The rise of the far-right in the European elections, the stalemate over the war in Gaza and the first signs of a financial shock in the United States seem to be dragging down the small world of art. Only the first element creates a semblance of excitement: "Do you think the Rassemblement National [far-right] will resell contemporary artworks from the FRACs [Fonds régional d'art contemporain, a public regional collection of contemporary art[ if it comes to power?" asked a young dealer, visibly interested. After all, the revolutionary turmoil of 1789 enabled every English squire to furnish himself with Louis XVI on the cheap, and some are already shamelessly sniffing out opportunities, even if the majority are worried about a possible economic downturn.
On Tuesday, June 11, the first of the two days reserved for professionals and the like, champagne corks were popping in the inner courtyard of the Art Basel fair, where VIPs of global art gather each year for a boozy breakfast before scouring the 286 gallery stands (including 22 new participants) from 40 nations. Here, you'll find the crème de la crème of modern and contemporary art. "It's like Germany in the 1930s: we're having fun, while the world is on the brink of a precipice," confided a regular at this major event. In the evening, the number of dealers wanting to get into the bar at the Trois Rois, Basel's most luxurious hotel, and meet likely wealthy individuals, was so great that they formed a line in the street, and the management of the establishment had to create a fast-pass card for its regulars.
Not all collectors were present. Many Americans preferred to stay at home, sending their advisers, who turned out in large numbers. The Asian presence (South Korea, Taiwan, Singapore, Japan and China) was also strong, with an increase in dealers but a decrease in collectors compared to the previous edition. However, the lights are not all green. The volume of May auctions in New York, where the very high-end market takes place, contracted by over 20%. Christie's and Sotheby's announced lay-off plans, mainly in London.
In Manhattan, nearly a dozen galleries closed this year, including old-timers such as Marlborough (founded nearly 80 years ago) and the very niche Cheim & Read, open for a quarter-century, as well as more recent ones that didn't survive their 10th anniversary. In Paris, a seasoned gallery owner deplored the gloomy climate, "with few or almost no visitors in recent months..." She added: "Nowadays, many people prefer to pay off their rent arrears at a sale, instead of paying what’s due to the artist."
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