On the most basic level an art fair is a trade show. It is a place for people in the art business, from dealers and art advisors to collectors and curators to “kibitz” and make deals.
Exhibitions act as the catalyst of art and ideas to the public. They represent a way of displaying and contextualizing art that makes it relevant and accessible to contemporary audiences.
The art exhibit, by its nature, holds a mirror up to society reflecting its interests and concerns while at the same time challenging its ideologies and preconceptions. Keeping art relevant to society and to a diverse audience at any given point in history is one of the main goals of the art exhibit and one of the main reasons it is so important to the history of art. Exhibitions are strategically located at the nexus where artists, their work, the art institutions and many different publics intersect.
Art Basel is an international art fair. It stages three shows in Basel, Switzerland, Miami Beach, Florida and Hong Kong. Each show is organized into sectors which showcase contemporary artwork by established and newly emerging artists. In addition to artwork shown by participating galleries, the shows offer parallel programing produced in collaboration with the host city’s local institutions.
Art Basel’s cities engage with partner cities to develop vibrant and intellectually rigorous programs and offer the art world new opportunities to engage with cultural scenes across the world.
In the American show at Miami Beach work from masters of Modern and Contemporary art, as well as emerging artists are on display. Galleries from North America, Latin America, Europe, Asia and Africa show significant work from Masters of Modern and Contemporary art, as well as the new generation of emerging stars. Paintings, sculptures, installations, photographs, films, and edition works of the highest quality are on display in the main exhibition hall.
At its New York show staged on Piers 92 and 94 of the New York Armory, presentations by leading international galleries are on display. It is a cultural destination for discovering and collecting the world’s most important 20th and 21st century art. It is one of the cities industrial gems. The fair features presentations by leading international galleries, innovative artist’s commissions and dynamic public programs. Since its founding in 1994, the armory show has served as a nexus for the International art world, inspiring dialogue, discovery and patronage in visual arts.
In its 23 years the Armory Show has stayed firm to its mission while establishing itself as a not to be missed art event set in the heart of New York City.
The Armory Show was founded by four New York gallerists-Colin deLand, Pat Hearn, Matthew Marks, and Paul Morris. They sought a platform to present and promote new voices in the visual arts. In its 23 years the Armory Show has stayed firm to its mission while establishing itself as a not to be missed event set in New York City. It was organized by the association of American Painters and sculptures in 1913. It is the first large exhibit of modern art in America. The three city exhibition started in New York City “s 69th Regiment Armory on Lexington Avenue between 26th and 27th street from February 17 until March 15, 1913. The exhibition went on to show at the Art Institute of Chicago.
David Zwinner in Chelsea one of New York’s better known galleries is an example. It shows minimalist art such as Donald Judd’s “Empty Cubes” or John McCraker’s “Colorful Planks.” It also shows photography ranging from Thomas Ruff’s abstractions to PhilipLorca di Corcia’s fashion.
The exhibit was held at Chicago and then was shown at the Copley Society of Art in Boston where due to lack of space, all the work by American artists was removed. The show became an important event in the history of American Art, introducing astonished Americans to the experimental styles of European Avant Garde, Fauvism, Cubism and Futurism. The show served as a catalyst for American artists when it was moved to its current location.
With the globalization of the art market there has been a cross border exchange of value-added economic activity. Goods and services change hands across land and sea and people make money as a result. The number attached to the global art market is only $60 billion. It is only a fraction of the economy, but it has grown considerably. The global import of art grew 280% in the 25 years between 1986 and 2011. In the same period, exports grew by 500% worldwide.
Art valuation is a subset of financial valuation. It is the process of estimating the market value of a specific work of art. It is more of a financial rather than an aesthetic concern. The subjective views of cultural value also plays a part. Art valuation involves comparing data from multiple sources such as:
Art auction houses, private and corporate collectors, curators, art dealers, active gallery owners, experienced consultants and specialized market analyst consult to arrive at a value. Art valuation is accomplished, not only for collection, investment, divestment and financial purpose, but also to establish a barometer for impending sale.
The source of a work’s artistic charisma has long been debated between artists who create and patrons who enable, but the charismatic power of artwork on those who would possess it is historically the initial driver of value.
In the 1960’s that charismatic power started edging over to accommodate commercialized culture and a new industry of art. Aesthetic value fell from prominence to parity with Pop Art and Andy Warhol’s idea of business art. Art is now a business and making money in business is an art.
One can hardly have a Contemporary art exhibit these days without the cross border exchange of goods and services that stimulate several industries (shipping, security, artistic production, etc.)
Art and culture help to reveal and enhance the underlying identity, the unique meaning, value and character of the social form of community. This identity is reflected through the community’s character or sense of place. A community’s sense of place evolves and develops over time. It reflects the social values within and around the community. The community character of a city, county, town or neighborhood can be seen as a narrative of place.
Art is articulation of the historic, cultural, economic context of a community. It also serves to reinforce that community’s identity. In recent times, the art market has witnessed a revolution in the way art works are purchased. The number of international fairs has jumped from 10 to 60.
Art valuation is a subset of financial valuation. It is the process of estimating the market value of works of art. It is more of a financial rather than an aesthetic concern. The subjective views of cultural value also play a part. Art valuation involves comparing data from multiple sources, such as art auction houses, private and corporate collectors, curators, gallery owners, experienced consultants and specialized market analysts to arrive at a value. Art valuation is accomplished by more than collectors, investment, and divestment and financial purposes in a strong economy nearly all businesses enjoy greater prosperity. Disposable income is high, unemployment is low and consumer confidence prompts people to pump their money back into the economy through purchases of essential and nonessential goods and services. The impact of a strong economy on small businesses is two-fold; as business increases, so too does the need for small business to keep pace with demand by hiring new employee, expanding retail space or adding new product lines.
In a strong economy nearly all businesses enjoy greater prosperity. Disposable income is high, unemployment is low, and consumer confidence prompts people to pump their money back into the economy through purchases of essential and non-essential goods and services. The impact of a strong economy on small business to keep pace with demand by hiring new employees, expanding retail space or adding new product lines.
This may be viewed as positive but the downside is that if the economy falters, many small businesses find themselves over extended which can result in mass layoffs and business failures.
The overall mood at art Basel’s exhibits this year was distinctly more selective. Year on year totals are down by as much as 64%, at the opening in New York. In spite of the downturn, Frank Stella’s 50 foot wide, “Damascus Gate (Stretch Variation 1) from 1970 sold to an Asian collection for 14 million. James Rosenquist’s 46 foot wide, “Four New Clear Women” was available for 14 million.
The US market for Arts and Crafts exceeded 40 billion in 2015, but what is also interesting is that China had already emerged as the source of the world’s largest auction revenue. China, along with other Asian countries such as Hong Kong have become a lucrative destination for renowned auction houses. China is expected to emerge as a hub for art fairs and galleries attracting collectors from across the globe.
There is a bourgeoning market for art in Shanghai, China. Shanghai held its eleventh Biennial in 2017 at the Power Station for Art with 92 international artists and 26 Chinese artists on display. The exhibit was held in the converted plant which opened five years ago had previously been slated for the 2010 World Expo.
Journalist Jiayang Fan relates a visit to the Power Station for an exhibit entitled, “The Great Chain of Being.” Planet Trilogy. Visitors are guided through a series of moonscape-like chambers that narrate a story about extraterrestrial discovery. This elaborate space odyssey inspired by the Chinese sci-fi writer, Liu Cixin’s cult classic, ”The Three Body Problem” is all about three
Art Fairs are a futures market in which derivative is a bad word. To be a good bet against near zero interest rates and unpredictable currency fluctuations art needs the potential of a global market. Art must be international to be taken seriously.
“The art market went down in 2016 because a small number of high value objects did not trade hands as they did in 2015. This fact reduced the overall market volume,” says Art Market Monitor Marion Maneker.
David Zwinner in Chelsea one of New York’s better known galleries is an example. It shows minimalist art such as Donald Judd’s “Empty Cubes” or John McCraker’s “Colorful Planks.” It also shows photography ranging from Thomas Ruff’s abstractions to PhilipLorca di Corcia’s fashion.
The question on many collectors’ minds is how the new political environment could affect the market. The softness in the art market in 2016 could be seen in low attendance at Art Basel Miami Beach.
