Art Basel to Open

Art Basel, the worlds largest art fair opens this week amidst market concerns. Scott Reyburn of Bloomberg has a good article on the opening of this fair, with 300 galleries showing work by 2,500 artists. Unfortunately Reyburn's article title sums up the current atmosphere, Warhol Price Slashed as Art Basel Fights Slump With Bargains. Although the preview by MR Reyburn suggestions difficult times for the show, perhaps with reduced prices there will be more incentives to make purchases.

Reyburn states Dealers lowered expectations after Christie’s International and Sotheby’s respective $93.7 million and $47 million totals at the May contemporary-art auctions in New York were 72 percent and 87 percent down on last year. The average auction price of contemporary art has fallen 76.2 percent since May 2008, the London-based company ArtTactic said after those sales.

New York gallery Deitch Projects will offer at Basel a small 1964 Warhol silkscreen self-portrait based on photo-booth shots, priced at $675,000. The painting is on consignment from fashion designer Stephen Sprouse, who was given the work by the artist, gallery founder Jeffrey Deitch said in an interview.

“It’s priced to sell,” he said in a telephone interview. “Last year I would have asked at least $1 million.

“There’s now much less going on at the $5 million-plus level. A lot of the price gains in 2007 have been reversed and we’re back to 2005 levels.”

Satellite Fairs

Last year Art Basel attracted 60,000 visitors, according to the organizers. Like London’s Frieze Art Fair, the event doesn’t release sales figures. Thousands of other works will be on show at Basel’s satellite fairs such as VOLTA, SCOPE and LISTE.

To read the full article, click HERE.