Art Basel Is Shaping Up to Be a Roll of the Dice
When the Swiss edition of Art Basel opens to VIPs on June 17 (public days are the 19th through the 22nd), Pace gallery's booth will feature a 6-foot-tall Picasso priced 'in excess of' $30 million.
Oftentimes, with a work this expensive (and even far less expensive), galleries do their utmost to secure a buyer well before the fair opens, soliciting offers in a phenomenon known as pre-selling. The fair opens, the collector shows up, and the work is officially sold then.
But a week before the fair, the gallery had yet to nail down a buyer for the Picasso. 'We have a very good idea about who we think is going to buy it,' says Marc Glimcher, Pace's chief executive officer. 'But we have not 'sort of' sold it. And that is part of the secret family recipe: If you feel confident and you know [the buyer] is going to be there, and you know where they are in their head, do you want to offer it before the fair, or have them bump into it at the fair?'
Glimcher is opting for the latter. And he says this dash of serendipity is more common than outsiders might think: 'If I took all of the over $10 million sales that we did in Basel, I'd say that three-quarters of them were a surprise,' he says.
ADVERTISEMENT
This year ultra-expensive consignments are more of a roll of the dice than usual, several dealers acknowledge. 'I think this insecurity is a bit more on the higher end of the market,' says Thaddaeus Ropac, whose booth at Art Basel will include a Georg Baselitz painting from 1968 priced at about €3 million ($3.45 million), as well as a Robert Rauschenberg work for $1.5 million. 'In the main market, at least from a European perspective, it feels solid,' he continues. 'We've turned now into a buyer's market, where the buyer can say, 'I'm taking my time and thinking about it.''
The overall art market was down 12 percent last year, according to a recent Art Basel and UBS Group AG market report, with $10 million-plus sales at auction falling 39 percent year-over-year by volume and 45 percent by value. The bellwether May auctions in New York didn't help much, as the overall results were lacklustre; at the high end, totals were anaemic.
'It's not easy at the top of the market, but it's not easy at the bottom of the market either,' says the dealer Emmanuel Di Donna, who'll be bringing a $9.5 million triptych by Leonora Carrington, along with a Joan Miró from 1953 priced at about $20 million. 'So for us it's better to focus on the top-end material, as opposed to the rest. There is still a real appetite for museum-quality works when you have the right thing at the right price point.'
It's a state of affairs that dealers profess to relish. Ropac says that '2022 was too easy, it went too fast,' meaning 'in times that are more challenging, you concentrate on collectors who are in it for the right motivation, and it cleans out a bit of speculation. I think it's not bad at all. To be honest, I feel rather relaxed.'
Glimcher, who's also bringing a Joan Mitchell priced from $15 million to $20 million, acknowledges that 'this is a more questionable time to be selling at the high end,' but he remains sanguine about his gallery's prospects. 'We think some new data is going to come out of Basel,' he says. 'It's going to be the place that will show that there's new energy in the market.'
By James Tarmy
Learn more:
Explainer: Making Sense of Art Basel's New Qatar Fair
The world's largest organiser of art fairs will launch its fifth annual event in Doha in February 2026. What does it mean for Art Basel, Qatar and the evolution of an art market desperate for growth opportunities after more than two years of shrinking sales?
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
an hour ago
- Miami Herald
Report: Maserati Under Threat of Being Sold by Parent Company
According to a new report published by Reuters, the storied Italian performance powerhouse, Maserati, may be headed toward an uncertain future. The newswire states that "two sources familiar with the matter" told them that parent company Stellantis is exploring a potential sale of the Trident as part of a broader review of its massive portfolio of 14 distinct automotive brands. Discussions regarding Maserati began before Antonio Filosa was named the automaker's new CEO last month. Filosa's first day as CEO of Stellantis is Monday, June 23, where he will take the helm as Carlos Tavares's formal successor. Tavares, who led Stellantis from its inception, stepped down in December amid disappointing U.S. sales and inventory struggles and growing internal and external pressure to reassess the company's direction. Stellantis Chairman John Elkann has a plate and a half full when it comes to overseeing the company's wide range of global brands, which include the likes of Jeep, Dodge, Ram, Peugeot, and Alfa Romeo. The company is under pressure to streamline its operations and invest wisely. Stellantis is a publicly traded company listed on the stock exchanges of New York, Paris, and Milan, and financially savvy investors and analysts think that trimming down the 14-brand lineup could boost Stellantis' margins. Back in April, they brought in McKinsey & Co., a consulting firm based in New York, to examine the impact of new U.S. tariffs and explore options for Maserati and Alfa Romeo. According to the sources cited by Reuters, selling one or both brands is on the table, but any decisions are still in the early phases. In an emailed statement to Autoblog, a Maserati spokesperson provided the following statement: "A spokesperson for Stellantis stated: 'Respectfully, Maserati is not for sale.'" Additionally, a McKinsey spokesperson told Autoblog in a separate emailed statement that they "have no comment for this story." The timing of the Trident's review coincides with its efforts to position itself to navigate some significant industry challenges. Chinese brands and their affordable, tech-forward offerings are eating into the European market share. Like other European automakers, Stellantis is also trying to navigate the steep U.S. import tariffs recently imposed by President Donald Trump, which can greatly impact import brands like Maserati and the expensive motors it imports in smaller numbers. Unlike Stellantis brands like Dodge, Jeep, and Chrysler, no Maserati comes from a production facility in North America; all of Maserati's U.S. lineup is exclusively imported from Italy. Maserati's performance has been underwhelming, as it faces tough ground in its key markets. According to Maserati Chief Executive Officer Santo Ficili, about 35% to 40% of its customers are American. In 2024, Maserati posted an adjusted operating loss of €260 million ($298 million) as it sold just 11,300 units, with 4,819 of those cars reaching drivers in the United States. One of the sources who talked to Reuters said that Stellantis is starting to realize it has more brands than it can really focus on, adding that it needs to "set priorities" with the matter. They also report that some board members are split on this scenario: some think selling Maserati is the best move, while others worry that getting rid of its only luxury brand would hurt the company's reputation. This is not the first time that Maserati has been speculated to be sold. Notably, last year, comments from former Stellantis CFO Natalie Knight suggested that the Trident may be on the way out at the 14-brand automaker, which has sincebeen refuted. However, what we solidly know is that Maserati and Alfa Romeo's brand CEO said that it has a turnaround plan as soon as Filosa takes the helm on Monday, the 23rd. In a June 5 interview with Reuters, he not only denied that Stellantis was selling Maserati, but he also expressed optimism over the future of the Trident and that Filosa will back potential plans, which include new products on the horizon. "We have clear ideas about what we want to do, and we hope we can be ready very soon. Let's wait for Antonio to take up his job," Ficili told the newswire. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Chicago Tribune
3 hours ago
- Chicago Tribune
Regional day passes available now for CTA, Metra and Pace
CTA, Metra and Pace riders can now purchase day passes that cover unlimited rides on all three transit systems, the agencies announced Friday. The regional day pass costs between $10 and $16 on weekdays depending on the length of the Metra trip. Weekend day passes cost $9.50. The passes are priced to cost $2.50 more than a Metra day pass while giving riders full access to rides on CTA and Pace. That means that riders who, for instance, take a CTA train to and from a Metra station could save $2.50 by using the pass, because the cost of a CTA day pass is $5.00. Passes are available for purchase in the latest version of the Ventra app. The program is a pilot that is set to last at least six months. The day pass announcement comes after state lawmakers last month failed to pass transit reform legislation — or find funding to avert a looming $771 million fiscal cliff — during their spring legislative session. Legislation introduced in Springfield last month would have overhauled the structure and governance of the Regional Transportation Authority, which oversees CTA, Metra and Pace, by replacing it with a new oversight body called the Northern Illinois Transit Authority. The legislation, had it passed, would have given NITA broad authority to set fares and schedules and specifically called for the creation of an integrated fare system by 2030. Leanne Redden, RTA's executive director, referenced the failed governance and funding negotiations in Springfield in a statement about the day pass pilot. 'This pass is another step in our shared effort to make transit more seamless and rider-friendly across the region,' Redden said. 'To build a truly connected transit system, we need both reform and support, including increased operating funding and action on proposed legislative changes that would centralize and make fare integration easier to implement and sustain,' Redden added. The agencies could continue the pilot program permanently next year — 'depending on funding availability,' they said. The qualifier hints at the fact that the CTA, Metra and Pace are planning for the possibility of making drastic 40% service cuts next year if lawmakers don't allocate more funding in the coming months.
Yahoo
3 hours ago
- Yahoo
US stocks end mostly lower as investors weigh Trump's Iran plan, Fed rate cut possibility
U.S. stocks closed mostly lower as investors waited to see if President Donald Trump will attack Iran or hammer out a nuclear deal with the country. Trump will decide within two weeks on striking Iran, according to White House spokeswoman Karoline Leavitt. He's open to talks, but Iran has said it won't negotiate with the U.S. unless Israel stops attacking. The only way to end the imposed war is to 'unconditionally stop' the enemy's aggression, Iranian President Masoud Pezeshkian said Friday in a post on X. European leaders from UK, France and Germany are talking with Iranian leaders and reportedly will encourage discussions with the U.S. Still, senior U.S. officials have been preparing for the possibility of a strike on Iran, with some pointing to potential plans for a weekend strike, according to Bloomberg, citing people familiar with the matter. Stocks got an early boost from Federal Reserve Governor Christopher Waller who said in a CNBC interview he doesn't expect tariffs to boost inflation significantly so policymakers should be looking to lower interest rates as early as next month. Lower rates are seen as a boost for stocks because they encourage borrowing and investing by cutting the cost of financing. 'That would be my view, whether the committee would go along with it or not,' Waller said. His tone was different from Fed Chair Jerome Powell's comments earlier this week that the Fed was in no hurry to move rates. Instead, the central bank would wait to see effects of Trump's tariffs on inflation, the economy and jobs. The blue-chip Dow index closed up 0.08%, or 35.16 points, to 42,206.82; the broad S&P 500 dipped 0.22%, or 13.03 points, to 5,967.84, below the key psycholgical 6,000 level and its third straight loss; and the tech-heavy Nasdaq fell 0.51%, or 98.86 points, to 19,447.41. Oil prices dipped to $75 per barrel. The benchmark 10- year yield fell to 4.379%. In early afternoon trade, chip stocks fell after the Wall Street Journal said Jeffrey Kessler, head of the Commerce Department unit in charge of export controls, told top global semiconductor makers he wanted to revoke waivers they have used to access American technology in China. Currently, South Korea's Samsung Electronics, SK Hynix, and Taiwan Semiconductor Manufacturing enjoy blanket waivers that allow them to ship American chip-making equipment to their factories in China without applying for a separate license each time, the story said. Analysts at Jefferies, though, said in a note "it is not very material in our view. We are talking about three fabs which are not big buyers of equipment in any three companies will simply move any production they can't do in China to their fabs in Taiwan or Korea." Trump again criticized Federal Reserve Chairman Jerome Powell after the Federal Reserve rates remained unchanged this week. Trump labeled Powell as 'destructive' in a social media post and said Powell is costing the United States 'hundreds of billions of dollars' by leaving rates steady. Trump has been calling for rate cuts to boost the economy and drop the cost of U.S. debt financing. CarMax's results in the first three months of its fiscal year topped analysts' forecasts. Shares rose 6.59%. Darden Restaurants results in the last three months of its fiscal year beat analysts' expectations. The restaurant chain owner also issued a solid sales outlook for fiscal year 2026. Shares rose 1.36%. Accenture topped quarterly revenue estimates but its bookings fell for the second straight quarter. Shares dropped 6.86%. Microsoft plans to lay off several thousand employees in the next few weeks. Shares were marginally lower. Smith and Wesson's sales in the last three months of its fiscal year missed forecasts and profit declined from a year ago It said steel tariffs could drive up costs for the gunmaker. Shares slid 19.81%. Specialty building products company GMS is getting buyout interest from both QXO and Home Depot. QXO offered GMS $95.20 per share and the Wall Street Journal said Home Depot made a separate private offer. GMS shares jumped 23.63%. Grocery chain Kroger reported mixed quarterly results, but raised its annual same-stores sales outlook. Kroger said tariffs hadn't materially impacted the business and price increases were its last resort. Shares gained 9.84%. Hackers with possible links to Israel have drained more than $90 million from Nobitex, Iran's largest cryptocurrency exchange, according to blockchain analytics firms, media reports said. Bitcoin was last down 1.02% at $103,595.00. (This story was updated with new information.) Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@ and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday. This article originally appeared on USA TODAY: US stocks close mostly lower as investors mull Trump Iran move, Fed Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
