Latest news with #ArtBasel
The Star
a day ago
- Business
- The Star
Global art market banking on new generation of collectors
The global art market is not immune to current economic and geopolitical tensions, and is counting on a new generation of collectors to revitalise the momentum. Some big transactions were concluded last week during Art Basel, the world's top contemporary art fair, notably by London's Annely Juda Fine Art gallery, which sold a David Hockney painting for between US$13mil and US$17mil, without disclosing the exact price. The David Zwirner gallery sold a sculpture by Ruth Asawa for US$9.5mil and a Gerhard Richter painting for US$6.8mil. However, prices did not reach the heights achieved in 2022, when the art market was in full swing. Back then, a sculpture by French-American artist Louise Bourgeois was purchased for US$40mil. "The market is certainly softer," Art Basel's chief executive Noah Horowitz told AFP, though major sales still happen at such fairs "despite, somehow, all that's going on in the world". Switzerland's biggest bank UBS and the research and consulting firm Arts Economics prepared a report for the fair. According to their estimates, the art market slowed in 2023, then fell by 12 percent globally in 2024, to US$57.5bil, with the decline particularly affecting works valued at more than US$10mil. The four-day Art Basel fair, which closed last Sunday, featured more than 280 galleries presenting works by around 4,000 artists. Photo: AFP "In the next six to 12 months, I don't see any changes on the horizon," said Hans Laenen, an art market specialist at insurer AXA XL. In a time of economic and geopolitical uncertainties, "investors are turning very strongly to gold", he told AFP. In the art sector, behaviour is "more conservative" among both buyers and sellers, who prefer to wait before putting works on the market in the current climate, he continues. "The number of transactions is increasing," but in "lower price segments," he noted. According to the insurance firm Hiscox, the number of lots sold for less than US$50,000 increased by 20 percent in auction houses in 2024, while very highly priced works saw a sharp drop, indicating a change in collector behaviour. New generation According to Jean Gazancon, chief executive of art insurer Arte Generali, a younger generation of collectors is entering the market. "We are insuring more and more 30-somethings for collections of 300,000, 500,000, or a million euros," he noted. "These are successful start-uppers, investment bankers, lawyers, or sometimes people who have inherited," and they begin their collections "very young", sometimes making "very radical" choices, he said. A view of Ukrainian painter Sana Shahmuradova Tanska's 'Zhai-Liza (Angel), 2024' at Gunia Nowik Gallery's booth at Art Basel on June 17. Photo: AFP UBS expects that trend to increase. According to its projections, an unprecedented wealth transfer will take place over the next 20 to 25 years with the general ageing of the population. Globally, around US$83tril in assets will change hands, it says, meaning "there's a whole new generation of collectors coming to the market with different buying patterns", said Eric Landolt, global co-head of the family advisory, art and collecting department at UBS. The four-day Art Basel fair, which closed last Sunday, featured more than 280 galleries presenting works by around 4,000 artists. It is a must for collectors, who can buy everything from Pablo Picasso paintings to very recent works. The Thaddaeus Ropac galleries notably offered a portrait of Pope Leo XIV by the Chinese-French artist Yan Pei-Ming. It also highlights young artists, such as Joyce Joumaa, 27, who jointly won the 2025 Baloise Art Prize for her work focusing on the energy crisis in Lebanon. - AFP
Mint
2 days ago
- Business
- Mint
The art market needs a boost. It thinks the Middle East is the answer.
Auction houses, dealers and advisers are betting on the Middle East to play an outsized role in the next art-market turnaround. Despite a fragile cease-fire between Israel and Iran and unstable pockets elsewhere in the region, the art world thinks it's time to capitalize on the Middle East as a major art destination. Sotheby's conducted its first sale in Saudi Arabia a few months ago, after receiving an infusion of around $1 billion from Abu Dhabi sovereign-wealth fund ADQ last year. Swiss art fair Art Basel is preparing to launch its next edition in Qatar, the tiny emirate that also recently landed a coveted spot to build a permanent national pavilion in the garden of the prestigious Venice Biennale. Private art-consulting firms are already cozying up to the region's sovereign families who have long championed and sometimes bankrolled various cultural festivals and institutions. 'Even though we're at a particular dark spot politically, the Gulf states are super dedicated to creating an arts sector in their economies, so we see real opportunity there," said Ed Dolman, a former chief executive of Christie's and Phillips auction houses who is eyeing the region's art-market potential. The push comes as mainland China's economic volatility has largely compelled that country to slow down the pace of its frenzied museum-building boom that saw more than 1,500 new spaces open across the country between 2009 and 2014, according to the China Museums Association. Some of its billionaire collectors have similarly ended their shopping sprees, with private museums like the Long Museum even auctioning off some of its art holdings. While art-related tourism across Asia Pacific hasn't disappeared entirely, topping $18 billion last year, according to California-based research firm Grand View Research, dealers say it's unclear if China will once again dominate the top end of the art market like it did before the pandemic. To fill the vacuum, art-world insiders are exploring alternative art hubs, including South Korea and the Middle East. The Middle East is still confronting the continuing war between Israel and Gaza as well as juggling diplomatic tensions elsewhere, but the region is also well-funded by oil-rich states who are eager to assume the mantle of global cultural clout. For decades, several sovereign families across the Gulf have been building museums and extending arts education for its own while lobbying for local artists to get international attention. Art-related tourism in the Middle East and Africa surpassed $3 billion last year and is projected to reach $3.6 billion by decade's end, the Grand View firm said. Dolman, who once advised the Qatari royal family, is the latest rainmaker to rejoin the art hunt in the Middle East, joining forces this week with several other auction veterans to launch an art-management consulting firm with the region's potential in mind. The firm, New Perspectives Art Partners, will cater to major art trusts and estates while also appealing to Gulf State sovereign families and collectors globally, Dolman said. The others in the new firm include Philip Hoffman, a major art-backed lender and founder of the Fine Art Group; Brett Gorvy, a former Christie's executive and co-founder of gallery Lévy Gorvy Dayan; and Patti Wong, a former Sotheby's expert known for representing Asian billionaires. Also joining is Dolman's son, Alex Dolman, a former auction specialist at Sotheby's and Phillips who said he's been cultivating ties to collectors in the Middle East privately for years. He has identified a new generation of younger buyers in the region who want to support their favorite regional artists while also collecting internationally. 'Understanding what they want and having that local expertise matters," the younger Dolman said. (Each of the firm's partners will keep their day jobs but agree to work under the new firm's mantle on client-related projects.) Looking ahead, more buyers—and artists—are expected to spring up across the Middle East as well as North Africa and India. Noah Horowitz, chief executive of Art Basel, said this week that he remains '100% committed" to launching Basel's next fair in Doha, Qatar, next February. 'We are leaning into a region where a huge amount of work has been done already, and we just want to accelerate the market there," he said. Horowitz said Art Basel Qatar will start small, with around 50 galleries, and five galleries with ties to the region participated in its flagship fair last week in Switzerland. Art Basel gave its best emerging artist award last week to Mohammad Alfaraj, a multidisciplinary artist from eastern Saudi Arabia who makes poetic work using palm fronds and dates. Alfaraj currently has a show at Dubai's Jameel Arts Centre. All of this is giving the region a watch-this-space atmosphere that's been largely missing as the market has endured a slump for the past two years. Market makers can seize on a new locale to scout and a new collector base to court. On Tuesday, Sotheby's held a major London summer sale, and it said a Middle Eastern collector won Yu Nishimura's 'Through the Snow," for $400,000, four times its high estimate. Qatar, a cultural pioneer in the region, has already enlisted Lebanese architect Lina Ghotmeh to design its own permanent pavilion within the garden complex of the next Venice Biennale. Qatar is only the third nation in the past half-century after Australia and South Korea to be granted space in the Biennale's Giardini. The Biennale is the art-world equivalent of the Olympics. 'It's a clear sign of lasting intent," Horowitz added. Write to Kelly Crow at
Wall Street Journal
2 days ago
- Business
- Wall Street Journal
The Art Market Needs a Boost. It Thinks the Middle East Is the Answer.
Auction houses, dealers and advisers are betting on the Middle East to play an outsized role in the next art-market turnaround. Despite a fragile cease-fire between Israel and Iran and unstable pockets elsewhere in the region, the art world thinks it's time to capitalize on the Middle East as a major art destination. Sotheby's conducted its first sale in Saudi Arabia a few months ago, after receiving an infusion of around $1 billion from Abu Dhabi sovereign-wealth fund ADQ last year. Swiss art fair Art Basel is preparing to launch its next edition in Qatar, the tiny emirate that also recently landed a coveted spot to build a permanent national pavilion in the garden of the prestigious Venice Biennale. Private art-consulting firms are already cozying up to the region's sovereign families who have long championed and sometimes bankrolled various cultural festivals and institutions.
News18
2 days ago
- Entertainment
- News18
Jungkook Draws Hilarious Sketch Of Jimin And BTS Fans Can't Stop Laughing
Last Updated: Jimin shared the caricature by simply writing 'Jay Kay,' a sweet nickname for his best buddy, Jungkook. BTS's dynamic duo, Jimin and Jungkook, are once again proving that they are just like any other best friends. The two, who completed their mandatory military service under the buddy system at the same base, are seemingly on vacation after their discharge on June 11, and they are making the most out of it. On Thursday, June 26, Jimin shared an update on his Instagram, which had J-Hope and ARMYs in splits. Jungkook, the golden maknae of BTS, drew a hilarious caricature of his hyung (older brother), Jimin. The picture showed the 28-year-old singer and dancer with a serious expression on his face, complete with furrowed eyebrows, puffy cheeks, tiny hair and his iconic pouty lips. It did not take ARMYs to realise who the subject of the drawing was, and they absolutely loved the duo being in their element like always. Jimin shared his caricature by simply writing 'Jay Kay," a sweet nickname for his best buddy, Jungkook. Since the BTS singer posted the funny drawing, it has garnered over 3 million likes. J-Hope couldn't control his laughter upon seeing the post, and he reacted to it by dropping a series of laughing face emojis. View this post on Instagram A post shared by JIMIN (@j.m) As the comment section of Jimin's post was set to limited, fans took to X to share their reactions to the drawing by Jungkook. The internet praised the brotherly love between Jimin and Jungkook and wished them to remain the same. On a post shared by a BTS fan account, an ARMY wrote, 'Oh my God, Jimin roasting JK so bad." Another added, 'I just can't anymore, the drawing actually does resemble Jimin to an extent." A different fan said, 'Cute! Our sweet Jiminie came home. Happy! Stay well, please. Love you Together." Jimin and Jungkook reportedly enjoyed a peaceful getaway together, seemingly in Switzerland. Reports claimed that they two even met RM during their trip, who was in the country for the 2025 Art Basel fair. After their brief trip to the European country, Jimin and Jungkook are believed to be in Vietnam with a small team of staff members. Their trip together has also fueled speculation that Jimin and Jungkook might be filming for the second season of their travel show, Are You Sure? The BTS leader is also expected to be a special guest on the show. Location : Mumbai, India, India First Published: June 27, 2025, 10:45 IST
Hans India
3 days ago
- Entertainment
- Hans India
Samsung QLED TVs with real quantum dot tech inspire creativity and artful expression
Samsung's latest QLED TVs are more than just a viewing device—they're a canvas for creativity. Featuring real Quantum Dot technology, these displays deliver rich, lifelike colors and stunning picture quality that not only elevate entertainment but also inspire artistic expression. At the heart of this innovation is Samsung's Quantum Dot technology, which produces 100% color volume. This means deeper reds, brighter greens, and purer blues are maintained across all brightness levels, offering unparalleled accuracy and visual fidelity. Whether in bright or dark environments, QLED ensures a vivid and consistent experience that reflects what content creators originally intended. This technological leap transforms how users engage with content. Filmmakers can now view their work with studio-grade clarity, while families watching a nature documentary are immersed in its natural beauty. Samsung's QLED TVs empower everyone—from professionals to everyday viewers—to experience more realistic and emotionally resonant visuals. In addition, features like Art Mode and the Samsung Art Store turn your TV into a digital gallery. Users can showcase curated artworks or upload personal photos, transforming their screen into a customisable art display. The Art Store offers a subscription-based library of paintings, photographs, and digital masterpieces—including the exclusive Art TV collection from Art Basel in Basel. Samsung's Ambient Mode further enhances personalisation, allowing screens to display stylish visuals or useful information even when the TV is off. It's a blend of function and design, turning the TV into an integral part of your living space. By combining visual excellence with expressive potential, Samsung's QLED TVs with real Quantum Dot technology are redefining what a television can be. They serve not just as high-performance displays, but as creative companions—bringing 'The Artist Within' to life in every home. With a continued focus on cutting-edge display technology and user-centric design, Samsung remains at the forefront of the fusion between technology, creativity, and lifestyle.
