The Art Market
Galleries, the new institutions?
Sylvie Patry, Artistic Director, Mennour, Paris
Dame Julia Peyton-Jones, Senior Global Director: Special Projects, Thaddaeus Ropac, London
Moderator: Dr. Jeni Fulton, Head of Editorial, Art Basel
The gap between certain large commercial galleries and institutions keeps narrowing – or so it seems. At a time of rapid change in the art market, an increasing number of galleries have hired institutional figures to develop their research, residency, and exhibition programs. Are they becoming an extension of public institutions? How can a thoughtful curatorial program coexist with the ever more pressing commercial obligations most galleries are facing? This discussion looks at one of the fundamental transformations shaking up the institutional center of gravity in contemporary art.
Sylvie Patry has been artistic director of Mennour since 2022, where she initiated the Mennour Institute, encompassing doctoral fellowships in art history, educational and creative support programs, and philanthropic activities. Before that, she was the director of conservation and collections at the Musée d’Orsay and has also served as the deputy director of the Barnes Foundation in Philadelphia. She has curated various internationally acclaimed exhibitions on Impressionism and has worked in parallel with major living artists.
One of the most influential creative leaders of the modern era, Dame Julia Peyton-Jones graduated from the Royal College of Art before becoming a curator at the Hayward Gallery in 1988. In 1991, she was appointed the director of the Serpentine Galleries and over the next 25 years transformed the Serpentine into an internationally acclaimed visual arts institution with a reputation for architectural commissions. In recognition of her longstanding commitment to culture she was made a Dame of the British Empire in 2016.
Going beyond price: alternative value systems in contemporary art
Sophie Perceval, Co-founder, Wondeur AI, Paris
Kay Watson, Head of Arts Technologies, Serpentine Galleries, London
Jérôme Poggi, Founder & Director Galerie Poggi, Paris
Moderator: Dr. Jeni Fulton, Head of Editorial, Art Basel
Panel introduction: Jean Gazançon, CEO, ARTE Generali
When we speak about the value of an artwork, we often mean its price. However, the price, especially at auction, only tells part of the story: what happens in the case of artists whose works aren’t readily available on the market, are in the formative years of their career, or are in a period of rapid evolution? This is what alternative valuation systems attempt to address by taking into account datasets based on museum and gallery shows, amongst other signals. Using all the information available, they attribute value based upon how and where an artist is exhibited, and how fast the work is being disseminated. Could these new measurement systems lead to a better understanding of value, and foster a more stable environment for artists, collectors, and gallerists alike? This discussion will highlight the importance of going beyond price when valuing art, particularly in the context of a dynamic art market.
Galleries Adapt to a Changing Landscape
Dr. Clare McAndrew, Founder, Arts Economics
Sophie Perceval, Co-Founder, Wondeur AI Jasmin Tsou, Founder, JTT, New York
Moderator: Dr. Jeni Fulton, Executive Editor, Art Basel
This panel explored some of the main findings of a new report by Dr. Clare McAndrew focusing on how galleries are adapting in today's changing landscape. It examines the rapid rise of digital art sales in the wake of the COVID-19 pandemic. Featuring Dr. Clare McAndrew, Jasmine Tsou, and Sophie Perceval, the discussion highlights a strong economic rebound in 2021, with gallery sales rising and high-net-worth collector spending increasing significantly. A major shift toward digital channels is evident, as online sales surged while traditional art fair activity declined, alongside growing interest in digital art among younger collectors. Despite this, the panel underscores the continued importance of in-person relationships and expert guidance. Speakers also reflect on broader industry changes, including a greater focus on artist support and well-being, the expanding role of digital platforms as cultural spaces, and the emergence of NFTs as both an opportunity and a challenge for the art world.
Alex Glauber, Founder and principal of AWG Art Advisory, New York
Solita Marcelli, Chief Investment Officer Americas at UBS Global Wealth Management, New York
Dr. Clare McAndrew, Cultural Economist and Founder of Arts Economics, Dublin
Moderator: Dr. Jeni Fulton, Head of Editorial, Art Basel
The Great Wealth Transfer is already underway, and over the next 20 years, USD 84 trillion is poised to move from older Americans to their Gen X and millennial heirs. Alongside financial assets and real estate, artworks and collections will also be passed down for an estimated 20% of high-net-worth individuals. How will the habits, ethical and social concerns, and trends defining art collecting and philanthropy shift as established collections are acquired by a very different next generation?
Art and the great wealth transfer
Art Basel Miami Beach 2024, December 5
Masterclass | Value or Passion? What Drives the Art Market?
Jan 16, 2023
Dr. Clare McAndrew, Founder, Arts Economics
Lisa Austin, Art Advisor
Moderator: Jeni Fulton, Head of Editorial, Art Basel
What drives people to collect art? Is art a safe investment? What does value mean within this sector? In this masterclass, which aims to uncover the complex dynamics of the art market, we hear from two experts: Dr. Clare McAndrew, author of A Survey of Global Collecting in 2022, co-published by Art Basel and UBS, discusses questions of value and pricing, while art advisor Lisa Austin offers guidance to new collectors..
Paris+ par Art Basel 2023, October 19
Philippe Dian, collector, Paris
Felipe Dmab, founding partner, Mendes Wood DM, Brussels, São Paulo
Patricia Marshall, art advisor, Paris
Moderator: Dr. Jeni Fulton, Head of Editorial, Art Basel, Zurich
The art of collecting is anything but timeless: it mirrors the transformations happening both in- and outside the art world. Bringing together art advisor Patricia Marshall, collector Philippe Dian, and gallerist Felipe Dmab (Mendes Wood DM), this panel addresses the recent shifts in the art market and reveals the 10 things to know before acquiring art in 2023.
Felipe Dmab founded Mendes Wood DM in 2010 in São Paulo alongside Pedro Mendes and Matthew Wood to exhibit international and Brazilian artists in a context conducive to critical dialogue and the cross-pollination of ideas. Inspired by a belief that artistic practices broaden the scope of human agency and have the power to change the world, the gallery cultivates a program premised on conceptualism, political resistance, and intellectual rigor.
Patricia Marshall is an international contemporary art advisor based in Paris. In 1995, together with Eugenio López Alonso, Marshall began building a collection for the Jumex Foundation in Mexico City which became the Museo Jumex. Marshall curated two shows at Museo Jumex, ‘Confusion in the Vault’, in 2013 for the grand opening, and ‘On the Razor’s Edge’, in 2020–2021. In 2022 she commissioned permanent installations from Mexican artists for the Jumex factory in Monterrey. She has built collections worldwide and recently opened No Name, a Parisian salon where artists, curators, and collectors are invited to present exhibitions mainly with artists without French gallery representation.