The Artsy Advisor Notebook: June 2023

In this monthly series, we gather thoughts and highlights from Artsy’s in-house art experts on what they’re seeing, looking forward to, and enjoying in the art world this month.

What We’re Noticing

New York fair season in review

New York’s bustling spring fair season has come and gone. What are the takeaways?

Firstly, the energy on the ground was a net positive, and the six major fairs throughout the month were well attended. Frieze was particularly crowded on its opening day, with long lines upon entry and busy booths during the earliest VIP hours. Dealers reported strong sales across the board, and many collectors I spoke with were happy to gush about their latest purchases.

Art world insiders, dealers, and buyers alike were looking for a mutual agreement that the art world is back to business as usual after the COVID pandemic. Yet throughout the two weeks of back-to-back activity, many acknowledged that we are finally witnessing the slow drip of a market correction that’s long been in the making: A reflection, perhaps, of the broader global economic environment.

Galleries generally seemed to play it safe in their presentations across the fairs. We saw endless examples of bright contemporary figuration (more of the same), and a few standout abstractions, which seems to be where the stylistic pendulum is swinging.

Works are selling, but dealers continue to expect negotiations on prices. For some, it may have taken more than the first VIP day to sell out a booth. In this environment, collectors are wise to take a two-part approach to their acquisitions: Watch out for blue-chip investments at the top end, while keeping a sharp eye on tastemakers in emerging markets.

We saw this dichotomy reflected in many of the best-booth roundups. Blue-chip artists like Naudline Pierre, Jack Whitten, Lauren Halsey, Nan Goldin, and Robert Nava won acclaim for their galleries’ solo booths at Frieze. The list of standout emerging artists across the two weeks is long, but my top picks include Grace Carney, Leonard Baby, Emma Prempeh, Melissa Joseph, and Sarah Schlesinger.

Regardless of where a collector may be in their journey in this ever-changing market, many will look to make the most of this moment as we head into the summer.

—Caroline Perkins, Private Sales Advisor, New York

Drexler in demand

Lynne Drexler was largely unknown to the wider public until 2021, when post-war dealer Saara Pritchard discovered the American abstract artist while scrolling through Artsy.

A student of Robert Motherwell and Hans Hoffman, Drexler was active in 1950s–60s New York, but never found commercial success during her lifetime. She eventually left New York for a quiet life in Monhegan, Maine. Few of her works had come to auction before March 2022, when two works deaccessioned from the Farnsworth Museum—Herbert’s Garden (1906) and Flowered Hundred (1962)—shocked the art world by selling for $1.5 million and $1.2 million, respectively, at Christie’s. The results were thanks in part to Pritchard’s promotional efforts.

Spectacular results for newcomers at auction do happen, but it’s the performance in following sale seasons that shows the true strength of an artist’s market.

In the past 18 months, more than 50 Drexler works have come to auction, and the artist is averaging prices at 180% over their mid-estimate. Works from the 1950s and ’60s regularly sell for more than $500,000, and recent sales have seen several results of more than $1 million.

At Artsy, we have seen a 1,600% increase in followers for Drexler in the past year alone, and in May, the artist received her highest number of new followers. During last month’s “Artsy Auction: Post-War and Contemporary,” her work Profuse Place (1984) sold for $250,000.

It looks like interest in Drexler will continue to grow. And providing that the artist’s estate and galleries are careful with her inventory, it looks like her market could continue to climb further yet.

—Robin Roche, Senior Private Sales Advisor, New York

Hockney’s enduring appeal

On a recent visit to the Lightroom in London’s Kings Cross, I had the pleasure of experiencing David Hockney’s remarkable audiovisual show “Bigger & Closer.” I continue to be truly amazed by Hockney’s unwavering ability to present fresh perspectives and captivate viewers with his art. Even at the impressive age of 85, Hockney persists in his creative endeavors, providing art enthusiasts with the opportunity to revel in his masterpieces in new, innovative ways.

As an artist, Hockney consistently pushes boundaries, exploring novel approaches to artistic expression. For this reason, I wholeheartedly recommend the artist to collectors of all stripes. The demand for the artist’s distinctive works—especially his renowned recent iPad drawings—is currently soaring among eager collectors.

—George King, Senior Private Sales Advisor, London

What We’re Anticipating

Legendary printmakers featured in Artsy’s upcoming auction

I am looking forward to a series of exciting summer sales presented by Artsy Auctions. First up, following the success of the inaugural Prints and Multiples sale in March, I am pleased to announce that we will be holding a special auction titled “Printer’s Proof,” which will run from June 15th though 28th.

All of the works in the sale have been consigned by the technical wizards that collaborated with many of the most innovative artists in printmaking. Contributors have worked at prestigious printing presses such as Universal Limited Art Editions, Two Palms, Crown Point Press, Keigo Prints, and Axelle Editions. For many of the works, the printers involved can recount tales from the studio about working on the prints.

The sale will feature works by Julie Mehretu, Jasper Johns, Stanley Whitney, Elizabeth Peyton, Richard Prince, Pat Steir, and more.

A preview of the sale will be available to browse on June 8th. Other sales to watch from Artsy Auctions this summer include Street Art (July 5–13), Post-War and Contemporary (July 17–27), and Prints and Multiples (August 3–10).

—Adam McCoy, Auction Specialist and Head of Prints and Multiples, New York

Basquiats reunited at Basel’s Beyeler

I’m excited about the exhibition “Basquiat: The Modena Paintings,” taking place at Fondation Beyeler in Basel from June 11th to August 27th.

During the summer of 1982, Jean-Michel Basquiat embarked on a journey to Modena, Italy. Invited by gallery owner Emilio Mazzoli, the 21-year-old artist was tasked with creating new works for a solo exhibition.

In a matter of days, Basquiat painted eight impressive large-scale canvases, some of which have since become highly acclaimed and valuable pieces. Unfortunately, the planned exhibition never materialized, and these remarkable works remained unseen as a cohesive collection. Now, over 40 years later, all of the renowned “Modena Paintings” are finally being exhibited together for the first time. The works are coming from collections across the United States, Asia, and Switzerland.

The “Modena Paintings” represent a pivotal moment in Basquiat’s early career, showcasing his trademark vibrant and expressive style. These works feature certain motifs and stylistic elements that distinguish them as a unified group, while offering insights into Basquiat’s artistic trajectory.

The exhibition provides a rare opportunity to see these eight Basquiats as they were originally intended to be presented. Notably, one of the featured works is The Guilt of Gold Teeth (1982) which fetched a staggering $40 million at Christie’s in 2021.

—Adriana Almeida, Senior Private Sales Director, London

The Artists We’re Loving Now

Alejandro Piñeiro Bello

Alejandro Piñeiro Bello is a Cuban artist renowned for his vibrant depictions of Caribbean culture and its rich history. Based in Miami, Piñeiro Bello’s studio serves as a creative haven where he translates tropical settings and natural landscapes into a lyrical movement of colors on canvas.

Piñeiro Bello is set to captivate audiences with his current solo show at Pace Gallery in Seoul. Titled “Viaje en Espiral” (“Spiral Journey”), the exhibition promises to be a visual feast, with paintings that explode with an incredible blend of color, vibrancy, and intensity. The artist draws inspiration from the moments of his personal and daily life, exploring themes such as love, death, and identity. Through his artistic journey, he looks to the masters of the past, finding inspiration in the works of Paul Gauguin and Vincent Van Gogh.

Born in 1990, Piñeiro Bello’s debut show in South Korea represents a significant milestone in his career, allowing him to establish his presence as an emerging young artist to an Asian audience. This exhibition provides an exciting opportunity for art enthusiasts to experience a bold and captivating talent.

—Abby Smidt, Private Sales Associate, New York

Rex Southwick

Renowned for his vibrant use of color and tone, Rex Southwick is a talented contemporary artist based in North London. The artist’s captivating new solo exhibition, “Topia” at Unit London, is a striking selection of new work.

Through large-scale works, as well as exceptional small canvases and works on paper, Southwick sheds light on the labor and history that underpins the city of Palm Springs’s luxurious facade. Viewers can delve into the tension between man-made architecture and the ever-evolving desert landscape, as well as the individuals who inhabit, build, and maintain the iconic Californian resort destination.

This body of work—two years in the making—offers a unique and objective perspective, breaking the illusion to reveal the unseen stories of the resort city. Don’t miss this thought-provoking exhibition that challenges the perception created by picture-perfect environments.

Southwick is a First Class graduate from Leeds Arts University and winner of the prestigious AON Community Art Award in 2018. His artistic prowess shines through the work.

—Itziar Ramos Ricoy, Private Sales Advisor, London

Gongkan