On the Eve of Art Basel Miami Beach, a Case of the Jitters
Fourteen galleries pulled out of the fair this year, while others chose to stay and embrace the art fray. “It’s a good opportunity to be bold,” says one dealer.
A foreboding air greets the 23rd edition of the Art Basel Miami Beach fair opening this week, capping a year of sluggish sales that were financially devastating for many galleries. As collectors, curators and dealers swoop into South Florida for Wednesday’s V.I.P. preview, some analysts have pointed to the $2.2 billion results at the marquee November art auctions in New York as evidence that the market has found its footing. But that is little comfort to the spate of pre-eminent galleries across the country that have already closed, including many thought to be blue chip and resilient to even a steep downturn.
