The Art Newspaper

Brighter mood as blue-chip art finds buyers at Miami Beach

But pace of sales is sedate, reflecting more considered purchasing

By Georgina Adam, Charlotte Burns and Ossian Ward. From Art Basel Miami Beach daily edition
Published online: 03 December 2009

As Art Basel Miami Beach opened to VIP guests yesterday at high noon, among the early arrivals were Las Vegas art collector and casino mogul Steve Wynn, arm-in-arm with ex-Guggenheim head honcho Lisa Dennison. He quickly bagged a 2007 James Rosenquist from Acquavella (B21), entitled Zone, for just under $1m. Right next door at Gmurzynska (B20), actor Sylvester Stallone was introducing his abstract paintings to the lavender-clad British royal, Princess Michael of Kent—a recently hired consultant to the gallery. Elle McPherson, John McEnroe and Calvin Klein rounded out the celeb quota, but big-hitting art world players were also in evidence, from collectors such as Eli Broad and Susan and Michael Hort to museum heavyweights Glenn Lowry and Michael Govan with a posse of trustees in tow.

Greeting them was a confident display by the 265 galleries in the expanded fair space, with a clear emphasis on blue-chip modern and contemporary art by tried-and-tested artists. Works by Picasso, Calder and Giacometti were to the fore, with strong showings of major names such as Gerhard Richter, Alex Katz and Frank Stella. At Michael Werner’s stand (B23), five works on paper by Sigmar Polke sold or were reserved for prices nearing $1m.

Gone are the days when young unknowns could be unveiled at inflated prices, as art consultant Nicholas Maclean of Eykyn Maclean noted: “There’s less interest in buying average quality material. There’s more confidence: it’s a good, sensible market.” Skarlet Smatana at L&M (D35) concurred: “You feel more secure buying historical works, if you can afford it.”

While the quality of the works on offer was high, buying was sedate. The pace felt like that old dance step: slow, slow, quick, quick, slow. “We are noticing that people who previously bought at 12.01 now want to see what else is out there—the rhythm is different,” said Jeffrey Deitch (F1), whose stand was nevertheless swamped.

While there was no great charge, dealers had recorded enough pre-sale interest to remain optimistic about the first few hours. “We had lots of response in advance of the fair, as well as reserves—that certainly wouldn’t have happened a year ago,” said Helen Winer of Metro Pictures (D12), having just sold a Robert Longo triptych Northern Cathedral, 2009, for just under $500,000 to a private European buyer. “You can’t play it by ear in this market, we did lots of pre-prep work,” added Adam Sheffer of Cheim & Reid (E19), who reported sales of Louise Bourgeois’s Fôret, a recent cast of a 1953 wooden sculpture, which went to a Florida collector for $1.5m.

Spirits had been lifted by the recent New York sales. “The climate in the US has changed from being really down to more upbeat. Six months ago Americans were not in the buying mood, but they are now. Core collectors are coming back,” said Thaddaeus Ropac (C10), who had placed a range of works in the $500,000 bracket by the likes of Tony Cragg, whose stainless steel sculpture Inclination, 2009, was sold twice over.

“Buyers remain selective, you can’t push them but those stupid conversations about what the work might be worth in ten years’ time are over,” remarked Nicole Hackert of Contemporary Fine Arts (E5), having just agreed the sale of a Cecily Brown painting to a South American collector for $450,000. Buyers are in the driving seat, according to Javier Peres of Peres Projects (J6): “They’re calling the shots, you can’t even joke about putting them on a wait list.” Some are taking browsing to new heights by keeping the dealers guessing until the final hour: “My favourite day is the last day,” says local hotel impresario and art hound Don Rubell, “because you can sit and talk to dealers and say, OK, what do you really have.”

Until the dust settles, it remains unclear if collectors who have seen too much and covered too much ground will find their way back to make good on their reserves. “I’m actually waiting for two curators from US museums,” said a hopeful Daniel Buchholz (C6).