As summer comes to an end, art watchers are anxiously awaiting signs of what the upcoming season will bring. I don’t have a crystal ball, but despite the volatility of the stock market and rising inflation, the art market still seems strong.
September starts with a burst of activity in the first two weeks: the inaugural Frieze Seoul (September 2 – 5) followed by the Armory Show and Independent in New York (September 8 – 11).
In advance of the fairs, galleries send out lists to their top clients and art advisors of the works they will be selling, and they are happy to sell before the openings. I’ve received a great number of these fair previews revealing that even in this economic climate, many of the works are already sold or on hold. I’ve also received countless previews for upcoming gallery exhibitions from all over the world, and it’s amazing how much art is already sold or on hold. This is all very promising.
These behind-the-scenes, before-the-fairs sales are an interesting phenomenon—and good to know about as you become a more serious collector. If a client wants to think about an acquisition and/or see a work in person, a gallery will often put a work on hold for a short period of time. For an exhibition, clients normally have until the opening, when they can see the work in person. For an art fair, clients are typically given one hour from the opening to see a work in person—which is not a lot of time, especially at a big art fair where more than one work might be on hold. Galleries also often have more than one hold on a work, and it’s not uncommon for #2 to be standing in a booth waiting for #1 to decide. No pressure!
This competitive atmosphere has been further accentuated by the strength of the art market in the past two years, due in part to wealth creation, new entrants and new homes. A shocking number of artists, including many who were unknown until recently, have “waiting lists,” with the galleries constantly rearranging the order as they see fit.
In addition, galleries often send out previews indicatingthat they are “taking interest” to see who wants what, before they decide who is lucky enough to take a piece home. It shouldn’t be a surprise that if a hopeful buyer doesn’t have a pre-existing relationship with the gallery, they don’t have much of a chance.
Due to all of this interest, galleries sometimes advise collectors that they have a better chance of acquiring a work if they buy two and donate one to a museum – a practice referred to as “BOGO”: Buy One, Gift One.
Needless to say, the art market has become harder to navigate for those without good gallery relationships or a plugged-in art advisor. It will be interesting to see what happens the remainder of this year. But whether all of this sounds exciting or daunting, it’s definitely maneuverable—so don’t give up!
Here is my fair schedule for the rest of 2022 if you’d like to accompany me:
· The Armory Show, New York: September 8 – 11
· Independent, New York: September 8 – 11
· SWAB, Barcelona: October 6 – 9
· Frieze London, London: October 12 – 16
· Paris+ par Art Basel, Paris: October 19 – 23
· Art Basel, Miami: November 29 – December 3
8/31/22