A number of these newcomers reported strong sales in the opening hour, a good omen for a fair that runs until Tuesday and is usually expected to be a slow burn rather than a mad dash right at the opening gun. The fair’s ritzy location and clientele allow higher price points than at Frieze—there were more works selling for over a million dollars than at Frieze the day before, where the offerings are edgier and targeted at curators. Perhaps the pricest sale of the first few hours happened at Hauser & Wirth, where a late
painting, Forms on Rock Ledge
(1979) sold for $5.5 million.
“It’s incredibly well organized, and with the brand of TEFAF, it brings truly a different aspect to New York in terms of the fair,” said Marc Payot, a partner at the gallery, standing in front of the Guston.
He added that that TEFAF’s location is key, as they’ve developed a bond with buyers in the area since Hauser & Wirth’s first New York gallery opened on the Upper East Side in 2009.