Art Basel Miami Beach 2024, the first major fair after the U.S. elections and the year’s final event, has sparked strong sales and global collector interest. Booth activity has been brisk, hinting at a rebound in the slower market and economy.
Bridget Finn, the fair’s director, credited the positive energy to a “post-election moment” that boosted collector confidence. First-time exhibitors described the event as a key indicator of market sentiment, pointing to stable transactions as a sign of cautious optimism despite ongoing challenges.
Veteran dealer Larry Gagosian observed a shift toward more measured acquisitions, reflecting a thoughtful and deliberate approach in a still-recovering market. Dealers noted strong interest in works by established artists, often seen as a ‘safety net’ in a soft market.
The fair’s dynamic blend of established and emerging talents drove record-breaking sales and renewed enthusiasm for Latin American art. Galleries like Lehmann Maupin and Charles Moffett reported early sales to both seasoned and new buyers, while increased sales to international collectors, particularly from South Korea, underscored the fair’s global appeal.
Early sales from blue-chip galleries underscored the fair’s robust start. Hauser & Wirth sold David Hammons’ Untitled (2014), a tarp and canvas piece, for $4.75 million, alongside a $2.5 million George Condo portrait.
David Zwirner reported significant sales, including Yayoi Kusama’s Infinity Nets (2017) for $3.5 million and a Noah Davis painting for $2 million. Pace Gallery also achieved remarkable transactions, such as a Sam Gilliam piece sold for $1 million.
Meanwhile, Zilia Sánchez’s minimalist sculptures sold for $150,000 and $85,000, reflecting a renewed appreciation for timeless abstraction.
Mid-sized galleries reported strong results, signaling a balanced market recovery. New York’s Lisson Gallery generated $4.5 million in sales, while Sprüth Magers reported $1.5 million, with works by Anne Imhof and Richard Artschwager drawing particular interest.
Welancora Gallery, a Brooklyn-based space, achieved early success with $60,000 in sales on opening day, spotlighting Deborah Willis’s photo-based works.
Overall, Art Basel Miami Beach 2024 has set an optimistic tone for the art market in 2025, marked by notable sales across diverse price points and increasing enthusiasm for a wide range of narratives.
