Art Basel Miami Beach racked up strong sales and attendance last week, as the art market rode a wave of renewed confidence following the strong November auctions in New York.
More than 80,000 collectors and art fans poured into the Miami Convention Center for the annual art show, with several works selling for over $1 million. Collectors from the U.S., Europe, Latin America, the Middle East and Africa visited the more than 280 galleries at the show, along with multiple art fairs and pop-up exhibits throughout Miami.
After nearly three years of declining auction sales and shuttered galleries, dealers and advisors say the market has suddenly sprung back to life. Auction sales in New York last month topped $2 billion, including a record-breaking Gustav Klimt that sold for $236.4 million.
“There has been a decisive change in the market,” Noah Horowitz, CEO of Art Basel, told CNBC. “We’re not out of the woods yet entirely, but there’s buying, there’s activity, there’s energy, and there’s vibrancy. We saw that very, very clearly at the opening of the fair.”
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