smaller galleries from attending. What do you think about the impact of Art Basel on the art world? Is it worth the hype? Image Source: Switzerland Tourism #ArtBasel #ContemporaryArt #ArtMarket #GlobalArt #IndianArt #ArtFairs Art Basel Chemould Prescott Road

🚨 UPCOMING EXHIBITION 🚨 We’re incredibly excited to announce The Art of Subversion. This first-of-its-kind exhibition will feature a provocative blend of street art, tattoo-inspired art, and functional glass art. The term ‘subversion’ is defined as “the undermining of the power and authority of an established system or institution.” With that, the goal is to initiate a broader conversation about how artwork is understood in our contemporary world. For decades, street art was seen as no more than vandalism, and only recently has it gained recognition for its cultural value. Similarly, while the traditional medium of tattoo art has been around for centuries, it has only been in the last few years that our society has shaken the stigma associated with the art form. The same cannot exactly be said for functional glass art, more simply known as ‘sm💨king 🅿️ipes’… I mean, I can’t even type the words normally here without getting this post flagged!! As with tattoos, the art of 🅿️ipe making and the medium of glass blowing has a profound history, yet it is an outsider in the art world. We hope this exhibition can help shift our collective perspective of these underrepresented forms of artistic expression. ••• WHEN: Friday, September 13, 5 - 8 PM WHERE: Rehs Contemporary 20 West 55th Street NYC ••• #streetart #tattooart #art #arte #contemporaryart #functionalglass #rehscontemporary #artexhibit #artexhibition #newyorkgallery

🚨 UPCOMING EXHIBITION 🚨 We’re incredibly excited to announce The Art of Subversion. This first-of-its-kind exhibition will feature a provocative blend of street art, tattoo-inspired art, and functional glass art. The term ‘subversion’ is defined as “the undermining of the power and authority of an established system or institution.” With that, the goal is to initiate a broader conversation about how artwork is understood in our contemporary world. For decades, street art was seen as no more than vandalism, and only recently has it gained recognition for its cultural value. Similarly, while the traditional medium of tattoo art has been around for centuries, it has only been in the last few years that our society has shaken the stigma associated with the art form. The same cannot exactly be said for functional glass art, more simply known as ‘sm💨king 🅿️ipes’… I mean, I can’t even type the words normally here without getting this post flagged!! As with tattoos, the art of 🅿️ipe making and the medium of glass blowing has a profound history, yet it is an outsider in the art world. We hope this exhibition can help shift our collective perspective of these underrepresented forms of artistic expression. ••• WHEN: Friday, September 13, 5 - 8 PM WHERE: Rehs Contemporary 20 West 55th Street NYC ••• #streetart #tattooart #art #arte #contemporaryart #functionalglass #rehscontemporary #artexhibit #artexhibition #newyorkgallery

Read this and more articles on current art #exhibitions in top European #Museums on lot-art.com (Art News section)