The Week in Prints 10th - 16th June 2024

The art world's favourite fair, Art Basel, commenced this week: uniting the world's most avid dealers and collectors. Historically, this fair is where the most significant deals are secured, setting the tone for the market at large. Despite fears of a quiet fair and what Iwan Wirth coined “doom porn,” the fair has been reportedly vibrant as ever, demonstrating little sign of the struggles being experienced elsewhere in the wider market.

However, it is impossible to deny that a correction has occurred in the art market since the pandemic boom period. Global socio-political uncertainty, wars, widespread economic instability, and climbing inflations rates are affecting all markets, including art. Despite these factors, Art Basel has remained a hub of activity, suggesting a degree of resilience. This continued engagement indicates that while the market is adjusting, it is not contracting. The reality is that the art market has always been - and will always be - fickle, yet activity at Basel suggests a robust resilience.

The market, often entrenched in backward traditions, from the auction house model to the unsustainable circus of art fairs, frequently revolves around appearances. However, as dealers at Basel have acknowledged, we are entering an era where collectors increasingly demand good deals and transparency above all else. This shift signifies a move towards a more sustainable and transparent art market, reflecting broader changes in collector behaviour and market dynamics.

Following a cyber attack which struck Christie's last month, the auction house are now facing a class action lawsuit which is revealing the severity and scale of the attack. Plaintiff Efstathios Marroudis alleges that Christie's was “negligent” with their clients' data, allowing it to be stolen by cybercriminals RansomHub. Reportedly, some 500,000 clients' full names, genders, passport numbers, expiration dates, birthplaces, MRZs, countries, and document numbers are in jeopardy.

The class action lawsuit highlights Chrisite's poor handling of the situation and failure to inform their clients of the severity of the attack. As such, the incident could lead to more lawsuits like this; posing a significant threat to Christie's reputation and client trust. Whether or not this is financially damaging to the auction house, the attack serves as a wake-up call for auction houses worldwide to prioritise cybersecurity and safeguard digital client data adequately.

Yayoi Kusama is set to make a significant impact in London this summer. Serpentine Galleries and The Royal Parks will unveil Kusama's “tallest bronze sculpture” to date in Kensington Gardens. Additionally, Infinite Accumulation, a public installation, will be set up at Liverpool Station from July onwards.

In the autumn, Victoria Miro will open a new Infinity Room, and a new series of paintings titled Every Day I Pray For Love will be shown alongside. Kusama’s ongoing projects continue to captivate audiences, cementing her status as a leading contemporary artist with a unique and compelling vision.

An Artnet online auction titled “Andy Warhol By Hand” features Warhol's pre-Pop 1950s work from his days as a fashion illustrator. This collection offers a rare glimpse into the early career of an artist who would go on to revolutionise the art world.

The auction includes various hand-drawn illustrations that showcase Warhol's talent and versatility before his iconic pop art era. These works provide invaluable insights into Warhol’s artistic development and offer collectors a unique opportunity to acquire pieces from a pivotal period in his career.

As the art world navigates a landscape marked by uncertainty and change, it remains resilient and adaptive. From the bustling scenes at Art Basel to the significant updates from contemporary artists, this week has shown that the market continues to evolve in response to global challenges. Stay tuned for more insights and updates from the prints and editions market next week.