MARKET

On Wednesday, August 28, the 33rd edition of arteba, the first art fair founded in Latin America and the most significant in Argentina, began. This year's event features over 400 artists represented by 65 galleries from 16 cities.

Paraguay is rarely mentioned when discussing the global art market, but this might change in the coming years due to its growing activity in the contemporary art sector. This activity is primarily driven by local galleries, which, aware of the cultural isolation the country has experienced for many years, are actively promoting local collecting and seeking to promote their artists through fairs and participation in events like the current Pinta Sud|ASU.

If the history of art is, to a certain extent, "the history of the complex infrastructure generated by the development of relations between artists and economic power" (López Zumelzu, 2020), when we are faced with works that subvert the canons established by tradition -and still belong to it- we may ask ourselves, how can we operate from within this framework to question the policies that constitute and decide what is made visible, and what is consequently made invisible?

The art market stands out as a unique and enigmatic sector, notoriously difficult to measure and largely unregulated. Yet, it never fails to captivate the media, drawing attention with its dazzling multimillion-dollar sales and the alluring glamour of art collecting.

It is with great enthusiasm that we announce the inauguration of a new section in our magazine, dedicated to the fascinating and dynamic art market. This section is designed to serve both experts and news collectors  as well as enthusiasts who wish to enter, participate, and better understand this exciting world. The section benefits from the guidance and advice of María Sancho-Arroyo, an expert in the field.

The Art Basel in Basel fair concluded on June 16th, signaling the near end of the market season before summer. Despite the June London auctions (featuring works from antiquity to contemporary art) this year’s London season is notably diminished.

Last week's New York auctions, dubbed "Giga Week," saw art sales soar to an impressive $1.4 billion. This significant figure follows numerous sales at bustling art fairs over the past two weeks. While this amount represents a 22% decrease from the same week in 2023, and 55% less from 2022, auction houses performed admirably given the current challenging economic and political climate.

The NY spring season has concluded with the major auctions of Contemporary and Modern art. While the sales have not been a disaster, most lots have sold either below or close to the low estimate, with some last-minute withdrawals. One year ago, the May sales already marked a clear recalibration of prices. Over the past 12 months, the market has continued its slowdown, and this week's sales have confirmed the trend. It is not a brusque fall or a crash, but a slow-motion downward spiral in prices, with very few but exciting surprises.

Leonora Carrington’s painting "Les Distractions de Dagobert" (1945), valued between $12 to $18 million, is generating considerable excitement as it heads to auction at Sotheby's this May. Having been in an American collection since 1995, its upcoming sale not only reflects the escalating market demand for Carrington's pieces but also underscores the rising interest in female Surrealist artists.

With the opening of Frieze NY last Wednesday, the NY Contemporary sales season has kicked off (if it ever truly stops!). From now until mid-May, it's a whirlwind of fairs and gallery openings, culminating in the grand auctions. May is a crucial time for the US art market calendar and the results will have global repercussion for the remainder of the year.

Art fairs and biennials inhabit the same artistic universe but serve distinct purposes. The former primarily functions as commercial hubs where artworks are bought and sold, whereas biennials act as global stages, celebrating the rich diversity of contemporary art.

Digital art experiences a new impulse along with new payment methods.

The personal legacy of Pritzker Prize winning Mexican architect Luis Barragán (1902–1988) is mostly in Mexico, while his professional legacy is owned by a Swiss corporation. Magin’s endeavor flirts with copyright, exclusivity and heritage to question these very notions. Seven are the works within her investigative project that are now part of Centre Pompidou’s permanent collection. These include sculpture, installation, photography and drawing.   

Last week, the Guggenheim Museum in Manhattan received an instruction manual valued between $120,000 and $150,000. The manual itself is not an artwork, but 14 pages of detailed layouts on where, how, and how often the banana must be replaced. Yes, it is "Comedian", the conceptual artwork that went viral last year at Art Basel Miami Beach.