Art Basel Paris 2024: The Global Art Scene Flourishes Amidst Market Challenges
By Anna Marweld
Interior view of Art Basel Paris 2024 at the Grand Palais.
Image courtesy of Art Basel.
In 2022, Art Basel, the most prestigious and exclusive international art fair, launched in Paris under the name Paris+ par Art Basel. Aiming to highlight the French capital’s vibrant art scene, galleries were invited to showcase the very best of their programmes, offering audiences a taste of artistic excellence, rigour, and cultural heritage.
Held at the Grand Palais for the first time following three years of renovations, Art Basel Paris celebrated its connection with the French capital and its cultural ecosystem. Regarding the preparation for this year’s fair, Director of Art Basel Paris, Clément Delépine, said:
‘We worked on Art Basel Paris’ 2024 edition for over two years; seeing it come to life in such an extraordinary way in the heart of Paris has felt truly special. Our galleries, partners, collectors, and visitors have all contributed to the undeniable enthusiasm we have witnessed across the city, and I am immensely grateful for their support.’
Welcoming 195 galleries from over 40 countries between 19 and 20 October, the fair boasted notable attendees from art world royalty—including Gallerists Larry Gagosian and David Zwirner and Artists James Turrell and Eric Fischl—to actual royalty, such as Queen Rania of Jordan, and art-loving celebrities like Natalie Portman and Owen Wilson. Over 65,000 people visited the art fair throughout its VIP and public days, with exhibitors reporting a breezy mood and strong sales across all market segments.
Art Basel Paris takes place amid a dulled market climate, with reports by UBS and Art Basel documenting a four percent fall in the value of the global art market YOY. Despite this unease, there are encouraging signs of recovery on the horizon, with mid-season auctions in New York, for example, making a marked improvement from last year.
Max Ernst, Cage, forêt et soleil noir, 1927, oil with grattage on canvas, 114.4 x 146.3 cm.
Image courtesy of Christie’s.
There were several prominent sales at this year’s fair with multimillion-dollar price tags. One of the most significant sales was Nahmad Contemporary’s sale of Max Ernst’s 1927 work Cage, forêt et soleil noir for USD ten million, which hammered for USD 3.1 million three years earlier at Christie’s. One of Ernst’s other works, entitled Alice, 1939–which depicts his lover Leonora Carrington—also drew attention at the fair, priced at USD 4.5 million.
Julie Mehretu, Insile, 2013, ink and acrylic on linen, 274.3 x 365.8 cm.
Image courtesy of White Cube.
White Cube reported the VIP day’s headline sale with Julie Mehretu’s Insile, 2013, selling for USD 9.5 million. Mehretu, born in Addis Ababa, Ethiopia, is known for her abstract mark-making and dynamic compositions which often evoke geographic formations, cityscapes, or maps. Her work encapsulates the hum of urban life, and having fled political unrest in Ethiopia, explores themes such as migration, displacement, and the impact of social upheaval.
Finally, the predicted highest priced piece was Kazimir Malevich’s Suprematism, 18th construction, 1915. Although Hauser & Wirth, the mega-gallery showing the work, declined to disclose their asking price, it previously sold at Sotheby’s for a substantial USD 33 million in 2015. Senior Director at Hauser & Wirth Carlo Knoell noted that the work’s value is ‘not very different today’, indicating its continued relevance. Hauser & Wirth also secured a myriad of notable seven-digit sales, such as Barbara Chase-Riboud’s Numero Noir #2, 2021, which sold for USD 2.2 million. The overall success of Art Basel Paris 2024, as well as that of Chase-Riboud and Mehretu—both contemporary BIPOC women artists—signals a potential uptick in the market, whilst echoing the overall shift towards embracing more diverse voices in the art world.
Bibliography
Artlyst. ‘Art Basel Paris 2024: What Sold and What Dealers Said.’ Accessed 4 November, 2024, https://artlyst.com/art_market_news/art-basel-paris-2024-what-sold-and-what-the-dealers-said/
Rabb, Maxwell. ‘$9.5 Million Julie Mehretu Painting Leads Art Basel Paris Opening Sales.’ Accessed 4 November, 2024, https://www.artsy.net/article/artsy-editorial-95-million-julie-mehretu-painting-leads-art-basel-paris-opening-sales
Seward, Mark. ‘Art Basel Paris 2024 Cheat Sheet.’ Accessed 4 November, 2024, https://www.voguebusiness.com/story/fashion/art-basel-paris-2024-cheat-sheet