This Week in the Art Market – Friday 1st March 2024
Art Market News
New Artsy Art Fair Report Reveals Key Trends Shaping Global Art Market
The Artsy Art Fair Report 2024 presents key insights into the evolving dynamics of art fairs, highlighting their continued significance in the art world. With 69% of surveyed galleries participating, these events are deemed essential for connecting with new collectors, as evidenced by 75% reporting the acquisition of new clients in 2023. While some galleries express intentions to increase their participation, many remain cautious due to the high costs and logistical challenges associated with fairs. Expenses emerge as the primary barrier for galleries abstaining from participation, cited by 56% of respondents. Sales predominantly occur during the event and post-VIP days, with New York identified as the foremost art fair city globally. Based on a survey of 377 gallery professionals and art dealers, this report offers valuable insights into the shifting landscape of art fairs and their enduring impact on the art market. Download the full report for comprehensive analysis and methodology details.
https://www.artsy.net/article/artsy-editorial-artsy-art-fair-report-2024
Rare Francis Bacon Portrait of Lover George Dyer Goes on Sale
An elusive Francis Bacon portrait of his lover George Dyer is set for auction. Painted in 1966, the artwork captures Dyer in a rare moment of repose. With Bacon’s art gaining immense value in recent years, this piece is expected to fetch a significant sum. The painting, which carries all the hallmarks of Bacon’s best works, is expected to fetch between £5m and £7m when it goes under the hammer next month.
Frieze Los Angeles Showcases Diverse Array of Asian Artists
Frieze Los Angeles, renowned for its cutting-edge contemporary art, highlights the works of diverse Asian artists. With a focus on cultural identity and social commentary, the exhibition offers a platform for Asian voices in the art world, fostering dialogue and appreciation.
https://www.nytimes.com/2024/02/28/arts/design/frieze-los-angeles-asian-artists.html
India’s Art Trade Sees Economic Upswing
The Indian art trade experiences an economic upswing, reflecting a growing interest and investment in the country’s art market. Factors such as increased participation in art fairs, rising demand for Indian art globally, and the emergence of new collectors contribute to this positive trend, signalling a promising future for the Indian art industry.
https://www.theartnewspaper.com/2024/02/26/india-art-trade-economic-upswing
Christie’s Showcases Hokusai’s “36 Views of Mount Fuji”
Christie’s presents an exceptional collection of ukiyo-e prints by Japanese master Hokusai, featuring his iconic “36 Views of Mount Fuji” series. These prints, renowned for their artistic mastery and influence on Western art, offer collectors a rare opportunity to acquire pieces from one of Japan’s most celebrated artists.
Ke Dong is a seasoned art writer and current double major in English Literature and Art History at NTU. Having worked with esteemed art institutions in Singapore, Ke Dong now regularly contributes his keen research skills, adept writing abilities and passion for art to the Art Works discourse.
