The 23rd edition of Art Basel Miami Beach has kicked off with impressive sales momentum, as 283 galleries filled the Miami Beach Convention Center for what many consider the art market's final major test of 2024. Following robust auction results in New York two weeks prior that totaled $2.2 billion, organizers and dealers expressed cautious optimism that collectors are returning with renewed confidence, particularly for blue-chip artworks that had struggled to move over the past three years.
Early sales during Wednesday's VIP preview suggested significant momentum in the market recovery. David Zwirner gallery reported the most valuable sale, with an abstract painting by Gerhard Richter selling for $5.5 million. The gallery also sold Alice Neel's "Pregnant Nude" (1967) for $3.3 million, two "Homage to the Square" paintings by Josef Albers from 1955 and 1964 for $2.5 million and $2.2 million respectively, a new painting by Dana Schutz to an American museum for $1.2 million, and a circa 1969 wire sculpture by Ruth Asawa for $1.2 million.
Hauser & Wirth experienced exceptional success, reporting sales 40 percent higher than their total from last year's fair within just the first three hours. "Christmas came early for our team this morning," said Marc Payot, Hauser & Wirth's president, in a statement Wednesday afternoon. "The pace seems almost leisurely on the surface, but business is consistently brisk. We're already fielding inquiries about the works that will be newly installed tomorrow when we switch things up for the second day."
The gallery announced 27 sales, led by George Condo's "Untitled (Taxi Painting)" (2011) at nearly $4 million and Louise Bourgeois's "Persistent Antagonism" (1946-48) for $3.2 million, though neither piece actually appeared at the stand as both were pre-sold after the gallery's preview was sent to clients. Additional major sales included Bourgeois's "Mr. Follett: Nursery-Man" (1944) for $2.5 million, a work from Ed Clark's Paris Series (1990) and Henry Taylor's monumental painting "Every Brotha Has a Record" (2020) for $1.2 million each, and Rashid Johnson's towering planter "Standing Broken Soul Nowhere Man" (2025) for $1 million.
Other galleries also reported strong sales across various price points. At Thaddaeus Ropac's stand, Alex Katz's "Orange Hat 2" (1973) led sales at $2.5 million, followed by his later canvas "Wildflowers 1" (2010) for $1.5 million. Georg Baselitz's "Selbstportrait 1953, 18.V.97" (1997) sold for $1 million, while Robert Longo's "Untitled (Formula One Car Crash)" (2025) found a buyer for $750,000. Pace gallery sold Sam Gilliam's "Heroines, Beyoncé, Serena and Althea" (2020) for $1.1 million and Lynda Benglis's "Fanfaronade" (1979) for $400,000.
Almine Rech reported selling a Pablo Picasso painting for between $2.8 million and $3 million, and a James Turrell piece for between $900,000 and $1 million. Gladstone Gallery sold Robert Rauschenberg's "Tarnished Honor (Copperhead)" (1989) for $1.5 million. Smaller galleries also participated in the strong sales activity, with Olney Gleason selling Robert Indiana's "Eat" (1962) for $135,000, two wall panels by Diana Al-Hadid for $110,000 each, and a Robert Motherwell painting for $100,000.
Vincenzo de Bellis, Art Basel's chief artistic officer and global director of fairs, acknowledged the challenging year but noted improvement in recent months. "2024 has been a rough year," de Bellis said. "But the second part of the year, it was picking up in Basel already. Then, especially September, October, November—reporting what galleries have shared with me—were significantly better than 2023." This positive trend was reflected across multiple galleries of varying sizes and specialties.
Specialized galleries found success in their niche markets. Berry Campbell, which focuses on overlooked Abstract Expressionist women artists, sold Yvonne Thomas's "Caribbean Shore" (1959) for $375,000 and Mary Abbott's "Hill Dancers" (1948) for $275,000. The gallery is also offering Lynne Drexler's "Blue Bay" (1968) for $950,000, capitalizing on the artist's recent auction success when "Keller Fair II" (1960) sold for more than $2 million at Christie's last month, more than doubling its low estimate and setting a new auction record.
Local Miami dealer David Castillo, a longtime fair participant, exemplified the renewed energy in the market. He sold a large-scale painting by Studio Lenka for $50,000 within the fair's first 45 minutes, and all 20 paintings in the artist's solo show at his brick-and-mortar space had sold out the night before. "I think there's definitely been a shift over the last few months in the art market, where things are more buoyant again than they were the last couple of years," Castillo observed.
The sense of renewed confidence was evident not only in sales numbers but also in collector behavior and dealer strategies. "The people coming here want the big and the bold," Castillo noted. "People are passionate. They're not just buying it to put it in storage." This shift toward more confident, display-oriented purchasing suggests a fundamental change in collector psychology, moving away from the cautious approach that had characterized the market in recent years and toward renewed engagement with ambitious, statement-making artworks.
