New York art fairs bet on affordable prices in the hunt for the ‘right price’

Four difficult years have left their mark on the art market — gallery closures, cost-cutting and a constant search for the “right price” that brings buyers back into the game. This fall, New York’s art fairs are testing that search directly, emphasizing affordable prices, as USA Art News reports, citing Artnet News.

The most typical example comes from the U-Haul Art Fair: Bob Chase of Aspen’s Hexton Gallery asked artist Marcos Acosta for more affordable works — 15 small 8×6-inch landscapes at $750 each — while his works usually sell for $10,000–$35,000. The fair is organized by his 27-year-old son, Jack Chase. “I wanted his work to attract a younger audience,” Chase said. In the same vein, Steve Henry of Paula Cooper Gallery says: “Everyone is looking at prices.” While art adviser Rachael Barrett adds: “We went through a crazy-pricing phase for a long time. It’s unsustainable… The younger generation doesn’t care.”

At The Armory Show’s VIP opening at the Javits Center, the offering was wide: Victoria Miro offered works from $12,000 (Talia Levitt — quickly sold) to $1.6 million (Yayoi Kusama). Glenn Scott Wright commented: “I don’t think we’ve had an eager forecast for five or six years.” Dealer Christophe Van de Weghe presented 12 abstract paintings by Frederic Anderson ($8,500–$38,500) — more than half sold quickly.

The Armory Show’s initial sales report shows 245 transactions worth at least $8 million, with about two-thirds under $25,000 — from just 55 of 241 exhibitors. Among notable sales: Joan Mitchell over $2 million (Michael Rosenfeld), seven Dhewadi Hadjab paintings at $110,000 each (Mennour), while Lobster Club fully sold Megan Koons’s solo presentation ($3,500–$8,500).

The pace continued at Independent 20th Century in the Breuer building (57 exhibitors): the VIP dinner was held at Sotheby’s Marcel restaurant, attended by Leon Black, Michael Ovitz and Marieluise Hessel, while Leonardo DiCaprio and Paul Rudd were spotted at the fair. Museum purchases include Marie Wilson for $285,000 (Gallery Wendi Norris) and an Emil Bisttram tapestry (Addison Rowe). Nara Roesler dedicated its booth to Amelia Toledo (1925–2017): 10 gouaches sold for up to $55,000.