Press materials are in our inboxes, collectors are clicking on private previews, seating arrangements are nearly finalized. As attendees and visitors prepare to descend on Art Basel, its satellite fairs, as well as its main museums and galleries, you could say that a new energy is circulating around the Rhine.
Most obviously: a few years ago, a business scion James Murdoch‘s Lupa Systems has acquired MCH Group, the parent company of Art Basel. Last year, Art Basel launched another fair in Paris and its longtime global director, Marc Spiegler, announced he would step down, handing over to Noah Horowitz in a newly created role of CEO. Since the end of 2022, there has been a flurry of other nominations at the show, including, most recently, Maike Cruselong-time director of Gallery Weekend Berlin, who travels to Basel in July to become director of the flagship Basel fair.
None of these changes have caused much uproar in the way things work at Art Basel – yet. But the vibes are changing. Maybe it’s because there are macro shifts in the art market at play, as art industry experts will tell you with a keen eye. I’ve spoken to dealers, art advisors and collectors to see what’s on top next week.
A rebalanced market?
Ongoing speculation about a possible impending recession has raised serious questions about the trajectory of the art market. US art adviser Todd Levin says the rhetoric and fear of a chill may be overdone, but notes that the apprehension is understandable if the frothy art market of the past decade is “the only normality you know “. Exceptionally low inflation and quantitative easing, leading to low interest rates, have together created a boiling art market in recent years. Levin now sees a rebalancing underway. “There was rampant speculation, particularly in relation to younger, newer art,” he said, citing the rush of emerging artists who in some cases would have waiting lists. of 200 people. “Good or Bad? I’m not passing judgment. But it’s a more normalized market from my background of 40 years of experience.
What could this mean for next week’s flagship fair? “I’ve seen quite a few packing lists at this point,” Levin said. “These are all the names you know and love, but there are very few eight-figure works at the fair, relatively speaking.” He expects a few, but said that in this economic climate, artwork over $25 million will likely only sell in backstage and private sales. This can contribute to a less risk-taking environment on the show floor.
“The speculation has certainly cooled off, but that’s not a bad thing,” Levin said. “Hopefully this is the mean reversion of a sensible market.” He expects “an uneven but active Basel” which will on the whole be a “qualitatively more restrained affair”.
The uncertainty has at times been trying for those in middle and emerging markets.
Dealer Kendra Jayne Patrick will participate in Art Basel Statements for the first time this year. She opened a space in Bern, an hour by train from Basel, last fall. She noticed that even talk of market retraction is affecting business. “This space of potentially being in a market correction or non-correction moment, mixed with high prices and the economy in general, has created an unpredictable atmosphere this year,” she said. “Collectors are inundated with new and bigger fairs and there is no respite.”
by Sharona Franklin A new leaf (2023).
American collector Larry Warsh it feels like change is afoot at the fair. “Art Basel was once a [business-to-business] deal, and that’s more [business-to-consumer] now,” he said. “I struggle with the price of new and untested artists, compared to some historical positions at Art Basel… where I can attest to their price,” Warsh noted.
He is not alone in this feeling, and given the prevailing sense of uncertainty, there may be more inclination when it comes to negotiations. “Even more than an actual recession, this uncertainty is not helpful to the art market,” said art adviser Benjamin Godsill. For discounts, 15% could be the new 10% when it comes to mid-market jobs next week, although it’s too early to call that a phenomenon.
Nor has uncertainty been entirely negative. It created “an emphasis on quality over quantity,” he said. “There’s a lot less of a feeling that you should buy because you might run out.” They will be looking for works that build their collections in a meaningful way. Top of the list are presentations by Cory Arcangel (Lisson Gallery) and Alex da Corte (Sadie Coles HQ and Matthew Marks Gallery) at Unlimited next week.
New (again) VIPs and new experiences
Less rampant speculation has also been associated with a noticeable drop when it comes to hyperfocus on a trending art feed, as we saw with figuration in recent years, which may have peaked in 2022.
On the recent rush to figurative painting (which, to be fair, is still giftbut the peak has probably been reached), Patrick said there was “nothing to replace it in terms of new fervor”.
This can leave room for experimentation. Patrick, whose gallery program is recognized for this quality, will present the work of Canadian artist Sharona Franklin, whose delicate and unusual sculptures explore themes of radical therapies, cybernetic craftsmanship and bio-ritualism. His works, which range between $5,000 and $30,000, have generated a lot of interest from collectors and curators in recent years, but his delicate and nuanced materials deserve to be seen in person.
One collector heading to Patrick’s stand is Turin-based Patrizia Sandretto Re Rebaudengo, who also identified Franklin’s presentation as one of her stops. Re Rebaudengo, who never misses an edition of Art Basel, will be on List on Monday morning as usual, before heading to the Unlimited sector. At Liste, Sandretto Re Rebaudengo is delighted to see Mónica Mays’ presentation at Blue Velvet Projects. “For me, it’s always interesting to pay attention to young galleries,” she says.
Detailed view of Conny Maier The source, (2023) which will be presented at Art Basel Unlimited. Courtesy of the artist and the Society, Berlin.
For the curators, the diversity of the works presented at the fair is the reason why they come to Art Basel. Udo Kittelmann, former director of the State Museums in Berlin is currently director of the Frieder Burda Museum in Baden-Baden. He goes to Basel to be surprised. And the absence of a major market trend grabbing attention allows for more experimental positions in the booths, he said.
“Those times remind me of the early 1990s. All of a sudden, there [was] a time when anything is possible. That feeling comes back,” Kittelman said. “We live in a dangerous world and we have no idea what will happen next month. It’s a time of trial and error. I see a young generation very open to new experiences in all kinds of media.
The curator is particularly looking forward to seeing a huge seven-metre-wide painting by German artist Conny Maier at Unlimited, presented by Société and Ruttkowski;68, which will be offered for a price of between €200,000 and €300,000. Beyond the fair, Kittelman highlighted acclaimed artist Doris Salcedo’s first museum exhibition at the Fondation Beyeler. The powerful work of the Colombian artist Tabula Rasa XI (2019–23), comprised of destroyed and delicately reconstructed tables, will be on view at the White Cube stand (and on sale for US$1,125,000).
After her tours at Liste and Art Basel, Re Rebaudengo plans to visit the second edition of the Basel Social Club, which was launched poolside in a 1930s villa last year. The informal exhibition hopes to create a social place for people to gather around the fair (not all of us can sit at the Three Kings). Godsill also plans to spend time there (and he’s earned his place in the VIP satellite program on the Art Basel website). But the basic community appeal is its real appeal.
“It’s a new model that’s not an art fair,” said Robbie Fitzpatrick, one of the co-founders of the Basel Social Club (he’s also one of the founders of the Paris-based Fitzpatrick Gallery , which was also the origin of the famed Paramount ranch in Los Angeles). “We want to highlight the artist before the exhibitors and show the extent of our artistic community. We don’t ask exhibitors to stand there with iPads in front of their works. »
This year they will present an expanded version in a former mayonnaise factory, with a full program of musical and artistic performances. This year’s event also features leading personalities, including Hauser & Wirth, who will present a work by Pipilotti Rist. There are also non-profit project spaces interspersed with those names, a gin bar, cinema, restaurant and a Mykki Blanco concert to look forward to.
The project also responds to the accelerated pace of the art market in recent years, which has been particularly exhausting for intermediate or emerging markets.
Do Ho Suh Intercoms, London Home & Studio, New York Home, Studio & Corridor, Berlin Home and Providence Home; Lighting Fixtures, New York Studio & Corridors, Seoul Home, Berlin Home, Providence Home; Fuse Boxes, London Studio, New York Home, Studio & Corridor, (2019). © Do Ho Suh. Courtesy of the artist and Lehmann Maupin, New York, Hong Kong, Seoul and London.
Back at the main show, David Maupin is delighted with a show where “the whole world is meeting for the first time in many years”, noting that even at the last edition, most of his Chinese customers were absent. Their return comes at the right time since it is the gallery’s 20th anniversary at the fair. A focal point of their booth will be a major Do Ho Suh piece.
Like many in the industry, Maupin notices this air of uncertainty, but he doesn’t see the impacts as completely negative. “There’s more caution in the economic world…and recent auctions aren’t quite what they used to be,” he said. “So it’s an opportunity for a serious collection. Art Basel has always been a place for that.
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