Grassroots Galleries "Even Livelier"

Katya Kazakina adds some fuel to the art market revival theme of the week by focusing on low end of emerging artists sold through New York’s Lower East Side galleries:

“It’s like the Dow,” said art dealer Simon Preston, who runs a gallery on Broome Street. “When it goes down, people are looking for new markets.” Since the start of the art season in September, dealers have reported strong sales of emerging art that feels fresh and is reasonably priced.

“On our level, it’s as inexpensive as art gets,” said James Fuentes, who runs a tiny space in Chinatown. “It’s been an advantage to us. Clients, who aren’t spending as much on bigger-ticket items find a way to discover emerging artists at more affordable price points.” […]

Collectors spend comfortably as much as $15,000, but they demand discounts of at least 15 percent, said Augusto Arbizo who runs Eleven Rivington Gallery. The strong sales of the past two months are a result of the art world’s “back to school” euphoria, he said, adding, “People wanted to spend some money.”

The excitement follows a difficult year, when several downtown spaces closed and many struggled to stay afloat. “People thought the Lower East Side would be wiped off the chart,” said Envoy Enterprises’ Jimi Dams, whose fingers were adorned with silver skull rings. “Instead it’s gotten even livelier.”

Lower East Side Stirs Up New York Art Market, Deals Sub-$15,000 (Bloomberg)