Review | Art Basel Miami and the art market in 2022
One of the most important events of the global art circuit, Art Basel Miami Beach brings together the main galleries of the five continents, which present iconic works of modern and contemporary art, as well as the new generation of emerging artists. The event, which took place between December 1st and 3rd, moved to the Miami Beach Convention Center. In addition to the official program, the event featured themed and virtual self-guided tours, for the public to delve into themes such as: Black Practices, Queer Strategies, 20th Century, and Ecological Orientations.
Check out some outstanding artists highlighted by our Art Advisory:
ARTISTS
Alvaro Barrington (Caracas, Venezuela, 1983)
Alvaro Barrington lives and works between London, England, and New York, USA. He paints vivid, stark abstractions that contemplate everything from hibiscus flowers to the life of political activist Marcus Garvey. Raised between Brooklyn and the Caribbean, he uses materials that often hark back to his childhood, including sewing. His production brings references from the legacy of artists such as Willem de Kooning, Henry Taylor, and Howard Hodgkin, which can be perceived through the gestural and bold quality of his compositions.
Alvaro Barrington lives and works between London, England, and New York, USA. He paints vivid, stark abstractions that contemplate everything from hibiscus flowers to the life of political activist Marcus Garvey. Raised between Brooklyn and the Caribbean, he uses materials that often hark back to his childhood, including sewing. His production brings references from the legacy of artists such as Willem de Kooning, Henry Taylor, and Howard Hodgkin, which can be perceived through the gestural and bold quality of his compositions.
Christodoulos Panayiotou (Limassol, Chipre, 1978)
Christodoulos Panayiotou lives and works between Limassol, Cyprus, and Paris, France. Spanning multiple media such as sculpture, painting, video, photography, architectural interventions and performance, the artist's research focuses on identifying and discovering narratives hidden in the visual records of history and time. He often starts from the ancient and modern cultural histories of Cyprus and Greece as a backdrop and starting point.
Christodoulos Panayiotou lives and works between Limassol, Cyprus, and Paris, France. Spanning multiple media such as sculpture, painting, video, photography, architectural interventions and performance, the artist's research focuses on identifying and discovering narratives hidden in the visual records of history and time. He often starts from the ancient and modern cultural histories of Cyprus and Greece as a backdrop and starting point.
Marcela Cantuária (Rio de Janeiro, Rio de Janeiro, 1991)
Marcela Cantuária lives and works in Rio de Janeiro. Her paintings interweave historical images from the world of politics with representations of contemporary visual culture. Part of her pictorial inventions derive from her research on the struggles waged by women around the world. She elaborates narratives of confrontation with a society structured on machismo and misogyny, and thus creates her words whose particularities are cohesive with her creative process, her chromatic palette, and the articulations that emerge from the open and latent layers of her paints. The influences spread in a curious combination, the works are reconnections with social facts recurrently diminished, erased, or mistreated by history, therefore her body of work seeks to dialogue with questions about the position of women in society, the class struggle, the division of power, gender stereotypes, and disputes over political meanings.
Marcela Cantuária lives and works in Rio de Janeiro. Her paintings interweave historical images from the world of politics with representations of contemporary visual culture. Part of her pictorial inventions derive from her research on the struggles waged by women around the world. She elaborates narratives of confrontation with a society structured on machismo and misogyny, and thus creates her words whose particularities are cohesive with her creative process, her chromatic palette, and the articulations that emerge from the open and latent layers of her paints. The influences spread in a curious combination, the works are reconnections with social facts recurrently diminished, erased, or mistreated by history, therefore her body of work seeks to dialogue with questions about the position of women in society, the class struggle, the division of power, gender stereotypes, and disputes over political meanings.
Mohamed Bourouissa (Blida, Argélia, 1978)
Mohamed Bourouissa lives and works in Paris, France. He depicts contemporary society implicitly through the contours of his photographs. With a critical view of the media image, the characters in his photographs and videos are people left behind at the crossroads of integration and exclusion. Preceded by a long phase of immersion, each of Mohamed Bourouissa's projects constructs a new situation of enunciation. Unlike the false simplistic media constructions, the artist reintroduces complexity in the representation of the margins of hypervisibility.
Mohamed Bourouissa lives and works in Paris, France. He depicts contemporary society implicitly through the contours of his photographs. With a critical view of the media image, the characters in his photographs and videos are people left behind at the crossroads of integration and exclusion. Preceded by a long phase of immersion, each of Mohamed Bourouissa's projects constructs a new situation of enunciation. Unlike the false simplistic media constructions, the artist reintroduces complexity in the representation of the margins of hypervisibility.
THE ART MARKET IN 2022
In addition to the highlights of the event, Art Basel itself recently released a balance sheet outlining the global art scene. The UBS+Basel 2022 report brings important insights into collectors' activities and purchases. The information was collected primarily based on data analyzed by Arts Economics in partnership with UBS.
KURA has selected some of the key insights regarding the themes that have been moving the market and are still projected for the coming year:
KURA has selected some of the key insights regarding the themes that have been moving the market and are still projected for the coming year:
Collectors' Profile
The majority of high net worth collectors surveyed (78%) were optimistic about the performance of the global art market over the next six months, a 4% increase from similar surveys at the end of 2021. Of those surveyed, 55% plan to buy art in the next 12 months and 39% expect to sell works from their collections. The pandemic also appears to have engaged philanthropic giving initiatives among some collectors, with 45% intending to donate works to a museum in the next 12 months - a far higher number than in 2020, when only 29% said they intended to do so.
Purchases at higher prices have also increased - the share of collectors buying works valued at more than $1 million has nearly doubled, from 12% in 2021 to 23% in the first half of 2022.
The majority of high net worth collectors surveyed (78%) were optimistic about the performance of the global art market over the next six months, a 4% increase from similar surveys at the end of 2021. Of those surveyed, 55% plan to buy art in the next 12 months and 39% expect to sell works from their collections. The pandemic also appears to have engaged philanthropic giving initiatives among some collectors, with 45% intending to donate works to a museum in the next 12 months - a far higher number than in 2020, when only 29% said they intended to do so.
Purchases at higher prices have also increased - the share of collectors buying works valued at more than $1 million has nearly doubled, from 12% in 2021 to 23% in the first half of 2022.
Commercial prospects
Despite persistent uncertainties about the full impact of the COVID-19 pandemic in 2022, and in a context that includes other political and economic concerns, international art trade has rebounded strongly. Global imports of art and antiques rose 41% in 2021 and exports were up 38% - in the first half of 2022 alone, the numbers were up double digits from the same period in 2021.
The report predicts that if growth in the second half of 2022 has maintained the same pace, cross-border trade could reach record levels in major art markets.
Despite persistent uncertainties about the full impact of the COVID-19 pandemic in 2022, and in a context that includes other political and economic concerns, international art trade has rebounded strongly. Global imports of art and antiques rose 41% in 2021 and exports were up 38% - in the first half of 2022 alone, the numbers were up double digits from the same period in 2021.
The report predicts that if growth in the second half of 2022 has maintained the same pace, cross-border trade could reach record levels in major art markets.
Channels of Purchase
For 74% of the collectors, fairs are the main channel for buying works of art. The data shows an increase in the first semester of 2022, in relation to the same period in 2021, when only 54% answered they bought at fairs. For the collector, face-to-face contact with the work is an important factor: 65% reported buying a work through a face-to-face event.
In the first half of 2022, 93% of collectors responded that they purchased artworks regardless of the channel, whether through a gallery or dealer, directly, online, or at a fair.
For 74% of the collectors, fairs are the main channel for buying works of art. The data shows an increase in the first semester of 2022, in relation to the same period in 2021, when only 54% answered they bought at fairs. For the collector, face-to-face contact with the work is an important factor: 65% reported buying a work through a face-to-face event.
In the first half of 2022, 93% of collectors responded that they purchased artworks regardless of the channel, whether through a gallery or dealer, directly, online, or at a fair.
Sustainability
Collectors are more concerned about their environmental impact and surveys have revealed that they are more willing to spend more to collect more sustainably. More than half, 57%, are willing to pay up to 25% more for options that reduce the impact of their purchases. However, despite the increased awareness and concern for sustainability, most collectors claimed to be willing to travel more: 77% said they plan to travel to more trade shows, exhibitions or events abroad in 2023; 11% feel their travel plans remain the same; and only 12% expected to travel less.
Collectors are more concerned about their environmental impact and surveys have revealed that they are more willing to spend more to collect more sustainably. More than half, 57%, are willing to pay up to 25% more for options that reduce the impact of their purchases. However, despite the increased awareness and concern for sustainability, most collectors claimed to be willing to travel more: 77% said they plan to travel to more trade shows, exhibitions or events abroad in 2023; 11% feel their travel plans remain the same; and only 12% expected to travel less.
Other data:
74% of all artwork imported into the U.S. arrives from only five countries;
43% of high net worth collectors were buying only artists with whose work they were familiar in 2022, and nearly half of them were adhering only to works marketed by galleries they had worked with in the past.
Part of the art collection of Microsoft co-founder Paul Allen, went for $1.5 billion, breaking the record for the most valuable single-owner art collection ever sold at auction - all in just one of the auction days at Christie's.
74% of all artwork imported into the U.S. arrives from only five countries;
43% of high net worth collectors were buying only artists with whose work they were familiar in 2022, and nearly half of them were adhering only to works marketed by galleries they had worked with in the past.
Part of the art collection of Microsoft co-founder Paul Allen, went for $1.5 billion, breaking the record for the most valuable single-owner art collection ever sold at auction - all in just one of the auction days at Christie's.
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