The Artsy Advisor Notebook: February 2024

In this monthly series, we gather thoughts and highlights from Artsy’s in-house art experts on what they’re seeing, looking forward to, and enjoying in the art world this month.

This year marked Art Basel Hong Kong’s return to its pre-pandemic scale, with 242 exhibitors taking part in the fair. While galleries flocked from across the globe to Asia’s art world hub, post-pandemic travel patterns were also on view. Even the world’s largest art fairs are more regional in attendance now, drawing collectors and other art world participants from within a six- to eight-hour flight radius. Those further afield have grown sufficiently comfortable transacting over email and WhatsApp, saving their long-haul miles for other pursuits.

Galleries don’t have this luxury, however. In some respects, further regionalization of the fair landscape has left many feeling like they need to attend more fairs, despite their bottom lines making them want to do fewer. More than a few dealers moaned about flying straight from Hong Kong to other art fairs. Others wondered aloud whether even the world’s leading fairs like Art Basel need to decrease the number of participating galleries to concentrate collector interest on a smaller pool of exhibitors.

Nearly all dealers I spoke to noted that paying tens to hundreds of thousands of dollars on more and more fairs, after considering shipping and other expenses, doesn’t feel like a sustainable business decision. Yet, whether collectors access them IRL or via iPhone, the event-driven model remains entrenched. Art fairs are unlikely to go anywhere—but don’t be surprised if galleries do fewer of them as margins tighten.

—Alexander Forbes, vice president, galleries and fairs, New York

As economies across Southeast Asia continue to grow at a remarkable pace, I expect art collectors from the region to grow in prominence. Southeast Asia has been a longstanding home to some of the most heralded collectors on the Asian continent, such as the late Indonesian collector Budi Tek, who founded Shanghai’s Yuz Museum in 2014.

The region has a strong history and culture of collecting, which, for a long time, was assumed to be primarily focused on artists of their own heritage. But at Art Basel Hong Kong this year, I noted an increased attendance and broader patronage from Southeast Asian collectors, who are becoming more active as the economies of countries such as Thailand and the Philippines continue to strengthen.

Within the first two days of the fair, for example, Beijing gallery Ink Studio sold all of its grid paintings by Chinese artist Li Huasheng, with three going to collectors from the Philippines and Singapore.

Closer to home, meanwhile, fairs like Art SG, Manila Art Fair, and Art Jakarta are becoming important trading grounds for buyers and galleries in the region. Expect this collecting set to continue making a larger impression at flagship art world events.

—Jenn Pratt, associate director, fair partnerships, New York

Many dealers that I’ve spoken with agree that 2023 was a relatively sluggish year for the secondary market. So far this year, however, things appear to be shaping up differently. I’ve observed a notable surge in interest from clients seeking to expand their collections, and I’ve noticed a particularly heightened demand among collectors for blue-chip works by renowned artists such as David Hockney, Andy Warhol, and Keith Haring.

Sales of editions have seen an uptick here at Artsy, too. Collectors I’ve spoken with are keen on acquiring works from exclusive series, such as pieces from Hockney’s iPad works, including the “The Arrival of Spring” or “The Yosemite Suite” series. Additionally, there’s a notable pursuit for Warhol editions, particularly those in pristine condition, which are swiftly snapped up once they hit the market.

—George King, senior private sales advisor, London

This month, I’m most looking forward to the opening of the Venice Biennale, one of my most-anticipated art world events.

The main exhibition will feature works by established and up-and-coming artists interpreting the theme of “Foreigners Everywhere” and what it means to be a “stranger” in the world today. Special focus will be given to queer, outsider, folk, diasporic, and indigenous artists. Many of these artists work outside of the mainstream art world, so I anticipate learning about many new names.

A few artists on my list to look out for are contemporary paper-cut artist Xiyadie, surrealist sculptor Agnes Questionmark, multimedia artist Kudzanai Chiurai, and the late Czech artist Anna Zemánková, known for her botanical works.

When it comes to the national pavilions, I’m excited to see how Eddie Martinez uses San Marino’s space, especially after his impressively immersive booth with Timothy Taylor at last year’s Frieze London. I’ve been working to fulfill numerous requests for his works from collectors this year, and anticipate this demand to only increase after the unveiling of his pavilion.

Finally, I’m excited to experience the visceral, immersive art of artist duo Pakui Hardware at the Lithuanian pavilion.

—Meave Hamill, senior private sales advisor, London