Basel shows art heating up as billionaires chase Basquiats
Acquavella sells Basquiat painting with US$18 million price tag, as sales were brisk at the start of Art Basel
Works by Jean-Michel Basquiat, Richard Prince and Philip Guston sold this week at Art Basel in Switzerland, the world’s top modern and contemporary art fair, as business took a brisk turn.
The fair saw a bullish June 13 opening to select guests, with works selling briskly even as many collectors complained that asking prices were too high. Indeed, the global art market has more than tripled in value since 2003. Art Basel opened to the public Thursday and runs through June 18.
“The market feels stronger,” said Russian collector Maria Baibakova. “Many things I wanted to buy were already sold.” A US$450,000 abstract painting by Cecily Brown she coveted was already claimed, Baibakova said.
Several top galleries brought nine works by Basquiat. In May, a painting by the artist fetched US$110.5 million at Sotheby’s, crowning the late neo-expressionist as the most expensive American artist at auction.
‘Cash In’
“People realise this is a moment to cash in on Basquiat,” said Phyllis Hattis, a New York private dealer who attended the fair. She noted that many Basquiat works were “placed conspicuously to be a drawing card for a booth.”
One work, “Three Delegates,” depicting three heads surrounded by scribbles, sold in the first hour on Tuesday at Acquavella Galleries. The work had an asking price of US$18 million. While the gallery declined to reveal the sale price, the canvas last sold for US$6.7 million at auction in 2015, according to Artnet.
The most expensive of the bunch, “Baby Boom” from 1982, had the asking price of US$32 million at Levy Gorvy gallery. Its seller, newsprint magnate Peter Brant, acquired it for US$1.2 million in 2001. The gallery was in negotiations with a potential buyer, according to Brett Gorvy, a co-founder.
Gagosian, based in New York, said the gallery has already had its best Art Basel this year. Sales included the painting “Night Club Nurse” by Richard Prince that was priced at US$8 million and consigned by hedge fund manager Daniel Sundheim. Another hit: Urs Fischer’s life-size wax sculpture of influential Swiss art dealer Bruno Bischofberger and his wife. Both editions of the 2015 work, “Bruno & Yoyo,” were sold. The asking price for each was US$950,000, according to a pricing list.