Art Basel 2019 | Contemporary Art | Showcase

Art Basel 2019 | Contemporary Art | Showcase



this is the place to pick up a Picasso piece worth 32 million dollars or how about a jaune mirror for 25 million these price tags may sound far-fetched or incredulous but here at Art Basel the most sought-after pieces are the ones with the hefty s asking prices it's been said that the highest man in today's art market is for rare paintings in the top echelon and here at Art Basel this trend is plain to see as long as we can keep fueling the market at the high end with with the pieces that people want there's always going to be the demand for those because it's such it's driven by scarcity so everybody's chasing the same very few names at the top end so it creates that kind of scarcity that keeps prices being driven up even if you can't take a Picasso piece home maybe just maybe you could have stretched your budget for a nineteen thousand Paul Gauguin woodcut for more on quite possibly the most commercial of all art events is art advice of Beatriz Ridley thanks for joining us today on showcase so let's start off by talking about a piece that creatures a lot of heat this year andrea bowers open secret why was it such a big deal it was one that was supposed to be supporting a women and in fact it's slightly backfired because one of the people who was named in the artwork her consent was not obtained in order to have her image used in the artwork and that caused a bit of an uproar and the ethics of seeking consent for artworks which use publicly available images is a hot issue as a result and she was a she was accused of exploiting the cools she was trying to support right yes so she was accused of exploiting someone's misery for artistic profit the artwork was originally on sale for $300,000 as a result of the controversy and the uproar the gallery involved and andrea bars herself not only removed the offending piece from the artwork but also decided that the artwork was no longer for sale a lot of money billions of dollars were spent in not basel this year just like every year so that makes me wonder do you really think that art market is a bubble just like many suggests absolutely i mean the art market is growing a year-on-year it stands currently at i think about sixty seven point four billion dollars as a global art market and it's still rising there was a rise of 6% in the art market between 2017 and 2018 and it's still growing i think that the the rise of economies like China India Eastern Europe have contributed to a boon of collectors and that has driven the prices of artworks up and continued the trend of the art market growing but art market is growing I think especially in the most expensive categories and I wonder why this is happening instead of the low and middle price artworks selling more and more yes the art fairs are booming and the higher prices are garnering even higher collectors that's seeking those artworks so millions are being spent I mean just in the first few hours of Art Basel its furnace all the twenty million dollar heater millions of dollars were spent literally within three hours of the VIP preview opening and at the same time midsize and smaller galleries are suffering immensely and some say that art fairs are very much a reason for that they're sucking the life out of these mid-sized gal you can't afford to take stands in all these art fairs some of these stands can cost from $50,000 to $100,000 just with the stand and then you have to add all the other expenses so you can easily spend three hundred and fifty thousand dollars at an Art Fair and you have to justify that and there's a huge risk in putting a show on that to not share for mid-sized them in a smaller gallery as they might not sell so it could be financial ruin for them well Jerry Saltz has this amazing quote that I want to share with you he believes that 99% of artists don't have money so that I think is explains why he was suggesting that Beatriz Ridley art advisor thank you so much for joining us on showcase today my pleasure

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