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Global Art Market

Tricks to bagging bargains (and a Warhol) at Sydney’s biggest art fair

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Source: The Sydney Morning Herald

Two million-dollar paintings and early pre-pop works by Andy Warhol will head to Australia’s largest annual salesroom this week, in a test of the resilience of the art market amid rising recession anxiety.

Regarded as part trade fair, part cultural smorgasbord, Sydney Contemporary opens on Thursday with works by 500 artists represented by 96 galleries, including a growing overseas contingent from Singapore, Indonesia, New Zealand, and Japan.

All eyes will be on the show’s two big-ticket items: a late-career work by Emily Kame Kngwarreye, an eminent Indigenous artist of the late 20th century, to be sold by Utopia Art Gallery, and a monumental waterfall painting by leading contemporary Japanese artist, Hiroshi Senju, available through Paddington’s Justin Miller Art. Each is for sale for $1 million.

Read more: https://www.smh.com.au/culture/art-and-design/tricks-to-bagging-bargains-blue-chips-and-an-andy-warhol-at-australia-s-largest-annual-art-fair-20230828-p5e01g.html

Global Art Market

Eight Trends In The 2024 Global Art Market

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Source: Forbes

The changing tides of the global art market have been laid bare in the UBS Art Market Report 2024 by Arts Economics. According to the report, globally, art sales have slowed, save for China where they have increased by 9% to a staggering $12.2 billion. Online sales increased worldwide too, but the highest-priced art deals still tend to happen offline

Here are some of the most interesting trends identified in the report that I believe can help provide an outlook on the current global art market:

Read more: https://www.forbes.com/sites/forbesbusinesscouncil/2024/05/16/eight-trends-in-the-2024-global-art-market/

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Global Art Market

Global art sales down 4% to $65bn in 2023

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Source: Delano

2023 was a politically and economically complex year, says Arts Economics founder Clare McAndrew, and those complexities have filtered down into the art market. The global value of sales fell 4% to $65bn, while sales in China increased and online sales resurged.

After two years of growth, global art market sales have slowed down, found the eighth edition of the Art Basel & UBS Global Art Market Report, published in March 2024. In 2023, the global value of sales came to $65bn, falling 4% from $67.8bn in 2022. This figure, however, was still higher than the $64.4bn of sales seen in 2019, just before the outbreak of the covid-19 pandemic.

Read more: https://delano.lu/article/ubs-art-basel-2023-was-a-compl

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Global Art Market

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/

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