For nearly three decades, Art Miami has been globally recognized as one of the top modern and contemporary art fairs, a premier destination for the acquisition of 20th and 21st century works of art. During the first week in December, more than 84,000 collectors and art professionals viewed works by emerging artists as well as blue-chip artists, in a range of genres from Street Art to Conceptual works.
As the premier sponsor of Art Miami 2018 and the fair’s insurance provider, Chubb representatives participated in Miami art week, attending the vibrant show and connecting with dealers and clients.
What trends did we see this year?
The market is strong for prints and multiples.
Emerging and established collectors alike are flocking to prints and multiples, as these pieces allow them to enter the market at a lower price point while still providing the opportunity to own a work by a blue-chip artist. For example, David Hockney’s “Portrait of an Artist (Pool with Two Figures)” recently set a record price of $90.3 million at auction,1 but Archeus/Post-Modern sold several prints by David Hockney at Art Miami for less than $100K each, including “Coloured Flowers Made of Paper and Ink”. Fairs such as Art Miami provide an opportunity for collectors to acquire artwork from some of the top artists alive today, at a fraction of the cost.
Under-recognized female artists are getting their due.
The team has seen this trend throughout the year, with young female artists, deceased artists, and artists who are late in their careers being discovered or “rediscovered,” causing the prices of their pieces to increase dramatically. For example, pieces from artist Anne Truitt were selling well and bringing higher prices than expected. Late female artists, such as Elaine de Kooning, are also getting recognition for their contribution to influential art movements. The Berry Campbell Gallery featured her paintings at Art Miami, selling “Desert Wall, Cave #96” for $175,000 and “Horses at Peche-Merle (Cave #20)” for $95,000.1 Emerging artists who are exploring new media, such as Ana Teresa Fernandez, whose video, “Drawn Below” was screened during the fair, are also rising in popularity.
Street Art gains popularity.
On the heels of the well-documented Banksy sale at Sotheby’s in which one of his graffiti-inspired stenciled works self-destructed at auction, many of the major art fairs have seen street artists take center stage. The artists, creating vivid works, have established themselves in the fairs as they previously had in more unconventional environments. In fact, one such artist – Mr. Brainwash – was one of those asked to create a work in Chubb’s interactive booth this year.
Art with messages of environmental and social change holds a distinct focus.
At Art Miami, artists who engaged with these themes and worked with found or repurposed materials showcased expressive works that really drew the attention of visitors. For example, artist Pavel Acosta removed paint chips from flaking building walls in Cuba, his childhood home, and recreated Old Master works with a subdued palette. Another gallery highlighted Columbian artist, Federico Uribe, who used discarded bullet casings to create whimsical animal sculptures. Outside the fair, the immersive and interactive lobby installation “Paper Cave”, by Samuelle Green, located at the Hotel 1, was another excellent example. A partnership project with Arcadia Earth, the installation allowed fair-goers to experience both awareness of existing solutions to environmental problems, and the beauty that can emerge from giving everyday objects a second life.
One of the highlights of the fair this year was Chubb’s on-site interactive booth, in which local Florida artists, a former Chubb Fellowship artist from the New York Academy of Art, and other established international artists created artwork, live and in real-time. Participants had an opportunity to watch the artists as they planned, painted, and drew one-of-a kind works. A large abstract wall mural, a timed drawing, and an exotic fruit-inspired still life became focal points for conversation and social media moments, allowing visitors to meet the artists and learn about their creative process.
The Chubb Fine Art & Collections team values the experiences and information gained from this year’s sponsorship at Art Miami as it allows them to better understand the unique variety of our clients’ collections and how to provide the best possible stewardship. With the team closely monitoring trends and shifts in the international art market, they will continue to work closely with Chubb’s collecting clients to meet their evolving needs.