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The Global Art Business Is Better, but Not Booming

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Source: The New york Times

Sun, sand and champagne are sure to greet attendees at Art Basel Miami Beach as it celebrates its 21st birthday with a bubbly mix of gallery displays, outdoor art and beach parties.

Yet underneath the surface, the global art business is cooling: While choice works by desirable artists can still fetch sky-high prices, the market is not what it used to be before the Covid pandemic.

“We’ve come out of a period of unprecedented growth in the numbers of artists collected and valued, and the prices which people pay, and those kinds of buying cycles always go through shifts — in good times and bad,” said Allan Schwartzman, a New York-based art adviser and founder of the Schwartzman& advisory firm.

Read more: https://www.nytimes.com/2023/12/05/arts/design/art-world-business-challenges.html

Global art

The artist ‘not surprised’ to be a best-seller

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Source: Aoi.

Back in September, global art experts were taken aback by the name topping a fresh list of the world’s best-selling artists.

Aboudia, a graffiti-inspired artist from Ivory Coast, had beaten well-known names, like Damien Hirst and Banksy, to sell the most pieces at auction the previous year.

According to the Hiscox Artist Top 100, Aboudia, real name Abdoulaye Diarrassouba, had flogged 75 lots. One of these canvasses had gone for £504,000 ($640,000).

Read more: https://www.bbc.com/news/articles/c5115079p53o?xtor=AL-72-%5Bpartner%5D-%5Byahoo.north.america%5D-%5Bheadline%5D-%5Bnews%5D-%5Bbizdev%5D-%5Bisapi%5D

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Global art

Expo Chicago 2024 Proves City Is Strong Player On Global Art Stage

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Source: Forbes

In its first year as part of the Frieze network—which also acquired the Armory Show in 2023—Expo Chicago managed to balance its notably friendly Chicago atmosphere with a strong showing from the global art market. This past Sunday, Expo concluded the 11th edition of its annual four-day fair, with over 35,000 visitors and robust sales from 170 galleries representing 29 countries and 75 cities.

“In our 11th edition of Expo Chicago, we are grateful to now be part of the Frieze family,” said Tony Karman, President and Director of Expo Chicago. “There was a tangible sense of excitement around this year’s edition, a sentiment echoed by our patrons and gallerists, translating into strong sales and an energized atmosphere at the fair and throughout the city.”

Read more: https://www.forbes.com/sites/juliabrenner/2024/04/17/under-new-ownership-expo-chicago-2024-showed-the-city-as-a-strong-player-on-the-global-art-stage/?sh=6ef3019a2395

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Global art

GLOBAL ART SALES REMAIN RESILIENT IN 2023 DESPITE SLIGHT DECLINE

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Source: LUXUS

According to the annual report published by Art Basel and UBS, the global art market maintained its resilience in 2023. The study, which offers a detailed overview of trends, reveals a slowdown in high-end sales but active momentum in the lower price segments. While the United States maintains its dominant position, the rise of China is reshaping the global art landscape.

The eighth edition of the Global Art Market Report published on March 13 by Art Basel and UBS offers a detailed look at the state of the art market in 2023. The study, entitled Art Basel and UBS Global Art Market Report 2024, examines how the economy and geopolitics have influenced art sales, scrutinizing several key market trends over the past year. It was written by Clare McAndrew, cultural economist and founder of Arts Economics.

Read more: https://luxus-plus.com/en/global-art-sales-remain-resilient-in-2023-despite-slight-decline/

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