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Charles Saunders

The Art Basil Miami is an annual contemporary art exhibition that is fast eclipsing its sister event in Basil, Switzerland in size, popularity, and arguably importance. In an art market where it often difficult to competitively connect buyers and sellers, this exhibition seems like one of most important central exchanges, showcasing both established and upcoming artists, collectors, and critics. There appears to be a considerable amount of social capital at stake as well; according to New York Times art critic Karen Rosenberg, the event can be described as a "ritualistic week of gawking, power schmoozing, and peacocking." At first glance, these characteristics draw a close parallel to the Renaissance characteristics of artist, patron and audience and their mutual quest for magnificence, social status, and reputation. This art exhibition combines art showcase and appreciation with a cultural and social aspect much like that Italian era, with consumption being significant, at least according to Rosenberg. Of interest are the exhibition's restrictions: only art created in the past three years, and only three artists per exhibitor: significant constraints that ensure the offering is recent and varied, limiting the effect of "superstars" and providing a degree of competition. In a world that consists of a disjointed markets, exhibitions like these are extremely important in developing a transparent market, mitigating information asymmetry, and increasing visible competition among artists and price levels. 

The "art positions" segment of the exhibition is particularly efficient at highlighting individual artists, who highlight one representative piece of art as a vehicle to gain exposure for both the artist and the gallery. Instead of artists struggling for recognition through their own means and initiative, this platform offers a unique opportunity for sellers to have direct contact with buyers in a structured setting--creating an actual "market" for art in the modern world. 

One example that particularly stood out is "How to Fall Off a Horse" by Ida Ekblad, showcased through the Karma International Gallery. Karma International is a gallery based in Switzerland, gaining critical exposure to an international audience through a booth at Art Basil Miami and representing a number of new and established artists. Ida Ekblad is one of these artists; originally form Norway, is an up-and-coming artist who recently exhibited in the Venice Biennale and the Greene Naftali Gallery in Manhattan. With rising success, she is garnering attention in the market through exposure in structured marketplace exhibitions much liek Art Basil Miami, are an amalgamation of past geometric-gestural paintings, applied with a "zealous offhandedness," according to one New York Times review. Though the majority of her work is done in paint, she also experiments with geometric architectural sculptures; her representative work in the Art Basil Miami gallery is done with steel and lacquer. She is renowned for her ability to breathe new life in contemporary abstraction, drawing parallels with many past icons, but with a modern slant, as suggested by this artnet.com review. All in all, her wide variety of styles transcends the traditional mindset of artists to find their own niche, and enables her to appeal to a wider variety of audiences. Her "message" may still be conveyed, but the different mediums she employs allows for decreased dependence on individual buyer's tastes, which traditional sets much of the subjective value for a piece of art. Add in her clear talent, and showcases like Art Basil Miami serve to provide key crossroads in the marketplace, structuring interactions so that buyers and producers can come together naturally and efficiently, removing the necessity of personal relationships and luck, and creating a truly competitive atmosphere that the art market seems to currently lack. In the process, artists like Ida Ekblad gain recognition, prestige, and reputation capital, intangibles that are arguable of paramount importance in an artist's career. Buyers, critics and consumers can enjoy a side-by-side comparison of both new and established artists, with a wide variety of styles and themes ensuring that everyone's tastes are met, new artists are known and showcased (much like advertising or marketing in the corporate world) which increases options for consumers and thus efficiency, and prices are lowered, or at least optimized, as all opportunity costs and alternative choices are clarified and highlighted. Finally, curators and galleries, the middlemen or marketers of the art world, gain recognition and elevate their personal brand; when associated with successful artists, they can capture new successes and command higher prices, which is a product of the social and reputation capital gained through showcases at shows like Art Basil Miami.

In short, Art Basil Miami compresses the market for artists, from all over the world, into a clearly structured and defined market event that clearly connects buyers, sellers, and curators. As a result, new artists are recognized, "superstars" are further established, prices are optimized, the competitive landscape is widened, and the art world ultimately expands efficiently. 

For further information, here are the personal websites for both Ida Ekblad and Karma International:

http://www.ida-ekblad.com/

http://www.karmainternational.org/infoglueDeliverWorkinglive3/News