Work by Philip Guston on display at Art Basel Miami BeachThe global art scene converged in Miami for the renowned Art Basel Miami Beach (ABMB), promising a week of “parties, paintings and pills.” The art extravaganza witnessed a robust start with numerous galleries already celebrating sales surpassing the $1 million mark.
Despite initial concerns about international conflicts and economic uncertainties, the fair saw a positive shift, marking a departure from the quieter market trends of the past. According to ARTnews, Fionna Flaherty, partner at Lehmann Maupin, expressed optimism, stating that sales at their booth signalled a positive turn in the market.
Dealers reported enthusiastic participation from collectors worldwide, with attendance from Aspen to Paris to Hong Kong. High-profile sales included Lehmann Maupin’s transaction of two large wall-based works by American artist Teresita Fernández, fetching a combined total of $1 million. Additionally, three new works by South Korean artist Lee Bul, part of his “Perdu” series, found buyers at a range of $750,000 to $800,000.
The Metropolitan Museum of Art revealed plans for a sculpture unveiling by Lee Bul in September, adding to the anticipation surrounding the artist’s work. Other notable sales included Yayoi Kusama’s Infinity Net paintings, a Philip Guston piece, and a large-scale sculpture by Alicja Kwade.
David Zwirner reported strong interest in Yayoi Kusama’s works, with sales exceeding $3 million. Hauser & Wirth also celebrated significant transactions, including the sale of a George Condo oil-on-linen work for $2.35 million and several works by Amy Sherald and Henry Taylor to prominent American museums.
Pace, having recently welcomed Polish artist Alicja Kwade to its programme, swiftly sold her large-scale 2023 sculpture “l’ordre des mondes (Totem).” The gallery also reported sales of works by Isamu Noguchi, Lee Kun-Yong, and Lynda Benglis.
Tracey Emin’s emotional painting, “Deep Feeling (2023),” sold for $1.64 million through Xavier Hufkens. Thaddaeus Ropac facilitated the sale of Robert Rauschenberg’s “Copperhead-Bite IX / ROCI CHILE (1985)” for $1.7 million, emphasising its cultural significance.
While some artworks changed hands, one notable piece that garnered attention was Frank Stella’s “Delta (1958)” at Yares Art, priced at a staggering $45 million. Though not yet sold, the painting’s historical significance and Stella family’s pricing decision contribute to its status as the most expensive piece at ABMB.
