Amidst apprehensions stemming from the slowdown in the Chinese economy and the prevailing political climate in Hong Kong post the enforcement of stringent national security measures, Art Basel unveiled its latest edition to VIPs on Tuesday. Hosted at the prestigious Hong Kong Convention and Exhibition Centre, the event exuded its trademark glamour and vibrancy, albeit with a more subdued atmosphere. While over 240 galleries participated, initial reports suggested a somewhat sluggish pace compared to previous years.
Notably absent were the flamboyant outfits and politically charged artworks that had previously dominated the scene, particularly those critiquing capitalism, war, patriarchy, and colonialism, often originating from the U.S. Collectors, preferring to remain anonymous, expressed a desire to maintain a lower profile amidst economic uncertainties and the complex political landscape.
Nevertheless, several galleries reported successful sales on the opening day. Hauser and Wirth, known for its global reach, secured substantial transactions, including the sale of William de Kooning's "Untitled III (1986)" for $9 million and Philip Guston's "The Desire (1978)" for $8.5 million. Marc Payot, president of Hauser and Wirth, emphasized the broad spectrum of collectors from China despite the economic challenges.
White Cube gallery also boasted impressive sales, with works by Anselm Kiefer and Christine Ay Tjoe fetching significant prices. The ongoing complications related to travel amidst the COVID-19 pandemic prompted Chinese galleries to target buyers from neighboring countries such as the Philippines, Singapore, and Malaysia.
Interestingly, there appeared to be a waning interest in South Korean contemporary art, while Japanese galleries, notably Kaikai Kiki, commanded attention with their bold presentations. Works by artists like Mr., featuring vibrant interpretations of everyday Japanese life, garnered considerable interest among fair attendees.
Despite some pre-arranged sales, dealers engaged in active in-person transactions throughout the day. Art Basel's decision to divide the VIP day into two segments aimed to facilitate more focused interactions with serious buyers, resulting in a satisfactory outcome for many exhibitors.
While the majority of visitors hailed from mainland China, Hong Kong-based institutions also played a significant role in driving sales. Despite a sense of uncertainty permeating this year's fair, attributed partly to the broader sentiments in Hong Kong, the event remained a testament to the resilience and adaptability of the art world in navigating challenging times.
Notable Sales
$9 million: Willem de Kooning, Untitled III (1986) at Hauser & Wirth
$8.5 million: Philip Guston, The Desire (1978) at Hauser & Wirth
$3.7 million: Li Huasheng, 0679 (2006) at Ink Studio
$3.5 million: Mark Bradford, May the Lord be the first one in the car…and the last out. (2023) at Hauser & Wirth
$3 million: Li Huasheng, 0097 (2009) at Ink Studio
$2 million+: George Condo, Constructed Female Portrait (2024) at Sprüth Magers
$1.5 million: Georg Baselitz, So me he bo lo (2013) at Acquavella Galleries
$1.3 million: Alex Katz, Yellow Tree 2 (2021) at Gladstone Gallery
$1.2 million: Lynne Drexler, Plumed Bloom (1967) at White Cube
$1.1 million: Ed Clark, Homage to the Sands of Springtime (2009) at Hauser & Wirth
$1 million: A work by Yang Hyun-Jin at Hakgojae Gallery
$850,000: George Condo, Escaping Figures (1998) at Hauser & Wirth
$850,000: Pat Steir, 9 x 7, D (2022) at Hauser & Wirth
$800,000: Avery Singer, Poppers (2024) at Hauser & Wirth
$750,000: Christine Ay Tjoe, 3->2 #05 (2010) at White Cube
$750,000: Rashid Johnson, God Painting “Open Waters” (2023) at Hauser & Wirth
$700,000: An oil on linen painting by Julia Jo at Jessica Silverman
$699,700: Maria Lassnig, Heimliche Liebe / Heimlich Liebe / Couple im Gespräch (Secret Love / Secretly Love / Couple Talking), 1995, at Hauser & Wirth
$600,000: Anj Smith, If Winter comes (can Spring be far behind)? (2023) at Hauser & Wirth
$595,000: Charles Gaines, Numbers and Trees: Charleston Series 1, Tree #11, Fiddle Way (2023) at Hauser & Wirth
$540,000–$648,000: Park Seo-Bo, Écriture No. 040424 (2004) at Kukje Gallery
$538,300: Yan Pei-Ming, Dragon rouge vermillion de Chine (2023) at Massimo De Carlo
$485,000: Martha Jungwirth, Ohne Titel (2023) at Thaddaeus Ropac
$475,000: Jenny Holzer, Minor Victim-3 (2022) at Sprüth Magers
$377,000–$538,000: Giorgio Morandi, Fiori (1957) at Galleria d’Arte Maggiore G.A.M.
$375,000: A Salvo painting at Gladstone Gallery
$350,000: Zhang Enli, Composer (2023) at Hauser & Wirth
$340,000–$390,000: Shara Hughes, Pink Cotton (2022) at David Kordansky Gallery
$340,000: Su Xiaobai, Gracile-1 (2022) at Tina Keng Gallery
$335,000: Ju Ting, Deep Rivers Run Quiet (2024) at Star Gallery
$310,000: Mr., Untitled (2024) at Perrotin
$300,000–$330,000: Each of two paintings by Javier Calleja at Almine Rech
$290,700: Julije Knifer, Untitled (1969) at Galerie Frank Elbaz
$275,000: Lisa Brice, Chasing that High (2006) at Thaddaeus Ropac
$275,000: Adam Pendleton, Black Dada (D), 2023, at Pace Gallery
$250,000: Michaela Yearwood-Dan, If we carry on we will fall (2024) at Marianne Boesky
$250,000: Robert Motherwell, Untitled (ca. 1951) at Kasmin
$248,000: A work by Katharina Grosse at Galerie nächst St. Stephan Rosemarie
$245,000: A painting by Eddie Martinez Timothy Taylor
$240,000: Salvo, Ottobre (1999) at Mazzoleni
$237,000: Georges Mathieu, Peinture 118x88cm (1985) at Perrotin
$235,000: Julien Nguyen, One Lost Once (2023) at C L E A R I N G
$200,000–$240,000: Gregor Hildebrandt, What's Up (2022) at Perrotin
$212,500: Chantal Joffe, Shona (2021) at Victoria Miro
$205,000: An artist-curated presentation by Radames “Juni” Figueroa at kurimanzutto
$200,000: A painting by Jacqueline Humphries at Greene Naftali
$185,000: A work by Eddie Martinez at Timothy Taylor
$175,000: Albert Oehlen, Baumbild 25.8.01 (2001) at Gagosian
$150,000: Leon Polk Smith, Interchange: Pink Rays (1964) at Michael Rosenfeld Gallery
$140,000: Nicole Eisenman, The Triumph of Poverty (2022) at Hauser & Wirth
$130,000: An Oscar Murillo painting at David Zwirner
$120,000: Donald Moffett, He Kills Me (2023) at Marianne Boesky Gallery
$100,000–$120,000: Bernard Frize, Secteur (2022) at Perrotin
$100,000: Bernard Frize, Chapeau (2022) at Perrotin
$95,000: Tschabalala Self, Mary (2022) at Pilar Corrias
$90,000: Daniel Buren, Peinture (1966/2016) at Kamel Mennour
$90,000: A painting by Dana Schutz at David Zwirner
$80,000: A painting by Dana Schutz at David Zwirner
$70,000: Ryan Sullivan, LS II (2024) at Sadie Coles HQ
$60,000: Cameron Rowland, New York Labor Law §220-e (2022) at Artists Space
$55,000: Lucien Smith, Rain (2022) at Perrotin
$50,000: Yu Youhan, Fish Jumping in the Lotus Pond (2016) at ShanghART Gallery
$50,000: A work by Nicholas Party at Hauser & Wirth
$45,000: The Estate of Felix Gonzalez-Torres, "Untitled" (2022) at David Zwirner
$40,000: A painting by Eddie Martinez at Timothy Taylor
$40,000: A painting by Eddie Martinez at Timothy Taylor
$40,000: A painting by Elizabeth Peyton at Gladstone Gallery
$40,000: A painting by Elizabeth Peyton at Gladstone Gallery
$40,000: A painting by Julie Mehretu at David Zwirner
$38,000: A painting by Henry Taylor at Blum & Poe
$35,000: An artist-curated presentation by Rachel Feinstein at kurimanzutto