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Art Basel 2016, market performance results

Art Market | Despite 2015’s art market slow-down and a disappointing first semester for London and New York auctions, Art Basel turned its nose up at the current context and once again confirmed its position as world leader. Highly international, the 47th edition welcomed 98,000 visitors who came to admire the work of some 4,000 artists showing in 287 galleries.

Art Basel 2016 © Photo courtesy Art Basel
Art Basel 2016
© Photo courtesy Art Basel

Divided into seven sections, Art Basel #47 featured 287 exhibitors (283 in 2015) from 31 countries in over 140,000 m2 of space : 182 European galleries (63%) – with Germany (51 galleries / 17.7%), the United Kingdom (33 / 11.5%), Switzerland (23 / 8%) and France (22 / 7.6%) the most highly represented. There were 78 galleries from the United States (27%), while the Asian continent remains underrepresented with only 11 exhibitors (3.8%).

Art Market Monitor reports a high sales volume, especially for artist-brands and works seen as solid investments.
- Hauser & Wirth reported sales in the millions, including the sale of a Lygia Pape work for $2.8m, 4 works by Paul McCarthy for a total of $6.725m, and 2 Maria Lassnig works for $1.75m…
- Christophe Van de Weghe sold two Basquiat works for a total of $9.5m.
- Gallerist Per Skarstedt’s Mike Kelley installation shown in Unlimited went for $1.5m.
- A Piero Manzoni painting and Frank Stella’s Slieve More (1964) found buyers at $7m and $5.9m respectively at Dominique Levy.
- Among the Gagosian Gallery sales were a Rudolf Stinger painting at $3.5m and a Damien Hirst “Pill Cabinet” at $4.2m.
- Mnunchin Gallery sold a Brice Marden for $4.5m and the John Chamberlain work “Honest 508” (1973-74) for $3m.
- David Zwirner closed many deals including a 2016 Kerry James Marshall for $1.2m, 2 Sigmar Polke works, including one from 1988, for $6.5m, and a Luc Tuymans painting sold for over $1m…
- Several Georg Baselitz works estimated at $500,000 each were sold by Thaddaeus Ropac as well as Robert Rauschenberg’s “Untitled (Spread) ” (1983) for about $1m.

The 2016 TEFAF Art Market Report notes an incontestable decline in both prices and volume of transactions in 2015, evaluating the art market at $63.8m (-7% from 2014). Art Basel once again proves its solid position despite a highly volatile stock market particularly since the Brexit and uncertainties brought about by oil prices and Chinese economic difficulties.

Vincent Kozsilovics
Publié le 28/06/2016
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Art Basel 2016 © Photo courtesy Art Basel

Art Basel 2016
© Photo courtesy Art Basel

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