Liquidity Sloshes into Art Basel

The resurgence in the art market has not escaped anyone’s attention; indeed all one has to do is punch up the ticker of Sotheby’s (BID-NYSE) to get a clue. A picture, or in this case a chart, can say a thousand words.

Art Basel previews today, and the usual suspects are showing up in force. Deep pockets indeed:

The Swiss fair’s organizers expect 56,000 people to spend $500 million at 300 dealers, including Larry Gagosian and Doris Ammann, through June 17. Sender bought new works by John Baldessari, Jeff Wall, Alighiero e Boetti, Sterling Ruby, the Tobias Brothers and Andro Wekua from galleries in advance of the event, Levin said. Another hedge-fund manager said he reserved five works at the fair.

Hedge-fund managers are reshaping the art market, often working through advisers. They’re also caught in a wave of buying by new billionaires from Russia and Asia.
``Some of the hedge funds are changing or driving the market,’’ said Sam Keller, Art Basel’s director. ``But they aren’t the whole market.’’ Bloomberg

Looking for a Basquiat to throw up in your office? That will set you back about $3 million. But you will likely have to outbid these guys…

Daniel Loeb, David Ganek, Steven Cohen and Sender are all big collectors, said Tobias Meyer, worldwide head of contemporary art at Sotheby’s. Cohen made $900 million last year, according to Alpha magazine, and buys some of the most expensive works.

NetJets and UBS, among others, are sponsoring parties and the event.

Hedge-Fund Manager Sender’s Curator Faults Art Basel
Bloomberg

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