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New York Times
01-05-2025
- Business
- New York Times
In a Turbulent Time, TEFAF New York Keeps Its Focus on the Classics
When the European Fine Art Foundation (TEFAF) held its very first New York fair at the historic Park Avenue Armory in 2016, the global art market was in robust health: Art sales had marked a near-record of $64 billion worldwide in the preceding year, and were at a peak in the United States, according to an art market report by the cultural economist Clare McAndrew. As TEFAF New York prepares to welcome visitors again — running from May 9 through 13, and coinciding with the closely watched May auctions — the outlook is downright cloudy. Global art sales tumbled for the second year in a row in 2024, totaling an estimated $57.5 billion, and the U.S. market was down 9 percent from the previous year, according to the recent Art Basel and UBS Global Art Market Report. More recently, stock markets have been jittery since President Trump announced sweeping tariffs on countries around the world on April 2, then said he would back down on tariffs on goods from most countries, except China, for 90 days. Economic turbulence has an immediate impact on the net worth — and the collecting appetite — of those who buy art. 'The volatility that you see in the markets writ large is reflected in the art market,' said Alex Logsdail, chief executive of the Lisson Gallery, an international art dealership. He said business had 'slowed significantly,' though it was 'still happening' and 'has not fallen off a cliff' as it did at the time of the 2008 global financial crisis. 'This is a funny thing for me to say out loud, but it's true: Nobody needs any of the things we are selling,' he said. Collecting art is 'a question of want and desire and passion and confidence. It is up to us to create those conditions,' regardless of the economic context, he added. Lisson has exhibited at TEFAF New York's spring fair from its first iteration in 2017, and Logsdail served for a time on its selection committee (which decides which galleries will get booths). He said TEFAF New York was well positioned for the current circumstances, because in unstable economic conditions, the focus turns to quality and value, and to 'well-tested' and affordably priced objects. And right now, he said, 'people are taking a very active interest in artists whose prices are quite low.' The Lisson stand this year will feature artworks by Hiroshi Sugimoto, Sean Scully, Olga de Amaral, Carmen Herrera and Anish Kapoor, priced between $200,000 and $1 million, Logsdail said. Last year at TEFAF New York, Lisson said that it sold, among other objects, an Anish Kapoor sculpture for 625,000 pounds ($840,000). Other exhibitors at TEFAF New York bring artworks that are in a similar price range. By contrast, at the world's largest contemporary-art fair, Art Basel, works can sell for seven- and even eight-digit sums. TEFAF is a Dutch organization whose main event — held in Maastricht, the Netherlands, each year — offers treasures and objects spanning 7,000 years of art history, most of them pre-20th century. Its New York offshoot shows much more recent art: Two-thirds of exhibitors are modern and contemporary galleries, and other exhibitors offer antiquities and jewelry. TEFAF branched out to New York in 2016 as part of an effort to rejuvenate and geographically broaden its collector base. Initially, there were two New York fairs: one in the fall, focused on galleries of older art and of antiques; the other in the spring, focused on modern and contemporary work. After the coronavirus pandemic broke out in 2020, the fall event was scrapped. Highlights at this year's fair include a circa 1933 mask-shaped plaster sculpture by Alberto Giacometti, a 1930s painting of a girl by the French artist Marie Laurencin, a blue acrylic coffee table (from 2012) designed by the architect Zaha Hadid, and a 1948 entrance canopy in folded sheet steel that was once part of a school in France, designed by the French architect Jean Prouvé. Leanne Jagtiani, director of TEFAF New York, said the fair had a similar range of objects and historical periods as Maastricht, but was about one-third the size, with around 90 booths. 'Because we're small enough, we can mix it all up,' she said. 'You can walk past a design dealer, then your favorite modern and contemporary dealer, then a jewelry dealer, and there's this element of discovery. We don't section people off.' That format allows visitors to 'open their eyes to opportunities they might not be looking for,' said Jagtiani, who recalled that when she previously worked in private sales at Christie's, she found that buyers 'collect across much broader categories than perhaps we had realized.' Jagtiani acknowledged the impact of 'external economics' on this year's event. She said President Trump's initial tariff announcement had the effect of a 'hand grenade' before it was rolled back. 'Art fairs are a long-lead, live event. Galleries are going to start planning what they're bringing, and how they're getting it here, months in advance,' she said. To be faced with the prospect of tariffs as high as 40 percent came as a 'shock wave,' she said. Cross-collecting at TEFAF New York has been observed firsthand by one exhibitor: Charles Ede, an ancient art and antiques gallery founded in 1971 specializing in Egyptian, Greek and Roman art, as well as in European art from before A.D. 1000. 'We're selling to a lot more modern and contemporary collectors who are fascinated by our objects,' said Charis Tyndall, a director of Charles Ede who said that she attends the New York event every year. She said the aim was to remove antiquities from a 'more stuffy academic or museum context,' and 'make people see them as works of art, not as antiquities.' She said at TEFAF New York, she often met new faces: Most visitors to the stand had never seen antiquities before, and those who had — museum curators from antiquities departments around the United States — did not attend the main fair in Maastricht, where there were a large number of antiquities galleries. Charles Ede will show 70 objects at its booth this year, the priciest being an $850,000 Roman marble torso of a youth, and the most affordable being a Byzantine silver spoon (from the 4th to the 6th century B.C.) priced at $2,000. Tyndall said the comparatively low prices made the antiquities market much less market-dependent and speculation-prone, and 'very slow and steady.' 'There's a comfort in what we deal in, because it seems like a, relatively speaking, inexpensive area of the art market,' and not one where buyers can 'flip objects very quickly and make vast amounts of money,' she said. 'You'll always be able to get your money back, plus inflation and maybe a little bit more.' Lisson's Logsdail agreed that TEFAF New York's price points made it potentially more immune to financial-markets headwinds than fairs offering much bigger and much pricier works. 'Every fair has its ups and downs,' he said. 'Every year is not excellent, but I've always felt that it's well worth it.' Lisson certainly had a disappointing result in 2017, TEFAF New York's inaugural spring edition, when its booth was dedicated exclusively to small works by the Cuban American artist Carmen Herrera (1915–2022), and 'we didn't sell a single thing,' Logsdail recalled. 'A museum came and put everything on hold, and then unheld it.' Yet Lisson has sold many works by Herrera ever since. And not only will there be Herrera works on its stand this year, but there will be a stand-alone exhibition of her art at the Lisson Gallery's physical space in Chelsea in New York. 'Sometimes you do something that's very beautiful and really makes a statement, and the dividends you reap from it come later,' Logsdail said. As for the market turmoil, he said, 'one hopes that people see this moment as an opportunity.'
Yahoo
16-04-2025
- Business
- Yahoo
At Hong Kong's Art Week, Emerging Talent Stole the Show
Released on the heels of this year's Art Basel Hong Kong and Art Central Hong Kong—two annual fairs that presented 420 galleries from around the globe—the Art Basel and UBS Global Art Market Report reveals that in 2024, global art market sales declined by 12 percent, specifically at the high end. But lest that seem like an ominous statistic for the creative sector, the report also disclosed a rise in the auction sales of works less than $5,000, 'while smaller dealers with turnover of less than $250,000 reported a 17 percent rise in business, their second consecutive year of growth.' Even if sales have flagged for the upper segments, enthusiasm among art appreciators has not, with more than 91,000 attendees passing through the Hong Kong Convention and Exhibition Centre during Art Basel's five-day run. Launched in 2013 as the first Basel edition in Asia, the show's main goal was to serve as a platform for galleries and artists in the Asia-Pacific region and position the area as a global art hub. According to Art Basel Hong Kong director Angelle Siyang-Le, that goal remains (more than half of the galleries at the convention are based in Asia), although its nuances have shifted as a result of the pandemic. More from Robb Report Twice as Nice? Why Luxury Condo Buyers Are Doubling Down on Their Favorite Brands Why the 2020 Brunello Vintage Is One of the Best of the Century This New Coffee-Table Book Celebrates Formula 1's History and Heroes '2023 was about the reopening,' Siyang-Le said at the fair's pre-opening press event. '[In] 2024 it was about reconnecting between East and West, and 2025…I feel that naturally, the theme this year and our goal is to repurpose, and how we repurpose is [to] transcend ourselves beyond buying and selling platforms to date, what we called an intersection for creative opportunities.' While a handful of blue-chip galleries boasted six-and-seven-figure sales (most notably, David Zwirner, which sold Yayoi Kusama's 2013 work INFINITY-NETS [ORUPX] (2013) for $3.5 million), there was a strong representation from small and mid-sized galleries (the roster of 23 newcomers included Bologna-based P420 with a solo presentation dedicated to Irma Blank, Paris' Galerie Allen with a delicate, wire-suspended mixed-media installation from Kirill Savchenkov, and a mix of work from New York's Nicelle Beauchene Gallery), as well as a section, dubbed 'Discoveries' for work created specifically for the show by emerging artists. Here, a much-Instagrammed installation by Korean artist Shin Min, through P21 Gallery, was the recipient of the first-ever MGM Discoveries Art Prize. Titled Ew! There is hair in the food!!, the grouping of paper figures is a biting commentary on the discrimination, expectations, and pressures women face while working in the corporate food service industry. It's these bold, sharply message-driven works that are catching the eye of the next class of art collectors—a discerning group who grew up during the advent of contemporary technology that allowed them to connect with the world and exchange ideas and information at a progressively rapid pace. 'We have seen increasing traction from younger generations,' says Amy Lo, chairman of global wealth management Asia and head and chief executive of UBS Hong Kong. 'Gen X is the biggest in terms of purchasing power and sales.' Lo also notes that, '69 percent of high-net-worth individuals are buying and purchasing from new artists. They tell us their main focus is on the new talents [and] 95 percent said they will be local-focused.' For those fair-goers looking for more cutting-edge or experimental work, the 10th edition of Art Central—a satellite show held at Hong Kong's Central Harbourfront—delivered in spades. Here, a vibrant, more youthful sensibility ruled, with kinetic sculptures, optical illusions, dance performances, pieces saturated with in-your-face color, and layered textures that made it hard not to reach out and touch the work. (French jewelry designer Shourouk Rhaiem's My Dream Kitchen featured a multi-tiered metal shelving unit chock full of 27 vintage household items, all bedazzled with Swarovski crystals.) Pop motifs mixed with skilled craft rooted in history (at Galería Casa Cuadrada, Portuguese artist Vanessa Barragão's utilized textile techniques like latch hook and crochet to transform recycled materials into her knit wall sculpture, Euphoria I), and for the first year, the fair placed an emphasis on photography. Even the most abstract works seemed to have touchpoints, whether material, theme, text, or pattern, that made them relatable to the general viewer. Back for the second year, Neo brought 15 galleries from Asia, Europe, and the Americas to present undiscovered artists in the early years of their careers. Participants like Shanghai's Astra Art, Seoul's FIM, MJK Gallery in Tokyo, and Monolog Gallery out of Belgrade are all less than three years old, but their inclusion doubled-down on Art Central's commitment to being an incubator to new talent, and the city's greater interest in creative cultural exchange. 'Hong Kong historically has always been a hub,' Art Basel's Siyang-Le says. 'What we are doing here is to increase the awareness of art and culture…not only to service just the VIPs, but everyone in the city.' Best of Robb Report The 10 Priciest Neighborhoods in America (And How They Got to Be That Way) In Pictures: Most Expensive Properties Click here to read the full article.
Yahoo
15-04-2025
- Business
- Yahoo
At Hong Kong's Art Week, Emerging Talent Stole the Show
Released on the heels of this year's Art Basel Hong Kong and Art Central Hong Kong—two annual fairs that presented 420 galleries from around the globe—the Art Basel and UBS Global Art Market Report reveals that in 2024, global art market sales declined by 12 percent, specifically at the high end. But lest that seem like an ominous statistic for the creative sector, the report also disclosed a rise in the auction sales of works less than $5,000, 'while smaller dealers with turnover of less than $250,000 reported a 17 percent rise in business, their second consecutive year of growth.' Even if sales have flagged for the upper segments, enthusiasm among art appreciators has not, with more than 91,000 attendees passing through the Hong Kong Convention and Exhibition Centre during Art Basel's five-day run. Launched in 2013 as the first Basel edition in Asia, the show's main goal was to serve as a platform for galleries and artists in the Asia-Pacific region and position the area as a global art hub. According to Art Basel Hong Kong director Angelle Siyang-Le, that goal remains (more than half of the galleries at the convention are based in Asia), although its nuances have shifted as a result of the pandemic. More from Robb Report Twice as Nice? Why Luxury Condo Buyers Are Doubling Down on Their Favorite Brands Why the 2020 Brunello Vintage Is One of the Best of the Century This New Coffee-Table Book Celebrates Formula 1's History and Heroes '2023 was about the reopening,' Siyang-Le said at the fair's pre-opening press event. '[In] 2024 it was about reconnecting between East and West, and 2025…I feel that naturally, the theme this year and our goal is to repurpose, and how we repurpose is [to] transcend ourselves beyond buying and selling platforms to date, what we called an intersection for creative opportunities.' While a handful of blue-chip galleries boasted six-and-seven-figure sales (most notably, David Zwirner, which sold Yayoi Kusama's 2013 work INFINITY-NETS [ORUPX] (2013) for $3.5 million), there was a strong representation from small and mid-sized galleries (the roster of 23 newcomers included Bologna-based P420 with a solo presentation dedicated to Irma Blank, Paris' Galerie Allen with a delicate, wire-suspended mixed-media installation from Kirill Savchenkov, and a mix of work from New York's Nicelle Beauchene Gallery), as well as a section, dubbed 'Discoveries' for work created specifically for the show by emerging artists. Here, a much-Instagrammed installation by Korean artist Shin Min, through P21 Gallery, was the recipient of the first-ever MGM Discoveries Art Prize. Titled Ew! There is hair in the food!!, the grouping of paper figures is a biting commentary on the discrimination, expectations, and pressures women face while working in the corporate food service industry. It's these bold, sharply message-driven works that are catching the eye of the next class of art collectors—a discerning group who grew up during the advent of contemporary technology that allowed them to connect with the world and exchange ideas and information at a progressively rapid pace. 'We have seen increasing traction from younger generations,' says Amy Lo, chairman of global wealth management Asia and head and chief executive of UBS Hong Kong. 'Gen X is the biggest in terms of purchasing power and sales.' Lo also notes that, '69 percent of high-net-worth individuals are buying and purchasing from new artists. They tell us their main focus is on the new talents [and] 95 percent said they will be local-focused.' For those fair-goers looking for more cutting-edge or experimental work, the 10th edition of Art Central—a satellite show held at Hong Kong's Central Harbourfront—delivered in spades. Here, a vibrant, more youthful sensibility ruled, with kinetic sculptures, optical illusions, dance performances, pieces saturated with in-your-face color, and layered textures that made it hard not to reach out and touch the work. (French jewelry designer Shourouk Rhaiem's My Dream Kitchen featured a multi-tiered metal shelving unit chock full of 27 vintage household items, all bedazzled with Swarovski crystals.) Pop motifs mixed with skilled craft rooted in history (at Galería Casa Cuadrada, Portuguese artist Vanessa Barragão's utilized textile techniques like latch hook and crochet to transform recycled materials into her knit wall sculpture, Euphoria I), and for the first year, the fair placed an emphasis on photography. Even the most abstract works seemed to have touchpoints, whether material, theme, text, or pattern, that made them relatable to the general viewer. Back for the second year, Neo brought 15 galleries from Asia, Europe, and the Americas to present undiscovered artists in the early years of their careers. Participants like Shanghai's Astra Art, Seoul's FIM, MJK Gallery in Tokyo, and Monolog Gallery out of Belgrade are all less than three years old, but their inclusion doubled-down on Art Central's commitment to being an incubator to new talent, and the city's greater interest in creative cultural exchange. 'Hong Kong historically has always been a hub,' Art Basel's Siyang-Le says. 'What we are doing here is to increase the awareness of art and culture…not only to service just the VIPs, but everyone in the city.' Best of Robb Report The 10 Priciest Neighborhoods in America (And How They Got to Be That Way) In Pictures: Most Expensive Properties Click here to read the full article.
New York Times
08-04-2025
- Business
- New York Times
Global Art Sales Fell by 12% Last Year, Report Says
Sales in the international art market declined 12 percent in 2024, according to the Art Basel and UBS Global Art Market Report published on Tuesday. The annual report, seen as the most reliable indicator of the art market's size and health, said that sales had fallen for the second year in a row. 'Decline in value was driven by cooling at the top end,' says the report, which describes 2024 as 'a year of continuing geopolitical tensions, economic volatility and trade fragmentation.' Auction sales of single works that fetched more than $10 million fell by 39 percent, the report says, and galleries with a turnover of more than $10 million saw sales fall 9 percent. 'People were more risk-averse,' said Clare McAndrew, the economist who wrote the report, in an interview. 'On the supply side, people were waiting to see how things panned out and held on. That impacted what came on to the market.' 'Buyers were looking at this uncertain, volatile picture, and wanted to put money into something that was more liquid, or something that gave them income,' McAndrew said. The report — which is the most widely cited survey of activity in the notoriously opaque international art market — estimates the total value of global art sales in 2024 at $57.5 billion, based on publicly available data from auction houses and survey responses from some 1,600 dealers. Sales reached a peak of $68.2 billion in 2014, according to the report, but have been flat or falling since then, even though billionaire wealth has more than doubled in the last 10 years, reaching a record $15.6 trillion. In that time, sales of other luxury goods have soared; LVMH, the world's biggest luxury conglomerate, posted annual turnover of about $88 billion last year. 'There's so much wealth in different parts of the world that isn't buying art at the moment,' McAndrew said. 'The focus is so much on the core people who are already buying,' she added. 'The growth has to come with expanding the realm of interest.' Last year, sales declined in all of the art trade's key geographic regions, the report says. The United States retained its position as the dominant marketplace, but turnover fell 9 percent to $24.8 billion, owing in part, the report says, to 'the political uncertainty surrounding the presidential election.' Despite 'Brexit-related challenges,' Britain regained second place with $10.4 billion of sales, contracting just 5 percent year-on-year, according to the report. Art sales fell a hefty 31 percent in China to $8.4 billion, its lowest level since 2009, as a result of 'slower economic growth, a continued property market slump and other economic challenges,' the report says. The one bright spot in the report was an increase in activity at lower price levels. The global art trade's overall number of transactions grew 3 percent in 2024 to 40.5 million, a peak, driven by the post-pandemic expansion of online trading, the report says. Auction sales of works sold for below $5,000, the report adds, an increase of 7 percent, while smaller dealers with turnover of less than $250,000 reported a 17 percent rise in business, their second consecutive year of growth. The smallest dealers attracted the biggest share of new buyers, 'highlighting the importance of smaller galleries in expanding the market to a wider audience,' according to Art Basel and UBS. Looking forward, the report said 80 percent of dealers expected stable or improved sales. However, those upbeat responses had been compiled before President Trump's announcement last Wednesday of steep tariffs on nearly all imports to the United States and the stock market falls that followed. Although, for the moment, art appears to be mostly exempt from U.S. tariffs, dealers are fretting about how these measures, and the economic turmoil they are causing, will damage the international art trade. 'It's bad,' said McAndrew, who emphasized that the effects of tariffs remained unclear. 'The growth of the contemporary market has been built around goods being able to move easily across borders. It's the worst possible time for the art market to be hit.' 'There will still be the potential of reciprocal ones, and the damage they might do, more generally, will still filter down,' she added. The 'geopolitical tensions, economic volatility and trade fragmentation' that the UBS and Art Basel report identified as suppressants in 2024 don't look set to ease any time soon.
