Art Basel Launches Gallery Legacy Award, De Bellis Cites Market Optimism

Art Basel has announced the winner of its inaugural Gallery Legacy Award, a new initiative aimed at recognizing long-standing contributions to the art world. Vincenzo De Bellis, the fair's chief artistic officer and global director of fairs, told Ocula that the award and other recent programs respond to 'the status of the world and art world.' The prize was awarded to Paula Cooper Gallery, one of the oldest galleries in New York's Chelsea district, founded in 1968. De Bellis emphasized that the award is part of a broader strategy to support galleries amid shifting market conditions, including exclusive previews and new fair formats. The announcement comes as Art Basel prepares for its 2024 editions in Basel, Miami Beach, and Hong Kong, with organizers expressing cautious optimism about the art market's resilience.