Happy New Year! 2017 looks like an intriguing year for the art market. Although 2016 auction results were down on 2015 there is still a striking appetite for top class works of all types and periods. The main factor to consider is that if you are in the market buy the best you can afford and be safe in the knowledge that in the long term quality will always hold its value. Unlike the late noughties, second-rate works of art have struggled over the last few years as collectors have acquired fewer pieces of greater quality.
Concerning the calendar there are a couple of notable changes: the Impressionist & Modern Art Auctions in London will now take place from 28th February through 2nd March, with the Contemporary sales the following week. Thus the May sales in NYC have been pushed back to the third week of May – although this is likely it is officially ‘to be confirmed’ and I shall post about those dates when they are set in stone. Sadly this will mean the ‘new’ TEFAF New York Spring fair will not correspond with sale week and will take place from 4th through 8th March at the Armory on Park Ave.
TEFAF, Maastricht, will take place from 9th (VIP) through 19th March and follows on the heels of the Auctions in London which will be interesting for galleries exhibiting – especially those in the Contemporary section. However, I know that TEFAF will endure, mainly due to the exceptional vetting procedure ensuring thousands of clients buy safe in the knowledge they are acquiring the genuine article.
Art Basel will take place from 15th-18th June and will tie in with the June auction season in London. Art Basel was very good last year, with a couple of astonishing results (in keeping with the solidity of the 10m USD plus market). The December 2016 Art Basel Miami fair was not unduly affected by customers avoiding the threat of the Zika virus and performed well, which is obviously a good sign for 2017.
It promises to be a wonderful Spring and I greatly look forward to seeing you at multiple fairs and auctions over the coming year too.