Art Market Monitor

With the art market down substantially from its highs and a new sobriety overtaking America in terms of spending, the Financial Times asks who will support Miami Basel this week. Alexis Hubshman, the founder of the Scope fair that runs parallel to ABMB, responds:

[Hubshman likes to] underscore the importance of the city as a magnet for visitors from Latin America and the de facto art capital of Latin America on US soil. “I expect plenty of the usual suspects to travel to Miami, such as the ebbing generation of coolly austere Euro collectors. But the city has a distinct geographical advantage: proximity to South and Latin America, both of which boast major pockets of real economic power, but more to the point, a collector population that is sophisticated, has money and travels internationally,” says Hubshman. A new crop of Chinese, Indonesian and Indian collectors are also expected, he adds. And his final thoughts before the circus hits town? “This year, I hope for a contracted, consolidated art fair market with a strong euro against the dollar, collectors out for a bargain and less background noise.

All Eyes on Miami (Financial Times)