Click Here for a List of the 269 Galleries and Dealers Showing at Art Basil Miami 2016

21 of them are new to the fair, which will run December 1–4.

Some 77,000 people attended the fair’s 14th edition in 2015...

The 2016 exhibitors come from 29 countries, from Argentina to the United Kingdom. Among the first-timers are New York’s JTT and Callicoon Fine Art; Various Small Fires, from Los Angeles; House of Gaga, from Mexico City; Edouard Malingue Gallery, Hong Kong; and Simões de Assis Galeria de Arte, from Curitiba, Brazil.
— Brian Boucher, artnet News, September 6, 2016

To Auction or Not to Auction?

The emergence of auction houses go hand-in-hand with the creation of arts markets that put a public price tag on art. Nowadays, it is often noted that about 40-60% commission goes to the auction houses to cover media, handlingpublicity, auction fees, etc. So if you are thinking about consigning your art, here's a very brief introduction to what you might want to know / what it takes to list your artwork for auction:

Top 5 Auction Houses in the world: Christie's, Sotheby's, Heritage Auctions, Poly International Auction Company, and China Guardian. To locate the auction houses in your neighborhood, visit Artnet or similar directories.  

Since we are founded in Princeton, we will zoom into the two New Jersey-based auction houses for comparison: Rago Arts and West HIghland Art Brokers. Here's what each says about commissions and fees: 

Our commission rate is based on both the size of your consignment and its rarity. Our auction estimates are free of charge. Our experts can make initial valuations either through photographs and descriptions or by seeing your property at the auction house or on site. Unlike some other houses, our commission is all-inclusive. We do not offer a low seller’s commission and then inflate it with undisclosed surcharges for insurance, marketing or photography. Nor do we charge you a fee for bringing your property to market if it doesn’t sell, as many auction houses do. (This is called a buy-in fee.) If you are speaking with other auction houses, please make sure you ask them about all these fees before deciding where to sell.
— Rago Arts
First, we expertly appraise your art. Second, we buy your art for cash. Your art is then consigned to an auction house (like Sotheby’s or Christie’s) for public sale. If it sells for more than we paid you, you receive 50% of the profit, and we receive the other 50%. We buy original oil paintings and watercolors by ‘listed’ 19th and 20th Century artists with auction records. We do not buy prints or reproductions. If necessary we will have your painting cleaned, restored and re-framed, and split these costs with you.
— West Highland Art Brokers

For more information on the various fees that one may encounter when consigning for auction, here's an informative blog by Karen Keane. Do note that many auction houses, especially online auctions, only accept works from artists that have prior listings and auction records, creating quite the catch-22 for emerging artists. 

Generally, what auction houses spend their money on to get your artwork to sell include: catalog printing, gallery exhibitions, networking/courting buyers, paying employees, media glamour, curating, valuation and basically eliminating the "friend and family rate" from the exchange so profit margins can increase. This reinforces the fact that buyers/patrons/collectors will get a better deal going straight to the source (the artist), and sellers/artists would benefit from using intermediaries to increase the value of their art.

From WSJ: Art's New High-Tech Patrons

An oldie from 2013, but still relevant nonetheless:

Mr. Breyer, a board member of the San Francisco Museum of Modern Art, finds parallels between art and startups. He loves taking a chance on lesser-known talent and often visits galleries while traveling abroad on business. He particularly admires artists like Picasso who show the capacity to reinvent themselves. ‘It’s a personal characteristic not only of the artists I gravitate to but the entrepreneurs,’ he said.
— Ellen Gamerman, Wall Street Journal

Detailed article and video post here.


What Can Art Do for You?

According to Deloitte Luxemburg and ArtTactic, here are the various services that banks, art dealers, auction houses, and galleries provide. More importantly, it’s a way to gauge what kind of businesses deal with art, its change in popularity over the years, and why it might be beneficial for collectors, investors, and artists to take a closer look:

Download the full financial and forecast report here.


Art Commodified: An Art Flipper Made 220% on This Painting in Six Months

Quick resales are more common in the emerging art segment of the market, where works by unknown artists are traded with little risk in return for possible outsized gains. In May, 108 artworks created in the past three years were sold at the three auction houses, according to Artnet. They tallied $27.7 million in sales.
— Katya Kazakina, Bloomberg Business

Published June 2, 2015. For full article, please click here.