in other words

Everything you ever wanted to know about the art market but didn't know who to ask

8 December 2017
Special Issue: Miami Basel
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Loose Money

What some find distasteful about Art Basel in Miami Beach is also the reason this fair is successful. It benefits from being in tropical environment that is easy for Americans to get to and is a magnet for Europeans (who feel like they’re on holiday a couple of weeks before they will be on holiday). The smell of money drips from the air, like sex. Works of art that have sat unsold for most of the year will this week find happy buyers (sometimes even to the same people who turned the works down before). 

Day One

Don’t rush to the VIP lounge, because everyone is a VIP.

Counter tropical?

Some of the best art at the fair is by European artists, being shown by European dealers. Often, though, this work goes under-recognized: maybe it just doesn’t translate into Miami-ese. 

Existential question

You can’t seem to get a decent lunch at the fair which begs the question: why can’t we get the wurst over here from the mother fair? 

Break out of your shell

Spend at least half a day doing something completely unrelated to art. There is more than one way to merengue in Miami, and it’s worth checking out all of them.

On hotels

I used to stay at the not ready for prime-time Mandarin Oriental, which had the appeal of not being in South Beach and therefore a refuge from the 24-hour vibrations and rumble. During my last stay there,  I placed a breakfast order for the following morning, put a do not disturb order on my phone, and then was awakened at 2am by Yolanda from catering asking me when I wanted my grapefruit juice and sliced pineapple delivered. Service is defined differently in Miami.

Cracking It 

Go to Joe’s Stone Crab at least once—and go with someone who knows how to crack both the crab, and the code to getting a table.

Avoid “intimacy” 

Don’t go to any dinners if the invitation mentions an intimate seated dinner (which usually means 200 people).

I stay local; you may choose otherwise

I don’t go to satellite fairs anymore. There are so many in Miami this week and my brain doesn’t have the capacity to absorb what I am looking it when I see so much art on so many walls in such a short period of time.

Hint

If, like me, you are flying home before the weekend, then you should check out the excellent Cuban restaurant at the airport. 

Expect some surprises

Miami Basel is the one fair where I have consistently bought the work of a young artist whose work I didn’t know before. Somehow, there is always something new to discover in Miami. 

 

Allan Schwartzman

co-founder of AAP & chairman of Sotheby's Global Fine Arts



Articles in This Issue






Highlights from Miami

Our Favorite Works of Art

BY Allan Schwartzman
co-founder of AAP & chairman of Sotheby's Global Fine Arts

BY Ivy Shapiro
art advisor

BY Charlotte Burns
editor of In Other Words


Nate Lowman, Irma (2017). Courtesy the artist and Maccarone, NY/LA

Standout Booths

Paula Cooper (G10)

With six brick sculptures by Carl Andre and a massive grouping of gouche on paper works by Sol LeWitt, 100 Cubes (1991), which sold to a public European collection for a price in the region of $1m to $1.5m on opening morning, this booth looked fantastic.

Bergamin & Gomide (D4)

This gallery did an extraordinary job of presenting substantial works by the greatest Brazilian artists of the postwar period, all beautifully selected and installed. There was a lovely grouping of small abstract paintings by Mira Schendel (prices ranging from $125,000 to $475,000) installed opposite a major work by Antônio Dias, Baby Enigmatic (1965) ($2m)—a highly significant artist whose work has yet to really register with American collectors. 

Francis M. Naumann (D11)

This booth, a playful and serious presentation of Dada and Surrealism‚ was a pleasure to see. 

 

Our Favorite Works of Art

Roger Brown, on show at Kavi Gupta (A16) is an under-sung and underground Chicago Imagist artist who emerged in the 1970s, made wonderful paintings—then disappeared from the market. Gupta has brought some exceptional paintings ($45,000 – $100,000). By the end of the second day, two were on hold for museums and a third, Museum Without Paintings (1979), had sold.

Roger Brown, Museum Without Paintings (1979). Courtesy Kavi Gupta

One of the great later sculptures by Louise Bourgeois is on show at Karsten Greve (A6), a self-portrait as an armless St Sebastian made from pink fabric. What’s so wonderful about the work is that though she is martyred, she is happy. Also at Greve is a fantastic galvanized John Chamberlain sculpture. This work, Papagayo, comes from one of his most significant groups of work, made in 1967, when he created five sculptures out of galvanized steel, which were notoriously reported to be sculpture by Donald Judd which Chamberlain had crushed and fired into his own work. Others said the sculptures were made from air-conditioning ducts. In any event, they are some of his strongest forms, whilst also being amongst his few works of no color. 

Nate Lowman, Maria (2017). Courtesy the artist and Maccarone, NY/LA

Nate Lowman’s new hurricane works (Irma, Harvey and Maria, 2017) at Maccarone (I6) look fantastic. All three sold by the end of the opening day ($275,000 each).

Paul Sietsema is one of the most enigmatic artists of our time and White painting (2017), an enamel on linen painting that is both representational and abstract, is an exceptional example, on show at Matthew Marks (B4).

Installation view of Lucy Dodd, Jupiter’s Jollity (2017). Courtesy the artist and David Lewis, New York

A painting by Lucy Dodd at David Lewis (N20) gallery (Jupiter’s Jollity, 2017) stands out as a wonderful example of work by one of the more interesting artists to have emerged during recent years. The work sold as a promised gift to a museum ($125,000).

We love the jewelry made out of crushed beverage cans by Louise Nevelson at Francis M. Naumann (D11).

Rirkrit Tiravanija, untitled 2017 (1 kilo of rice)</em (2017). Courtesy Kurimanzutto

The circle of rice kernels made out of shiny silver by Rirkrit Tiravanija at Kurimanzutto (F17) is exquisite. The work untitled 2017 (1 kilo of rice) ($95,000) is both as workmanlike as his art usually is and as precious as his work can be—a realization of his ideas within the language of formal sculpture.

As fires rage across Southern California, a triptych by Joe Goode at Michael Kohn (F4) called Forest Fire Painting 71 (1983-86) ($180,000), looks damn good—as much an expression of abstraction as representation. 

Joe Goode, Forest Fire Painting 71 (1983-86). Courtesy Kohn Gallery

Ricci Albenda, whose drawings and paintings are on show at Andrew Kreps (C26) is one of the most rigorous artists working today (drawings $18,000-$25,000; paintings $45,000-$65,000). The paintings on show are some of the moving and most painterly paintings we’ve recently seen, including …little lamb, little lamb (blood), 2017, which sold as a promised gift to a museum.

David Salle, Old Bars with Pontiac (2017). Courtesy the artist and Skarstedt

David Salle’s new painting at Skarstedt (C9) feels alive. Salle seems to have amalgamated all of the different ways in which he has created representations over the years into this, his fullest and most mature work. This large painting, Old Bars with Pontiac (2017) ($350,000) has real energy and presence. 

There is a wonderful Picabia painting of two clowns, Les Clowns (1935) at Di Donna Galleries (A3), which sold for more than $1m. 

Gabriel Orozco, Carousel (2017). Courtesy Chantal Crousel

The more Gabriel Orozco plays with the imagery that originated in the samurai tree series, the more beautiful, complex and prosaic his works become. Carousel (2017) is a great example on show at Chantal Crousel (D22), where it sold for $375 000.

The new Institute of Contemporary Art, Miami is an impressive and substantial new venue, as is its opening exhibition and the many historically significant works of art in it. But our favorite offsite moment was taking a rest on the sofa in the upstairs corner of the Rubell Family Collection and getting lost in the delectable old fashioned newfangled virtual romance videowork, Osservate, leggete con me (2012), by the inimitably delightfully rigorous Frances Stark.






Market Report

What Happened on the Fair Floor

BY Charlotte Burns
editor of In Other Words


Tomoo Gokita, Celebration Day (2017). Courtesy of the artist and Blum & Poe, Los Angeles/New York/Tokyo. Photo credit: Andrea Rossetti

“It’s lunch time on day one and I am talking to you—I shouldn’t be”

Dealers had time to sit and chat on opening day, which typically means they are less busy than they’d like to be at that point in the fair. Attendance picked up as the day wore on, but some notable collectors, museum directors and curators seemed to be missing.

“There are fewer people here, for sure,” says Tim Blum, co-founder of Blum & Poe (G22). Was he worried? No: “I feel very, very good. The market is active. There’s a lot of money out there.” By lunchtime on the first day, Blum & Poe had made several sales including of work by two artists new to the gallery: Tomoo Gokita’s Celebration Day (2017) ($60,000) and Robert Colescott’s Magic Act II: Reverse Miscegenation (1970) ($150,000).

10% bigger

The newly rejiggered fair contributed to the sense that there were fewer people. Far more open and airy than in previous years, the fair is 10% larger and down one gallery, “so the booths are bigger on the whole. The aisles are wider and the central plazas add more room”, says Noah Horowitz, director Americas and executive committee member at Art Basel. Most people seemed happy—if a little lost—within the new layout.

Cash is King

Barring the rumored $12m sale of Lichtenstein’s Study for Peace Through Chemistry (1969) at Galerie Gmurzynska (B1) (the gallery declined to comment, other than to say the work had “found a good home”), sales at the top end were slow in the making. “The big guys don’t think they’re going to find anything at this fair,” lamented one dealer, reporting his own sense of ennui.

There were several examples of work on offer with major secondary-market dealers for prices that were either a slight increase on, or roughly equivalent to, prices originally paid, suggesting that some dealers are willing to take a small gain (or loss) to get cash. This is a continuation of a new trend: during the auctions, a leading secondary-market dealer spoke off-record to say that he was selling minor inventory at a small loss in order to clear out the cupboards. The move to free up capital indicates either that dealers are stockpiling cash in order to trade up or that they are preparing for a correction.

“If you keep winning at the casino table, then you start to get worried”

The market is in a moment of transition. Despite many dealers reporting strong sales, some seem anxious: “If you keep winning at the casino table, then you start to get worried”, one trade figure says.

Part of the nervousness comes down to the unpredictability of success. While certain kinds of work are almost certain to sell—great work by in-demand artists, whether a hot, young thing or a blue-chip Modern master—there is less consensus in-between. This unpredictability leads to unease: while some dealers are having record years in terms of profits, they say it is difficult to determine where the market is in the cycle.

Roger Brown, Peach Light (1983). Courtesy Kavi Gupta

“People are spending a lot of money—they just will not be panicked”

The pace was more relaxed than in previous years. “I don’t get a sense of urgency, but we’re doing fine across a wide range,” says one mega-gallerist. “I never liked those days when people elbowed each other out of the way like this was a stock exchange—this is far more seemly,” he said. “There are certain fairs like Basel where you know you’ll sell $20m to $30m worth of art on the opening day. It isn’t like that here. People are spending a lot of money on art—they just will not be panicked.”

Business was spread out: some dealers were caught off-guard by an early flurry of activity while others had to wait. “By 11.05am on day one, we were in a mad rush—we have done extremely well,” says Kavi Gupta (A16), who had sold more than half the booth by the end of the second day and was in the middle of a rehang. For others, sales were slow and steady.

Even if some dealers had to wait for it, most had done solid business by the end of the second day. For example, there was real demand for four new works by Jonas Wood ($250,000-$275,000) at David Kordansky Gallery (B14); several postwar European works quickly found buyers at Tornabuoni (C1), including a ceramic plate from 1957 by Lucio Fontana ($260,000) and 67 Senza Titolo (1960) by Piero Dorazio ($330,000); Van de Weghe sold a Warhol Flowers (1964) (around $2m); sales at Thaddaeus Ropac (G11) included Alex Katz’s painting of Calvin Klein models, CK 21 (2017) ($550,000); Yayoi Kusama’s Standing at the Flower Bed (2013) ($1m) was one of several sales at David Zwirner (F7); while sales at Michael Werner (D10) included Sigmar Polke’s Transparent #8 (1988) ($1.5m).

“I can’t afford to do it, but I can’t afford not to”

The perilous mid-tier level is ever more stretched according to several dealers, who spoke frankly about the problems they are facing. “This is an un-recuperable stand,” says one well-respected US dealer. He broke down the costs: $220,000 to come to the fair, including $100,000 for the booth plus the extras (lighting and walls); a further $60,000 for fabrication; to which he added shipping, staff travel, hotels. Even if he sold every single work on the booth (and he had halfway sold out by lunchtime on opening day), he would go home at a loss: the prices for artists at this level aren’t high enough to cover the costs (and, for most dealers, the booths are more expensive: prices have not increased per square foot, but the booths are simply larger).

“Five years ago, I would go back to my gallery with enough profit to last three months. Last year, I went home with $35,000. This year, it will be a loss,” he says. “The middle is evaporating: collectors aren’t buying. It’s dead. But you can’t go from emerging to blue-chip without a gallery like me.” Nonetheless, he wasn’t worried about going out of business. “The market is enormous, compared to what it was in the 1990s. I can sell to anyone anywhere around the world in an instant.”

For another dealer, non-US, “the problem we have is that the work is cheap compared to the cost of taking part. But we need to come because business in the galleries is down.” Another younger dealer said he can’t afford to take part, but can’t afford to lose his seat at the table, either.

“I used to think art fairs were something I did for my artists,” says José Freire of Team Gallery (I9), who was showing nine paintings by Parker Ito, five of which had sold on the opening day ($30,000-$35,000). “Now I realize they’re something I do to my artists: making them overproduce, ripping things from the studio before there’s time to contemplate.”

“People are getting tired of the newest artists”

Reporting one of the gallery’s most successful opening ABMB days ever, Arne Glimcher of Pace (D8), had “sold virtually half of the works by midway through the first day”, from a Rauschenberg wall sculpture (in the region of $1.5m) to a Yoshitomo Nara painting, Young Mother (2012) (around $2.9m). “I think people are getting tired of buying the newest artists before they’ve had a chance to develop. Art is very expensive these days and there’s a nice sense of security in buying artists who led the avant-garde,” he says.

Throughout the fair, there was less of the type of bold, bright, often-glittery work that used to define Miami. In its place, more mature offerings included lots of art made during the 1960s and 1970s. This speaks to the ongoing appetite to rediscover once-overlooked art, and also to a certain conservatism in the market.

Artists at the fair

Art fairs used to be events that the artists steered clear of, but this year there were lots of visiting artists, from Mark Bradford to Chuck Close. “I find it stressful and tedious, but it’s really the only way I get to see this mix of art”, said artist Louise Fishman at Cheim & Read (D9).

Party Before the apocalypse

“Is Culture in America in Big Trouble?” was the question at hand during an Art Basel talk this week. Panelists (artist Jordan Casteel; Brooklyn Museum director Anne Pasternak; Contemporary Arts Museum Houston director Bill Arning; and writer Teju Cole answered a “resounding yes”, reported the journalist Anny Shaw. Pasternak added: “Art Basel feels like the party before the apocalypse.”

 






Cosmic Curves

Important Abstract Artists from Latin America (Whose Work You May Not Know)

BY Gabriel Pérez-Barreiro
curator of the 33rd Bienal de São Paulo and director of the Colección Patricia Phelps de Cisneros


Kazuya Sakai, Filles de Kilimanjaro III (Miles Davis) (1976). Courtesy Blanton Museum of Art, The University of Texas at Austin, Archer M. Huntington Museum Fund, 1977. Photo credit: Rick Hall

As Geometric Abstraction from Latin America has become part of the international mainstream, with artists like Lygia Clark, Hélio Oiticica and Jesús Soto now household names, there are many other artists who worked in the region whose work is lesser-known. Here are just a few whose work you might not know, but should.

Kazuya Sakai (1927-2001)

Sakai, who was of Japanese-Argentine descent, was a distinguished translator, professor and music critic, as well as an artist. The early paintings he made in his home town Buenos Aires were expressionist abstractions, inspired in part by Japanese calligraphy. In 1962 he moved to New York and then, from 1966 to 1977, he lived in Mexico, where he was the artistic director of the magazine Plural, which had been founded by the writer Octavio Paz. In Mexico, Sakai’s work changed as he painted parallel bands of saturated colors in vibrant compositions, often inspired by his jazz heroes such as Miles Davis. Sakai spent his last 25 years living on the outskirts of Dallas, Texas, where he continued to paint and translate Japanese texts.
 
 
 

Victor Maragriños D., Sin títuo (late 1960s). Courtesy the estate of the artist

Victor Magariños D. (1924-1993)

Magariños was a reclusive artist who lived in relative isolation in the coastal town of Pinamar, Argentina, from 1967 until his death in 1993. During the 1950s and 1960s he started producing geometric compositions but his interest in the work of the Belgian artist Georges Vantongerloo led him to a more cosmic conception of art as an expression of transcendental energy.  Magariños was something of an artists’ artist: hugely admired by many colleagues but loathe to participate in the commercial art world. As a result, his work has not circulated widely.
 
 
 

Rubén Núñez, Composición (1952). Colección Fundación Museos Nacionales, Galeria de Arte Nacional

Rubén Núñez (1930-2012)

Núñez was an early experimenter in abstraction in Caracas in the 1950s, joining the group “Los disidentes” (The dissidents) with Jesús Soto and Alejandro Otero, among others. His work of the 1950s and 1960s explored geometric patterns and dynamic compositions, and in the 1970s he became an early pioneer of holography, in a movement he called “holocineticism”, an attempt to fuse holograms with kinetic art. He was also an accomplished industrial designer and glassworker, and perhaps his most famous creation was the bottle for a special edition of Pampero rum.
 
 
 

Carlos Silva, Eutropos (1966). Courtesy María Calcaterra, Moderno & Contemporáneo

Carlos Silva (1930-1987)

Carlos Silva’s works are complex and ambiguous constructions made up of accumulations of small hand-painted dots. The resulting undulating compositions recall the contemporary works of Bridget Riley or Victor Vasarely, yet Silva’s work is barely known outside his native Argentina. Silva also used a unique color palette, with unexpected juxtapositions of pastel and primary colors, to create quite beautiful effects.
 
 
 
 

María Martorell, Sin título (serie Lázaro) XVI (1974). Courtesy Gabriela Martorell

María Martorell (1909-2010)

Many of the most important abstract artists in Latin America were women (Clark, Lygia Pape, Lidy Prati, Gego and many others). María Martorell was born in Salta, a city in the Andean region of north-west Argentina, and remained connected there throughout her long life. Her works are characterized by the use of undulating waves of color in earthy tones that recall the mineral-rich soil of her homeland.
 
 
 

Rubem Valentim, Relêvlo Emblema (1978). Private collection. Photo credit: Sotheby’s Digital Images

Rubem Valentim (1922-1991)

Valentim was born in Salvador, Bahia, in the north-east of Brazil. As a self-taught artist he engaged with the popular Afro-Brazilian traditions of Bahia while developing his own unique abstract language. The resulting compositions make equal reference to the contemporary geometric language that was gaining force in 1950s Brazil, and to more ancient languages that express religious and cosmic forces through abstract forms. He will be the subject of a major retrospective at the Museu de Arte de São Paulo (MASP), scheduled to open in fall 2018.
 
 
 
 
 
 
*Gabriel Pérez-Barreiro is the curator if the 33rd Bienal de São Paulo, “Affective Affinities”, opening September 2018
 





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BY the AAP team
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Art Agency, Partners is a bespoke art advisory firm founded in 2014, and built upon decades of combined experience, to provide counsel to many of the world's leading art collectors and institutions on collection assessment and development, estate planning, and innovative approaches to museum giving and growth.