Throughout the hallways of Art Basel Miami, of 16 simultaneous fairs and the many events combining luxury brands and Art, dealers and buyers were commenting the negative effects of the exorbitant auction prices on the Art market. Uncertain times, a weak and corrupt financial industry leave little room for attractive investments and buying Art seems to be the perfect refuge   for many new and old fortunes, not affected by the crisis. Even though they may seem outrageous, the proceeds of sales obtained by Auction houses are a fact.

What has become increasingly difficult is to appraise the works of art and determine their “fair price” …On the other hand, Modernism is regaining its well deserved place. The selection of galleries participating in last year’s Art Basel as well as the choice of auctioned works of art (record sale prices for every twentieth century artist) provides an indication of their return.
The fact that the all five continents are now active participants  has shifted the New York –Paris axis  prevailing  until  the mid 80s-and the more recent London inclusion- to such an extent that Art Basel is opening its first Fair in Hong Kong  by May of this Year. For all manufacturers and retailers around the globe, Asia is the key factor that is forcing us to rethink and change market strategies. In the Art world ,major galleries have opened branches in Beijing, Hong Kong  and other cities and have included among the artists they represent  some of the most highly valued of the area, and the price of their work has increased considerably  in a very short period of time. Latin America, has also gained recognition, launching Brazil and Mexico at first, followed by a strong Colombian positioning in the market. Such   wide array of possibilities results in a rather confusing picture both for collector and even more so for dealers.

However, even though it would seem that multimillionaires are dominating the world of contemporary art and of the secondary market (nothing new, and also true in all realms of power), I would like to underscore the fact that away from all these commercial dealings we find the surprising and welcome return of careful and detailed execution in all crafts: drawing, painting, photography and video at their best. Even though it is still in its early stages, I find a sincere search for   individual and intimate expression. Somehow, the need to “fit in” by producing “mass consumption market” does not seem to prevail as it used to. Thus I am finding that fairs, galleries and studios of artists are displaying an increasing amount of elements illustrating this trend.

I truly hope that I am right in believing that we are witnessing a return to a more enriching and true form of art.