THIS WEEK IN THE ART MARKET - FRIDAY 1ST NOVEMBER 2024
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A GUIDE TO THE ART BASEL AND UBS SURVEY OF GLOBAL COLLECTING IN 2024
Art Basel and UBS have released the third Survey of Global Collecting, written by Dr Clare McAndrew, bringing new insights into the preferences and behaviours of collectors in the global art market. Not only does the report cover the numbers and figures, but it highlights the changes in the dynamics of art collecting and evolving trends in the market. Dr Clare McAndrew also writes The Art Basel and UBS Global Art Market Report which provides a broader perspective on the art market, covering auction houses, dealers, art fairs, and sales alongside collectors. The Survey of Global Collecting focuses on the habits of High Net Worth Individuals, who McAndrew acknowledges as a “bubble within a broader market,” but that the survey reveals “a greater understanding of how wealthy individuals who are active in the market are looking to engage with it, and how they want to interact with it going forward.” In addition, through the survey, insights are given surrounding factors such as age and gender of collectors in different regions.
Download the Art Basel and UBS Survey of Global Collecting 2024 here
PARIS PHOTO ALIGHTS ONCE AGAIN AT THE GRAND PALAIS – HERE’S WHAT’S IN STORE
The 27th edition of the photography fair will take place from November 7 – 10th 2024 at the Grand Palais. Presenting 240 exhibitors, from 34 countries, alongside an array of events to accompany the fair, Paris Photo will showcase new perspectives on the medium of photography. Three curators were invited to create proposals that centre contemporary themes and focus on a particular artistic scene or practice. Elena Navarro, founder of FotoMexico, is presenting ‘Imperfect Paradises,’ a project that celebrates the experimental practices within the Latin American contemporary photography scene. Azu Nwaghogu, founder and director of LagosPhot Festival, is showcasing ‘Liberated Bodies,’ which will encourage viewers to reconsider perceptions of archives and their degrees of objectivity. Utilising the image as a tool of memory and history, the question surrounding the future of image-based artworks is brought to light. Finally Sonia Voss, an independent curator, brings ‘4 Walls,’ a project that dissects the systems of power of the USSR and other Eastern and Northern European countries in the 20th century. Mostly focusing on works from the 1970s and ‘80s, Voss explores how these systems impacted the photographic practices of artists at the time. Alongside these three projects, there will be a number of special projects, from a centenary celebration of Robert Rank at Pace to homages to Surrealism.
A RARE ED RUSCHA PAINTING COULD FETCH $50 MILLION AT AUCTION
Ed Ruscha’s Standard Station, Ten-Cent Western Being Torn in Half (1964), will be featured in the Christie’s 20th century evening sale on November 19th. The seller has been reported to be Texas billionaire investor Sid Bass, who has previously owned the only other wall-size gas station Ruscha painting, Standard Station, Amarillo, Texas (1963). Christie’s vice chairman Max Carter has described the piece as an icon “of Ruscha’s art, of paradox, of the post-war era.” The painting has been on display as part of a retrospective of Ruscha’s work at the Museum of Modern Art in New York and then at the Los Angeles County Museum of Art. The estimate for the piece is $50 million which falls close to Ruscha’s auction record of $52.5 million for his piece Hurting the World Radio #2 (1964) at a Christie’s sale in 2019.
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INDIA ART FAIR DELHI ANNOUNCES 2025 EDITION
India Art Fair Delhi is due to hold its largest edition yet in December 2025, following India Art Fair’s expansion to Mumbai in November 2026. Art Fair Delhi 2026 will be showing 116 exhibitors, including 77 galleries and 25 institutions. The Director of the fair, Jaya Asokan, says that “we are in the midst of an incredible moment for South Asian art globally with ever-increasing museum recognition across the world and the Indian market continuing to grow.” International names like David Zwirner, Lisson Gallery, and Galleria Continua will be returning to the fair alongside Indian galleries like Nature Morte, Experimenter, and DAG. New participants include Unit7. and Prahlad Bubbar from London and kó from Lagos. Overall, these upcoming fairs mark an exciting new phase for the art scene in India, with a strong interest shown by both Indian private collectors and institutions across South Asia at last year’s fair.
CHRISTIE’S WILL SELL MONET PAINTING FROM CHICAGO’S UNION LEAGUE CLUB AT 20TH CENTURY EVENING SALE
Claude Monet’s Pommiers en fleurs (1872) will be sold by the Union League Club of Chicago on November 19th at the 20th Century Evening Sale in New York, with an estimate of $7 million to $10 million. This piece is particularly special as it is Monet’s first recorded depiction of the blossom apple tree, a scene that is brimming with the exuberant energy of spring and the essence of youth. The painting was first purchased by club member Judge John Barton Payne in 1895 before being sold to the club for $500. Aside from a brief time away at an exhibition at the Art Institute of Chicago in 2020, the painting has been on display at the club since its purchase. The funds from the sale will be channelled back into the club for renovations for the nearly 100 year old building, with the board vice president Frank DeVincentis telling the Chicago Tribune that it is the time to raise the capital of the club. Co-head of the sale, Imogen Kerr, says that “it is a true honor to represent Pommiers en fleurs, an icon of early Impressionist painting from 1872, on behalf of the Union League Club of Chicago who has cherished it for over 120 years since its acquisition in 1895.”
AFFORDABLE ART FAIR 2024
The Affordable Art Fair returns to Singapore this November, celebrating its 25th anniversary globally and 15 years in Singapore. The fair will run from November 7 – 10, 2024 at the F1 Pit Building. Over 80 galleries will be present, with each piece of art priced at $7,500 and below. Alongside the works there will be immersive installations, alongside a section focused on veteran artists that have alongside the fair.