“We’ve focused on this little top of the pyramid, but the bottom of the pyramid has grown substantially,” he said. Confronted with that growing “bottom of the pyramid,” an audience that may not have the same cultural and social background as what’s been typical in the art world—or that may be as interested in art’s financial performance as its aesthetic value—Glimcher said that many in the art market have pushed potential collectors away.
“This is not what we got into this for!” he said, mimicking a typical gallerist’s expression of frustration.
“But we need to learn how to interact with a much larger group of people,” he said.
Of course, as Glimcher noted, he’s still done very well transacting at the top of the pyramid. During Art Basel in Miami Beach’s first few hours on Wednesday, Pace sold an untitled
sculpture from 1970 for $250,000,
’s Untitled (Electric Light)
(1968/2018) for $180,000,
’s reflection hologram Untitled (XXXII G)
(2014) for $150,000, and four works by Peter Alexander for figures between $40,000 and $125,000; all works came from the gallery’s thematic stand of artists from the
and Finish Fetish movements that emerged in Los Angeles in the 1960s. The Institute of Contemporary Art, Miami
is currently fêting Bell’s career with a major survey show and, on Tuesday, Pace announced that it would extend its representation of Corse, which began with only its three locations in Asia, to New York.
American collectors were the driving force behind a majority of Hauser & Wirth
’s sales on day one, said partner Marc Payot. The gallery notched a handful of Art Basel in Miami Beach’s largest reported sales on day one, led by
’s 1976 painting Shoe Head
, which sold for $7.5 million; another untitled work from 1969 sold to a European collector for $2.7 million. A monumental new canvas by
(2018), sold for $5 million, and was promised to an American museum. Two historic pieces by Larry Bell, an untitled sculpture from 1967 and the painting My Montauk
(1960), sold for $550,000 and $2 million, respectively, as did two works from this year for $100,000 apiece. The first work the gallery has offered by
since taking her on
following the unveiling of her iconic Michelle Obama portrait
sold for $175,000 on Wednesday, also as a promised gift to a U.S. museum. Other sales included a
sculpture, White Snow Cake
(2017–18), which went to a collection in Asia for $1.2 million, and the
(2004), which went for around $2 million to an undisclosed buyer.