At Art Basel, the Outlook is Optimistic
At Art Basel, one of the largest and most famous contemporary art fairs in the world, the vibe was "boisterous," reports the New York Times.
Art Basel spans more than 300 galleries from 37 countries. And as reported by the Times, "while the quality of work was noticeably better than it had been a year ago, the days when collectors came to discover new talent are still a distant memory. Instead, booths are filled with a commercial smorgasbord of popular artists. "
Not everything is the way it once was, however.
The Times also reported that "but to say that business was approaching that of the boom years would be an overstatement. 'There’s not the impulse shopping there once was,” said Tobias Meyer, who runs Sotheby’s contemporary art department. 'New buyers are coming here as much for information gathering as for collecting.' Many dealers said they felt a price resistance when it came to spending more than $500,000. "
