I was a little confused while researching Art Basel 42, as most available information suggested that it took place in June of last year. Nevertheless, I enjoyed reading Thornton's account of the Basel Art Fair. She gives a very interesting account on the state of the art market, and its extraordinary rise and seemingly constant bubble. In the past, the art market consisted of a very insular world, with established buyers and subdued demand. Now, the enormous market has expanded to include many different buyer segmentations, from collectors to speculators to social climbers, all of which serves to produce a market with extraordinarily high demand. It was interesting to hear about the comparison with the car market, which experienced a trend in which everyone eventually owned two or three cars. It seems like art is an increasingly common means of spending disposable income, and as it increases its ubiquity, it could became a central expenditure for households of all income levels, pushing the market into previously unseen thresholds. Paintings disappear from these art fairs in seconds; generally, buyers who are willing to purchase pieces, may not end up with them, as sellers have considerable power to select who the purchaser is in an effort to maximize prestige, perception, and visibility of the artist. I truly is a seller's market, as the supply of art is relatively fixed and inelastic, and the bargaining power of the seller will only increased as demand continues to skyrocket. I also thought it was interesting how sellers choose buyers based on very subjective qualities, further indicating the relative youth of the new art market. "Acceptable" characteristics of the ideal purchaser is one who appreciates art for what it is, understands the history and message being conveyed, accepts its cultural and historical significance, and carries with them a certain amount of prestige. There is a strong negative connotation with speculation, as everyone seems wary of art becoming a commodity and losing much of its inherent meaning.
While we have covered the Gagosian Gallery before, I think it is a highly important feature of the booming art world and worth further exploration. Physically, it occupied prime real estate during Art Basel 42, and was shown in the largest area possible among all galleries, right next to the central hall. I am sure the prestige, wealth, and social capital of Larry Gagosian had a significant effect on primacy of the location, in an attempt to be as conspicuous as possible. It showed one piece of art, entitled Whitman by Richard Serra, which is a large black circle created by paintstick on handmade paper. Serra was originally a painter, but later transitioned into three-dimensional dadaist artwork, and is a prolific artist with the Gagosian Gallery. He is gathering considerable notoriety, dubbed the "man of steel" by the New Yorker for his skill with steel sculpture. He was noted as one of the "titans of modern art" by The Guardian, known for his huge and emotionally moving steel sculptures, and has commanded solo exhibitions since 1992, and has a permanent installation at the Guggenheim in Bilbao. It is no surprise that Serra is linked to Gagosian, as Gagosian would surely attempt to represent one of the premier artists of his time.
The frequency of art fairs represents a very healthy trend in the art world. While some traditionalist artists or dealers might resent the increasing visibility of the art world, the extraordinary influx of buyers, and the massive increase in investment, the end result is that increased demand will, over time, produce more supply and of better quality, and increasing the ubiquity of art will ultimately increase welfare for artists and the industry in general. Politics will continue to play a large role, as it has in China recently, as the "culture" of a country represents a large portion of its political and international prestige an capital, and cultivating it through patronage or financial and political support of the arts can increase a country's standing abroad and increase the quality of life at home. Restraining this growth of culture, as China has done recently, prohibits the realization of many of these trends and will only produce negative effects in the long run.
You can watch an interview with him, in which he describes his transition from paint to sculpture, in the video of him below, which was recorded during the Art Basel 42:
Another example of a famous work by Serra that was on display at the Grand Palais in Paris is Promenade, which I've linked below (for space reasons) along with the very positive review:
http://gagosian.cdn.crvncms.com/__data/4385265ca75b2d1cbacf8a6e14d8bff6.pdf