All Eyes on Miami

Yesterday marked the VIP opening receptions of the nearly 20 gallery fairs going on simultaneously this week in Miami – commonly known as Art Miami, anchored by the uber-fair Art Basel Miami Beach.

Fresh off a successful fair in New York City last June, Migration was courted by a couple of the smaller Miami satellite fairs. Laura and I didn't jump at the ego-inflating invitations; instead we weighed our options cautiously. Ultimately, we declined the invitations - although we did choose to apply to a couple of the larger fairs. Luckily for us, organizers were a bit slow to make their selections and Laura and I had time to clearly see the rumblings in this fall's economic shakedown. Needless to say, we are not attending Miami... and we thank the heavens for that decision. I am happy to take risks like any other small business owner, but, Laura and I prefer to close out 2008 enjoying the successes the year has provided rather than risk losing at Miami.

Norman Braman, a seasoned Miami collector, said this about the current climate:

I look at this downturn as opportunity time. I've had works of art that have been offered to me that are very exciting, but no one knows how serious the downturn is. As I told one dealer, 'The problem is, I don’t know what the bottom is, so I don’t know what's reasonable.'

When you can't define what is "reasonable" in any market, it's safe to avoid it.

Of course, we will all hear the glorified stories of the various million dollar sales of masterpieces during this week. But what about the sales of the under-$10,000 emerging artists' work? We'll have to wait and see I guess.

Early articles have reported smaller crowds, less-frenzied buying, and lower prices. Stay tuned to artInfo.com for all the reports coming out of Miami.

Comments

[Barbara]

Hello, Rob:

Very wise decision you and Laura made about Art Basel in Miami Beach. I hope the dealers, artists and exhibits do well there, but the risk seems to outweigh any likely returns.

Thanks again for more of your ArtInPlace series. Such public art is a genuine reward for everyone in Charlottesville to see, touch, and experience.

Barbara