Maude Herremans-Michali’s Post

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

Art Basel Paris 2024: A Beacon of Success in the Art Market This year's Art Basel Paris has been a showcase of immense talent and high-value sales. Among the highlights: - Julie Mehretu's "Insile" sold for $9.5 million by White Cube. - Hauser & Wirth's Kazimir Malevich piece, priced significantly higher, attracted much attention. In the fast-evolving world of alternative assets, investing in art has proven to be a rewarding strategy. High-profile events like Art Basel Paris not only highlight the vibrancy of the art market but also underscore the potential for significant returns on investment. As art collectors and enthusiasts flock to fairs and galleries, they recognize the unique value and cultural significance that art brings to their portfolios. Diversifying investments with art can yield impressive returns, akin to traditional asset classes. Art's tangible nature, historical value, and the emotional connection it fosters make it a compelling choice for investors looking for both aesthetic pleasure and financial growth. #ArtBaselParis2024 #ArtMarket #AlternativeInvestments #JulieMehretu #KazimirMalevich #InvestmentStrategy #ArtCollector #CulturalInvestment #HighValueArt #DiversifyYourPortfolio #timaxart

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

🎨 #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😏

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

🌸 In May in New York, it's all show. Welcome to the New York arena of our annual calendar, where talent is measured by the speed of the decisive phone call and notoriety is measured by the auction. Coming from a long line of art lovers, I've been immersed in the artworld from an early age, and as an expert who is always attentive to results, I look forward to this period every year. Fairs, auctions, exhibitions - the city attracts the eyes of the artworld's elite, eager for discoveries and thrills. Where else would you come across so many colorful characters, extravagant artworks and astronomical transactions? 🎭 After all, isn't art meant to shake up conventions and push back boundaries? For it is in this gray area, between money and creativity, between excess and genius, that the legends of contemporary art are forged. What are your thoughts on the blurred lines between art, commerce, and fame in today's art world? Share your insights. #ArtMarket #ContemporaryArt #NYCArtScene #ArtInsider https://lnkd.in/gxVjyFSr

🔴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

As an important event for the art world, Art Basel is a key barometer of the art market. Yet, this year’s edition pointed in several directions: depending on who you talk to and what articles you read, you may get a different idea of the fair’s success. While the general tone is positive, and especially established art and institutionally backed emerging art thrived in Basel, others saw the consequences of a cautious market and a buyers’ market. There are also voices saying that the shrinking of the main fair in Basel is an internal move: is the main shareholder of the fair deliberately cannibalizing Art Basel, Basel in favor of Art Basel, Paris? Read our full analysis of the fair's performance at the link below. #ArtBasel #ArtBasel2024 #ArtMarket

Art Basel Hong Kong recently opened to VIPs with the most galleries participating since 2019. However, the art market is facing challenges, including an art market crash and concerns about the impact of the recently passed Safeguarding National Security law on freedom of expression. Despite this, the art community in Hong Kong hosted parties and events, including a performance by Sophie Ellis-Bextor. While some gallery directors and art dealers reported modest sales, others, like Hauser & Wirth, had significant sales, including works by Willem de Kooning and Philip Guston. What are your thoughts on the current state of the art market in Hong Kong and its potential impact on the future of the city's art scene?

ART BASEL & MIAMI ART WEEK 2024 Value Proposition | Be Transformative House of Craven’s 2024 Art Week goals (December 02, 2024 - December 08, 2024) are to benefit galleries, artists, and social-impact organizations. WHY | THE ART MARKET HAS CHANGED … Auction Houses and Galleries Are Working Together—Here's Why… Art-market demand is all about access—if House of Craven can provide really great access to really transformative Art, then that works for all parties. House of Craven can conduct private sales, at fixed prices, which can involve galleries and dealers. This mechanism is gradually becoming a larger part of our auction business, integrating private selling exhibitions and opportunities into our services. In doing so, House of Craven encourages our art specialists to engage our clients in both public auctions and private sales, dissolving the boundaries separating the two, while prioritizing the collector’s needs. House of Craven can curate shows in galleries to build brand awareness. The gallery benefits from new visitors and potential collectors from around the world, as well as a portion of the sales. House of Craven has partnered with ART Money. Art Money Interest Free enables you to enjoy the art you love today and pay over 10 monthly payments, interest-free, when purchasing from House of Craven. House of Craven pays a commission to Art Money, enabling the interest-free business model. HOW | THE ART MARKET HAS CHANGED … Auction Houses and Galleries Are Working Together—Here's How… -Client-Centric Focus -Eliminating Notion of Rivalry or Competition and Fostering Aligned Goals -The Integration of Collaborative Approach and Relationship-Based Models -Referral Partnership Designed to be Mutually Beneficial Shared Art Ecosystem Goals House of Craven's 2024 Art Ecosystem Goals -Grow Art Market -Attract a New Global Audience of Collectors -Champion Next Generation of Leading Artists -Provide creative Financing Solutions | To Enjoy Fine Art, You Don’t Really Need To Own it! The next generation for art will be the tokenization of art and blockchain-enabled ownership verification Transformation -- Via -- Technology                 -- Authentication                 -- Avenue to Sell Original, Digital Works To learn more, please visit: www.houseofcraven.com