the art collectors » Art Basel Miami Recap

Tuesday, December 9th, 2008

Art Basel Miami Recap – Part 1

Damien Hirst

The Art Collectors presents the first installment of our extensive coverage of Art Basel Miami and its surrounding satellite fairs.

Undoubtedly there was a significant downturn to the feverish buying frenzy of the boom of the past several years. Although there was less spending and decadence in the air, overall, spirits remained hopeful as the week progressed.

Reporting for the Times London, Sarah Thornton describes the five-day affair as yet another measure of a market that has “slowed down dramatically but averted a crash, mainly as a result of the skilful driving of dealers and the return of serious collectors who were ‘priced out of the market’ during the boom by fast and high-spending billionaires,” and a somber tone of “deep relief, as there were enough transactions at the fair to demonstrate that art is still a liquid asset.” (full story here)

The less that disasterous slump was substantiated by a Miami Herald survey of 86 galleries and dealers – 41 exhibiting at Basel, and another 45 from satellite fairs. Over 70 percent experienced flat or slight decreases in prices. The Herald notes that this does not account for reports of major discounting. Half reported smaller crowds and less potential buyers. Even with these somewhat bleak reports, 60 percent of exhibitors surveyed were ”extremely likely” to return next year. (full story here)

Despite the overall somber tone, crowds flocked to view a massive mix of established heavyweights and up-and-coming stars of international modern and contemporary art. Here is part one of our Art Basel recap, to be followed up with a closer look at satellite fairs and a special focus on some of our favorites from the past several days.

Lots more to see after the jump…

Damien Hirst (Detail)