Art Basel Miami Beach 2024: Market Rethinks Strategy with $30M Picasso Unsold
The Art Basel Miami Beach, held for the first time since Donald Trump's election, concluded on December 8, 2024, drawing more than 75,000 attendees. Under the direction of Bridget Finn, the event showcased 286 exhibitors from 38 nations, emphasizing emerging galleries and enhancing accessibility. Among the most expensive unsold pieces were Pablo Picasso's Couple with Cup, priced at $30 million, and Andy Warhol's Ethel Scull, valued at $10 million. Notable sales included David Hammons at $4.75 million and Yayoi Kusama at $3.5 million. Italian galleries experienced moderate outcomes, with sales from Alfonso Artiaco and Alberta Pane. The market is increasingly leaning towards lower price points to engage new collectors, with the secondary market adapting more swiftly than the primary.
Key facts
- Over 75,000 visitors attended Art Basel Miami Beach 2024.
- First edition after Donald Trump's election and under new director Bridget Finn.
- 286 exhibitors from 38 countries, 34 galleries debuting.
- Two-thirds of exhibitors from the Americas.
- Representatives from at least 230 museums and foundations attended.
- Pablo Picasso's Couple with Cup (1969) priced at $30 million went unsold.
- Andy Warhol's Ethel Scull (1963) at $10 million and Joan Mitchell painting at similar price unsold.
- David Hammons sold for $4.75 million at Hauser & Wirth.
- Yayoi Kusama sold for $3.5 million at David Zwirner.
- Keith Haring sold for $2 million at Gladstone.
- Sam Gilliam sold for $1 million at Pace.
- Georg Baselitz sold for over $2.6 million at Thaddaeus Ropac.
- Maurizio Cattelan's Meat priced at $850,000 by Gagosian.
- Alfonso Artiaco sold works by Vera Lutter and Diego Cibelli.
- Alberta Pane sold Claude Cahun works (€3,500–70,000) to institutions.
- Mazzoleni sold Marinella Senatore, Mel Bochner, John Baldessari, Salvo ($15,000–50,000).
- L.U.P.O. Lorenzelli Projects debuted at Untitled, sold Giuseppe Mulas and Seoul Seong Jin Jeong (€5,000–15,000).
- The Flat-Massimo Carasi sold Paolo Cavinato ($7,500–15,000) to Mexico, Texas, Florida.
- Studio G7 sold works by Jacopo Mazzonelli, Daniela Comani, Franco Guerzoni, Giulia Dall'Olio.
- ABC-Arte sold Zé Tepedino, Giorgio Griffa, Alan Bee ($4,000–10,000).
- Market shifting toward lower price ranges to attract new collectors.
- Secondary market adjusting faster than primary.
Entities
Artists
- Pablo Picasso
- Gerhard Richter
- David Hammons
- Yayoi Kusama
- Keith Haring
- Sam Gilliam
- Georg Baselitz
- Maurizio Cattelan
- Andy Warhol
- Joan Mitchell
- Maria Thereza Alves
- Diego Cibelli
- Callum Innes
- Ann Veronica Janssens
- Sol LeWitt
- Vera Lutter
- Jannis Kounellis
- Giulio Paolini
- Cy Twombly
- Juan Uslè
- Claude Cahun
- Marinella Senatore
- Mel Bochner
- John Baldessari
- Salvo
- Giuseppe Mulas
- Seoul Seong Jin Jeong
- Paolo Cavinato
- Hiva Alizadeh
- Jacopo Mazzonelli
- Daniela Comani
- Franco Guerzoni
- Giulia Dall'Olio
- Zé Tepedino
- Giorgio Griffa
- Alan Bee
Institutions
- Art Basel Miami Beach
- Miami Beach Convention Center
- Acquavella Galleries
- Helly Nahmad Gallery
- Hauser & Wirth
- David Zwirner
- Gladstone Gallery
- Pace Gallery
- Thaddaeus Ropac
- Gagosian
- Alfonso Artiaco
- Alberta Pane
- Mazzoleni
- L.U.P.O. Lorenzelli Projects
- The Flat-Massimo Carasi
- Studio G7
- ABC-Arte
- Untitled Art
- Artsy
- Artribune
- NABA Nuova Accademia di Belle Arti
Locations
- Miami Beach
- United States
- Americas
- Paris
- Venice
- Milan
- Turin
- Seoul
- South Korea
- Mexico
- Texas
- Florida
- New York