Will Art Basel Tank?
The story of this year's Basel is the recession, as we noted in this week's cover story and in a follow up piece by Carlos Suarez De Jesus that hits stands tomorrow. Long story short, Basel organizers seem to think (or hope) that people who had a lot of money pre-market meltdown still have a lot of money, or at least enough to plunk down a couple hundred thousand for some art.
But according to this piece out today on Bloomberg.com, returns at this year's Basel could be grim.
"The world's is a truly frightening pace," Dallas-based art collector Howard Rachofsky tells Bloomberg. "There's collective anxiety, and except for those who are truly obsessed, the idea of going on an art-shopping trip doesn't appeal."
The story rattles off a bunch of other bummers--sales were down in October at London's Frieze Art Fair, prices plunged 50 percent at November's New York art auctions, and hotel rooms are still available on South Beach--all of which point to a down year for Basel.
Get the ICYMI: Today's Top Stories Newsletter Our daily newsletter delivers quick clicks to keep you in the know
Catch up on the day's news and stay informed with our daily digest of the most popular news, music, food and arts stories in Miami, delivered to your inbox Monday through Friday.