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THIS WEEK IN THE ART MARKET - FRIDAY 11TH OCTOBER 2024




Art Market News

FRIEZE LONDON’S DIRECTOR: THERE ARE ‘REASONS FOR OPTIMISM’ AHEAD OF THIS YEAR’S FAIR

Frieze Week is underway in Regent’s Park, marking the 21st edition of Frieze London. The fair, directed by Eva Langret, features a new layout and entrance by local firm A Studio Between to enhance visibility. Running from October 9 to 13, it showcases 165 galleries from 43 countries alongside Frieze Masters, which features 130 galleries. This year’s theme of "global energy" draws inspiration from London's diverse culture, exemplified by solo presentations from Danielle Dean and Bani Abidi.

Despite challenges posed by Brexit and growing competition from Paris, Langret emphasizes London’s significance as a hub for international artists and creatives. The fair continues to emphasize its artist-centered mission through initiatives like the Artist-to-Artist program, connecting established artists with emerging ones for solo presentations. Langret highlights the fair's evolution while maintaining its core principles, aiming to innovate and offer a rich experience for visitors and collectors.

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MARINA ABRAMOVIĆ’S FIRST SHOW IN CHINA FEATURES CRYSTAL SHOES AND TELEPATHY PHONES

Returning to China after her famous walk along the Great Wall in 1988, Marina Abramović opens her first exhibition at the Modern Art Museum Shanghai (MAM). Titled Marina Abramović: Transforming Energy, this exhibition differs from her previous exhibitions which historically have focused on Abramović’s solo performances. Here the visitors are encouraged to participate and center stage in the interactive exhibition. It is also her largest show to date, with 150 works, of which around 75% are being shown for the first time. A strong believer in the transformative energy of crystals, Abramović’s works consist of a number of crystals including hematite, rose quartz, and tourmaline. While her walk along the Great Wall is famous for Abramović ending her relationship with Ulay, the artist states that it was the inspiration behind this show which draws on traditional Tibetan and Chinese healing practices. Abramović is particularly excited about her telepathy phone sculptures, which represent a tangible legacy beyond the artist’s evocative performances.

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Marina Abramović (b.1946)

WOMEN IN ART FAIR 2024 IN LONDON SEEKS TO REVERSE CENTURIES OF GENDER IMBALANCE

Coinciding with Frieze London, the Women in Art Fair opened on October 9 at the central Mall Galleries in London. The aim of the event is to shine a light on female artists and the inequalities that exist within the art world. With art by women only representing 3.3% of global auction sales between 2008 and mid-2022, there has been a push to bring female artists into the art space. Fair director Jacqueline Harvey has stated how in her experience, there are a significant numbers of female artists seeking representation.

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ARTPRICE BY ARTMARKET’S 2024 CONTEMPORARY ART MARKET REPORT, COINCIDING ART MARKET REPORT, COINCIDING WITH FRIEZE LONDON AND ART BASEL PARIS, THOROUGHLY EXPLORES A MARKET THAT HAS GROWN 1,800% SINCE 2000, CONFIRMING THAT ART IS A SAFE HAVEN IN TIMES OF MAJOR CRISES

In the 29th annual report, Artprice by Artmarket presents and analyzes the Contemporary and Ultra-Contemporary Art Market, alongside the opening of Frieze London and Art Basel Paris. Using auction results and AI data, the report covers trends, up and coming artists, breakdowns of auction statistics, and art movements. The emphasis placed on Ultra-Contemporary artists highlighted the growing markets for art by women artists, digital art, and NFTs. Structural changes to the contemporary market can be seen, as it expands geographically. Affordable art has also proven to be a significant segment of the market, having shown a 6% growth in just one year.

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LONDON AND PARIS: A TALE OF TWO CITIES

Historically the threads between France and Britain have been tightly woven, and this can be seen this month with Frieze London and Art Basel Paris. With an array of exhibitions such as Monet’s view of the Thames at The Courtauld to Van Gogh at the National Gallery in London. Across the channel, British artist Leonora Carrington is being exhibited at the Pompidou’s Surréalisme show and Lynn Chadwick’s sculpture is being shown at the National Monuments Centre. The Sotheby’s LDN>PAR exhibition will be part of an extensive programme celebrating the opening of the new Sotheby's Paris premises and is the highest value selling exhibition of Modern and Contemporary Art by Sotheby’s in Europe. Viewers will be able to see works by Picasso, Kandinsky, Bacon, and Agnes Martin. Artist highlights at the Sotheby’s Frieze Week evening sale include Bridget Riley and David Hockney. Coinciding with the Pompidou show, Sotheby’s Paris is hosting a sale to commemorate the 100th anniversary of Surrealism, including works by Magritte, Man Ray, and Dalí.

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René Magritte (b. 1898), L'Incendie, 1947

ART JAKARTA RECEIPTS: WOOL AND WARSHIPS

This year’s fair showed expansion and growth for Art Jakarta, showcasing a range of both regional and global contemporary artists. Galleries have reported overall positive sales and have praised the growth and outreach of the fair to global collectors. Galleries such as ShanghART, Galeri ZEN1, ROH, and Gajah Gallery represented a vibrant selection of artists whose work ranged from multimedia installations to paintings and 3D printed works. Art Jakarta also collaborated with international conglomerates, for example this year the fair worked with Art Collaboration Kyoto (ACK) in an exchange programme to increase the outreach. Overall, the community and inclusivity aspect of the fair shone through and there is a positive outlook for its future.

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THREE LEADING BRITISH ARTISTS REFLECT ON FRIEZE, AND LONDON

This article looks at Frieze, from its beginnings coming onto the scene in 2003 to the current fair and the changes that have occurred in 21 years. The New York Times interviews three artists, Yinka Shonibare, Zineb Sedira and Lubaina Himid, discussing both the fair and the London art scene in general. Shonibare, who works with African wax print, acknowledges that “in terms of the infrastructure of the art world, Frieze is absolutely essential.” But he does hope that the London art world can provide more opportunities and spaces for new artists. Sedira on the other hand, praises Paris and the spaces that are accessible to artists at the moment. Within the conversations with the artists, discussions arose about decolonization and postcolonial identities.

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IS MINOR ATTRACTIONS THE ALTERNATIVE ART FAIR THAT LONDON NEEDS?

Minor Attractions, London’s newest alternative art fair, returns during Frieze Week. Hosted across four floors of the Mandrake Hotel, this fair has been billed as “a new context for London’s buzzing art scene.” Its founders Jonny Tanna and Jacob Barnes aim to place the art community at its centre, with the ethos of the fair rooted in accessibility and community. Boasting a programme bursting with performances, parties, and film screenings, Minor Attractions is creating a buzz around London’s art scene. Exhibiting works by Pei Wang, Mark Wallinger, and Djofray Makumbu.

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Published on October 10, 2024
Jordan Tan

Jordan Tan holds an MA in History of Art from the prestigious Courtauld Institute of Art. With a passion for fine art and the art market, Jordan plays a key role at Art Works by researching and interpreting trends across the primary and secondary markets, delivering valuable insights and business intelligence for the fine art department.

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