In today’s art world, how do affluent collectors decide on their acquisitions? Do they gravitate towards timeless works by deceased modernists and Pop Art legends that promise to appreciate in value? Or do they opt for sophisticated hardwood furnishings, artful lighting, and bold sculptures that both impress visitors and serve practical purposes? The answer seems to be a mix of both. The European Fine Art Foundation’s (TEFAF) 12th annual event at Manhattan’s Park Avenue Armory from May 15 to 19 offered a feast for the eyes of the Nouveau Gilded Age elite. Concerns about inflation or political issues were set aside during Thursday’s exclusive preview, where luxury vehicles awaited their art-filled trunks.
Inside, wealthy patrons, accompanied by their art consultants, enjoyed seafood hors d’oeuvres and rosé while exploring offerings from 88 galleries spanning 14 countries. Known for drawing New York’s high society and global elites, TEFAF also included opportunities to purchase demountable homes by French architect Jean Prouvé, available for worldwide delivery. As Laurence Seguin of Galerie Patrick Seguin explained, these homes can be assembled and disassembled with ease. The fair’s highlight was the sparkling sculptures and jewelry that captivated high-net-worth collectors, notably Kathleen Ryan’s ‘Bad Fruit’ series at Gagosian’s booth.
Several galleries highlighted esteemed artists. White Cube showcased a series by Cai Guo-Qiang, drawing significant interest, with nearly all paintings sold, according to Mathieu Paris, the gallery’s global sales director. Booths resembling opulent living spaces, complete with modernist furniture, were a common sight, like at Demisch Danant, which featured Sheila Hicks’s sought-after textile art. The event also displayed works by renowned European and American artists, including new pieces from David Hockney at Annely Juda Fine Art and works by Cy Twombly and Jasper Johns at David Tunick’s gallery.
Sales appeared robust, with significant transactions like Eva Helene Pade’s paintings selling to US institutions and a 3,300-year-old Egyptian stele being purchased by a private collector. Hauser & Wirth stood out with a more subdued presentation, showcasing Vilhelm Hammershøi’s atmospheric paintings in a booth painted blue-gray to complement the art’s mood. Carlo Knöll of Hauser & Wirth emphasized the importance of appreciating these works beyond mere collectibles.
