Samsung Adriatic’s Post

Of course

The larger, blue-chip galleries continue to boast high sales. The top 1% of the art market has outperformed stocks year after year. However, emerging and mid-career carrying galleries have yet to see a resurgence as high as 2021 and 2022. This is a great article about the major show during Miami Art week, but if you want a more in depth look at the art market as a whole, you may want to look at some of the other fairs.

Why It Matters

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

When there’s blood in the street, it’s time to buy. This Wall Street mantra applies as the art market navigates economic and geopolitical challenges. The recent slowdown, influenced by the 2022 crypto downturn and broader economic instability, presents a unique opportunity for savvy, long-term collectors. The Current Market Over the past two years, the primary and secondary art markets have contracted. Artnet News reported a 27% decline in global auction sales and a 32% drop in average prices in 2023—the largest single-year decrease in over seven years. This was compounded by reduced speculative buying from crypto and NFT investors post-2022. Ultra-contemporary art sales also fell 26% year over year. The Art Market Spring Update highlighted a dip in high-value transactions, impacting both established and emerging artists. These trends have led to more available inventory as galleries liquidate to survive. This period is an example of market entrants failing to understand underlying drivers. Now is the time to take advantage of these miscalculations. Why Now Is the Time to Buy Art investments are long-term. Despite current challenges, geopolitical unrest and limited work will shrink supply. As economies rebound, demand for quality art will rise. Art from closing galleries often includes pieces by artists with backing from multiple institutions, preserving their value. Collectors can benefit from acquiring such validated works with strong long-term potential. Take Advantage Closing Galleries: Stay informed on which galleries are scaling down to secure favorable prices. Prioritize Backed Artists: Choose artists supported by multiple galleries, ensuring resilience even after closures. Negotiate Smartly: Liquidating galleries may offer discounts. Build relationships while negotiating good deals. Join Private Sales: Attend private sales or low-profile auctions for high-quality works without heavy competition. Role of Art Advisors Catalin Lutu advises focusing on the secondary market with a specific strategy. Engaging skilled advisors helps navigate opportunities, aligning acquisitions with long-term goals, and identifying promising art investments. Long-Term Considerations: Collectors should embrace a strategic mindset. Not all is bleak—take Maurizio Cattelan’s “Banana on a Wall”. If it sells for its low estimate of $1 million this November at Sotheby’s, it would mark a 700% gain over five years. Successful collecting requires research and patience, especially for those choosing to forgo advisors. The current climate rewards buyers who secure quality pieces at favorable prices and hold them as the market recovers. Conclusion: Strategic collectors can use this period to acquire valuable, well-supported artworks at compelling prices. Catalin Lutu - Art Advisor: Precision, Strategy, Profit. Sources: https://lnkd.in/e8KrCmH9 https://lnkd.in/ebc-495z

Learn more about our feature exhibition!

Principles of design shown here

The Evolving Art World: Gebhardts Discuss 2024’s Puzzling Art Basel Experience Kris and Angela Gebhardt, the renowned husband-and-wife artistic duo, recently wrapped up their 12-piece large-format exhibit at this year's Miami Art Basel Week. As seasoned veterans of the art world's most prestigious event, with 14 participations under their belt, the couple found 2024 to be one of the most unusual and puzzling experiences yet. The Gebhardts, known for their bold, mixed-media works exploring imperfection and resilience, were taken aback by the event's slow start. "Midweek opening days were unexpectedly quiet," Angela remarked. "It was surprising—not just for us, but for many exhibitors and collectors alike." Kris added, "What was even stranger was the lack of buzz leading up to and during the event. The usual pre-event media push and midweek energy were missing. You didn’t hear much about the bigger shows either, which was very unusual." Reflecting on the subdued atmosphere, Kris noted, "It was shocking to see such a lack of hype around Art Week. Honestly, it's just Angela and me, and we start our pre-Miami Art Basel push in mid-summer and ramp up hard in early November. During Art Basel this year, our Instagram posts about the show topped out at 4.7 million views." Another shift the couple noticed was among the collectors themselves. Familiar faces—long-time collectors with full inventories—seemed more inclined to enjoy the exhibition rather than make new acquisitions. "They loved seeing the collection, but many weren’t in the market to buy," Angela noted. Interestingly, all of the Gebhardts’ sales during the event came from phone calls and inquiries outside of Florida and even the United States. "This highlights how much the art industry has evolved, particularly with the rise of online platforms," Kris explained. "Over 90% of our painting sales now happen online through social media. Customers are buying year-round; they’re no longer waiting for events like Art Basel to make purchases." Kris continued, "It’s a new world, and one that is much better for the collector. Art is now readily available on many platforms. #art #artbaselmiami #artbasel

The Winter Show is up now at the Park Avenue Armory, and thank you Chubb for hosting the party last night. Many things can be said about the Winter Show: Not least, it is the best American-run (mostly) pre-modern art fair, spanning a formidable 10 days, with events that initiate the post-Holidays social calendar in New York. Where else can you shop for a 19th-century weathervane, an 18th-century Peruvian Baroque painting, a mahogany settee, and an Egon Schiele drawing all under one roof? The Winter Show is also a rare example of a fair where many galleries abide by New York City's "Truth in Pricing Law" (NYC §20-708), which specifies that "all consumer commodities, sold, exposed for sale or offered for sale at retail...shall have conspicuously displayed, at the point of exposure or offering for sale, the total selling price exclusive of tax by means of (a) a stamp, tag or label attached to the site, or (b) by a sign at the point of display which indicates the item to which the price refers, provided that this information is plainly visible at the point of display for sale of the items so indicated." At a contemporary art fair, you will not see such display of prices on the wall labels, with the lone exception of Michael Rosenfeld Gallery. You may never see it at a reputable gallery selling in the primary market. In fact, at many galleries, when you ask at the desk for a price list, you may be told that there is no price list, and that a director can possibly be summoned, at which point you may in fact be told that the gallery is "taking interest." You can tell the gallery that New York City has a "Truth in Pricing" law that requires conspicuous disclosure of asking prices to the public in the manner stated above. This is not about legal conformity for its own sake. Market transparency is in the best interest of our greater community, and as such, the galleries at the Winter Show that do so are to be commended for it. Also on the David Shapiro Fine Art blog: https://lnkd.in/epa58mf6

The last report from the New York Art week, and few considerations on the state of the US Market. My article on Observer #artadvisory #artfairs #artmarket https://lnkd.in/etDK2z7s