Basel and Auctions and Hirst! Oh My!

Art Basel then confirmed the robust health of the international art market. T he 'Olympics' of the art world, lived up to its reputation as some 60,000 visitors spent over $500 million on art at 300 galleries. The exuberance spilled over to the 6 auxiliary fairs, as all of them reported record sales.

On the heels of Art Basel, came the London contemporary auctions where over $430 million was raised, almost 6 times the amount raised last June. While not quite the $850 million sold in New York during the May auctions, the success of the London auctions leave no doubt about the strength of the UK art market, which can be credited in part to its strong currency and international buyers, who are drawn to London's central location.

All of which helps explain why prices for the most expensive contemporary paintings have risen 50 percent this year and have quadrupled since 1996, according to index-maker Art Market Research.

Meanwhile, Damien Hirst became the auction world's priciest living artist when Sotheby's sold Lullaby Spring (2002) for $19.3 million. The mirror-backed cabinet contains row upon row of 6,136 hand-painted, candy-colored bronze pharmaceuticals. While the Hirst 80-person 'factory' churns out new works, often on the themes of death and disease, the value of his pill cabinets are due to their rarity, there are only four, one for each season.

Michael S. Sellinger