The latest instalment of Art Basel Miami Beach comes at a time when confidence and interest in contemporary art is at the highest it has ever been. Yes, the post-war period continues to be brilliantly successful, but what we appear to be witnessing is the beginning and acceleration of contemporary art’s rise in popularity (as a commodity and as an artistic tour de force).
It therefore makes the twelfth edition of the art fair an exciting prospect, as both art galleries and the artists they represent, coupled with the raft of investors and collectors flocking to the city, are all fully aware that this is a moment unlike any other.
Writing in the Guardian, the writers Richard Luscombe and Jason Farago expertly deduce that this year’s expo will serve as a “barometer of the wild, nearly unfathomable boom market in contemporary art”.
“Whether it’s the atmosphere of Miami, the celebrity aura of the place, or the timing just before Christmas, people seem to be very loose spending money there,” Allan Schwartzman, an art adviser and industry analyst based in New York, told the writers.
“Tastes change and styles change, but there’s such a depth of interest in serious art. You can’t predict the future, but the market is strong based on the depth of international wealth.”
According to Bloomberg, Art Basel Miami Beach will be offering around $3 billion (approximately £1.8 billion) worth of art, which is the equivalent of a 20 per cent rise on what was being offered in 2011. That is a considerable mark up on the last two years.
“Post-war and contemporary art has been on fire,” Suzanne Gyorgy, global head of art advisory and finance at New York-based Citigroup Inc’s Citi Private Bank, told the news provider.
“There are so many more collectors globally now than even five years ago. Top tier, iconic art shows status and success. For new wealth, the fact that it’s recognisable is very important.”
Some of the 258 international galleries participating include Pace/MacGill Gallery, Foksal Gallery Foundation, Galerie Jocelyn Wolff, P.P.O.W, Timothy Taylor Gallery, Gavlak Gallery, Ingleby Gallery, Kavi Gupta Gallery, Galerie Mezzanin and Proyectos Monclova.
One of the highlights is the fair’s talk programme Conversations and this year is considered to have a particularly strong line-up. It includes Patrick Charpenel, Chris Dercon, Chus Martinez and Alexandra Munroe, who will be in discussion about the pros and cons of museums “going global”.
The other discursive programme Salon includes talks and discussions on constructive art criticism in Latin America, a roundtable conversation on the role of small arts establishments and a debate entitled Bankrupt Cities, Endangered Museums: Learning From the Case of the Detroit Institute of Arts.
Art Basel Miami Beach at the Miami Beach Convention Centre runs from December 5th until December 8th.
Cadogan Tate specialises in art transportation, fine art storage and art logistics, helping galleries, museums and collectors manage their collections.