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The art market is back on track at the Basel Contemporary Art Fair with no less than 70,000 visitors having made the trip.
The contemporary art fair Art Basel ended last night with some 70,000 visitors and confirms in its report published yesterday that this edition was “very successful“.
With 70,000 visitors, the fair did not quite reach its pre-pandemic figures, in fact, in 2019, 93,000 visitors had made the trip. But the galleries present were nevertheless able to do business.
As an example, the financial peak of the contemporary art fair was the sale of the sculpture “Spider” by the French-American sculptor, Louise Bourgeois, for $ 40 million. Other galleries also sold works for amounts in the tens of millions of euros, with a high proportion of works by female artists, who often surpassed their male colleagues in terms of price.
Art as a safe haven
Just like sales of yachts, luxury cars or even fine watches and jewelry, the art market has recovered strongly in 2021 after the shock of the pandemic, thanks to the sharp rebound of the stock market last year, which swelled the wealth of the very rich. After a 22% drop in 2020, the art market has recovered 29% in 2021 to $65.1 billion, according to an estimate by Clare McAndrew, author of a report for Art Basel.
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However, the financial markets are unstable because of the war in Ukraine in particular. But for the moment, insurers specializing in the art market have not observed any break in the amounts insured since the invasion of Ukraine. “The art market is picking up strongly,” notes Nicolas Kaddeche at Hiscox.
“But there is a second important phenomenon that will play positively on the art market, which is inflation,” says Nicolas Kaddeche. “In my opinion, art is going to be, even more than before, a refuge value in relation to an inflation which leaves to the gallop”, he affirmed during an interview with the AFP. Same observation at Axa XL, for Hans Laenen, head of clients for Asia Pacific and Europe, who declares “With the stock markets being more volatile, the art market can be seen as a more stable investment. It may even attract other investors who will look at art, rather than the stock market.” Indeed, periods of economic anxiety tend to favor values considered safe, to the detriment of young artists.
Read also > CONTEMPORARY ART : ART BASEL SUCCEEDS FIAC AT THE GRAND PALAIS
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The art market is back on track at the Basel Contemporary Art Fair with no less than 70,000 visitors having made the trip.
The contemporary art fair Art Basel ended last night with some 70,000 visitors and confirms in its report published yesterday that this edition was “very successful“.
With 70,000 visitors, the fair did not quite reach its pre-pandemic figures, in fact, in 2019, 93,000 visitors had made the trip. But the galleries present were nevertheless able to do business.
As an example, the financial peak of the contemporary art fair was the sale of the sculpture “Spider” by the French-American sculptor, Louise Bourgeois, for $ 40 million. Other galleries also sold works for amounts in the tens of millions of euros, with a high proportion of works by female artists, who often surpassed their male colleagues in terms of price.
Art as a safe haven
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The art market is back on track at the Basel Contemporary Art Fair with no less than 70,000 visitors having made the trip.
The contemporary art fair Art Basel ended last night with some 70,000 visitors and confirms in its report published yesterday that this edition was “very successful“.
With 70,000 visitors, the fair did not quite reach its pre-pandemic figures, in fact, in 2019, 93,000 visitors had made the trip. But the galleries present were nevertheless able to do business.
As an example, the financial peak of the contemporary art fair was the sale of the sculpture “Spider” by the French-American sculptor, Louise Bourgeois, for $ 40 million. Other galleries also sold works for amounts in the tens of millions of euros, with a high proportion of works by female artists, who often surpassed their male colleagues in terms of price.
Art as a safe haven
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