Paris + 2023: report
Publication
April 8, 2024
Author
Billy Tartour
Summary
The art market remains in its bubble! Against a backdrop of anxious international news (inflation, war in Ukraine, Middle East), the art market remains in good health. The second edition of the Paris + by Art Basel contemporary art fair, held in Paris in October, was a resounding success on all levels.
Paris, cultural capital :
Paris may have long since lost its position as world market leader to New York, but it remains the true capital of culture. During Paris + week, the city welcomed a prestigious clientele from all over the world, including representatives of the world's leading museums. The city was abuzz with activity, and now more than ever competes with London as a European stronghold.
And galleries are taking advantage. Marc Glimcher, president of the Pace gallery, confides that he is looking for premises to set up in Paris. "Today, people's hearts go out to beauty and history. Paris represents this, the romantic city par excellence.
One of the reasons for the fair's success was Paris's influence during the week. Numerous cultural events attracted a remarkable number of tourists. The Palais d'Iéna welcomed artists Pistoletto and Daniel Buren in one of the most beautiful shows. The Poush and Paris International events showcased the young, dynamic art scene at relatively affordable prices.
The foundations of luxury brands (Cartier, Vuitton, Galeries Lafayette) have gone to great lengths to appeal to their clientele. The Fondation Vuitton devoted a sensational retrospective to the genius artist Mark Rothko, and Lafayette Anticipations placed its trust in the young British artist Issy Wood, whose pieces are in great demand on the market.
The avowed aim of James Murdoch, 47% owner of Art Basel's parent company, is to bring Paris + closer to all the creative fields present in Paris: fashion, art de vivre and gastronomy.
Embodied by Paris + :
All those involved agree that never before has a Paris fair attracted such a high-calibre public and collectors from such far-flung regions (China, South Korea, California...). Of the 150 galleries present from 33 countries, only 30% are French. The influx of international dealers proves their confidence in the French market.
And this was confirmed by the sales figures. Indeed, despite the stifling news, the art market remains resilient. According to the sales report, 55 million euros worth of works were sold on the first day, compared with 50 million in 2022. This slight drop is seen as a blessing in disguise by art professionals.
The big galleries recorded sensational sales. David Zwirner Gallery sold a painting by African-American artist Kerry James Marshall for six million dollars, a Marlene Dumas for three million dollars to a private collector, and a 1960s portrait by Alice Neel. The Hauser & Wirth gallery, which recently inaugurated its Paris space, sold a George Condo painting for over two million dollars. At Thaddeus, a work by the historic artist Robert Rauschenberg fetched two million dollars. Last but not least, Belgian gallery Xavier Hufkens sold a Tracey Emin painting for $911,000 to a private collector.
Despite these celebrations, the most important thing to remember about Paris + is the noticeable correction in the contemporary art market. While major works found takers, intermediate galleries suffered relatively. Collectors are now focusing their acquisitions on established, institutional artists, and limiting purchases of young artists. The strategy is clear: avoid speculative young artists and NFTs, in favor of recognized market references.
Art Basel has succeeded in making Paris the art hub of Europe.
Art market: Demand remains solid
The reason Paris + is so successful is that the fair primarily represents the contemporary art market, the most dynamic segment. According to the Art Basel/UPS report, 48% of the $37 billion in worldwide gallery sales is generated by contemporary art (artists born after 1945). The contemporary art market is expected to grow 22-fold between 2000 and 2022.
We've pointed out that new market trends indicate that collectors are turning more to blue chips. However, at Paris +, it's mainly the top end of the market that is on display. Many pieces have reached the million-euro mark, and gallery owners don't hesitate to pay upwards of €80,000 for their stand at the fair.
To confirm this solidity, the New York autumn sales at Christie's, Sotheby's and Phillips will be closely scrutinized by the players and will set the trend for Art Basel Miami in December.
