ART ASIA - Miami

3 ~ 8, Dec. 2008
3000 NE 1st Avenue, Miami, USA

There must have not been any other time in history when the relationship between the art market and the world economy was as agitated as it has been this year. For the past one or two years, there have been art fairs and auctions every month around the world. Prices of artworks increased day after day at auctions and market prices even manipulated the trends in art. Even prices of artworks by nameless young artists increased rapidly and art dealers stretched out their tentacles to them to purchase art.
On September 15, 2008, however, as Lehman Brothers, the financial investment bank of the U.S., declared bankruptcy, the so-called Lehman Shock has been an enormous impact on the art market and its investors.
There were 21 art fairs in Miami alone. More than 2,000 art galleries came from all around the world. There have been this many art fairs and participating galleries for the past few years. When they reached the peak in 2006 and in 2007, more than 100 private jets and countless collectors gathered here and bought over KRW 20 billion worth of art. At the VIP opening, expensive artworks were sold out in only two hours as the buyers were already forming lines before the opening. In 2008, however, there still were many visitors, but not many people actually bought the art. The sales records were historic low. I did not visit all 21 art fairs, but judging by the six art fairs I visited, not many were sold although there were many people. Most of the artworks sold were around USD$ 10,000-20,000 or even lower. I contacted the Art Fair Headquarters for more information, but I have not received their reply yet. The Art Basel Miami Beach exhibited many masterpieces that reached JPY 70 million to 100 million in prices, but none of them seemed to have been sold. Unlike gigantic corporations, many art dealers are private entrepreneurs, and they must have been struck hard by this year? art fairs. Not many galleries had come from Korea, China, and Taiwan and seven galleries in Seoul cancelled their participation before the opening. Fortunately, some Korean galleries in the U.S. did participate.  
There are many problems to be solved. It seems that the art market has just entered a very difficult war. There could be more serious situations ahead. On the bright side, private collectors will look for distinguished and non-market-oriented quality artworks. If the difference bet-ween art history and art market is past history, now is the time of seeing through the essence of art.     Art Critic_Yuzo Ueda.
www.artasiafair.com