Art Economy Looking Up

In an article from artdaily.org, Art Basel Miami claims that recent auctions and art fairs around the nation have indicated that collectors have started to spend money again on high art.

Art Basel Miami is an international contemporary art exhibition that takes place in Miami Beach every December. The exhibition opens this Thursday and features associated fairs and events. Directors of the exhibition say it is difficult to predict sales, but they are feeling optimistic about this year’s exhibition.

Bonnie Clearwater, director of the Museum of Contemporary Art in North Miami, believes that the general feeling in the art world is that the dust has settled and buyers are feeling more confident in making high-end purchases.

“It has been quite clear that the American collectors are back and participating,” says Clearwater.

Dealers also agree that collectors are buying again. While many say that the economy has not quite completely rebounded, recent increases in sales do indicate more confidence.

Jane Cohan of the James Cohan Gallery in New York says gallery sales have been increasing over the course of the fall and are up to pre-recession levels.