Lindsay Pollock cranks up the crystal ball on Bloomberg and looks at the week ahead for Art Basel Miami:
* While the world’s flashiest art fair tries to put on a brave face, the grim financial picture worldwide has cast a pall over the festivities and sales prospects.
* with 250 exhibitors from 33 countries showcasing more than 2,000 artists. Booth rental and other expenses can push the cost of exhibiting above $100,000.
* Dealer James Fuentes, who is also based in New York and has a stand at the younger New Art Dealers Alliance fair, said: “Overnight in September we lost half the clients we regularly talk to.”
* “For people who have money — and a lot of people still have money — this is a great time to buy art,” said fair co- director Marc Spiegler, with less competition, less waiting for hot artists to be available. “For a lot of people, the frenzied market was a little off-putting.”
* “It’s make or break time for a lot of people,” said Fuentes. “A poor performance in Miami could put many galleries out of business.” Fuentes’s NADA offerings start around $500 for Alejandro Cardenas’s delicate drawings.
* Last year, fair organizers reported 43,000 visitors.