Results for ARCOmadrid_2009
General consensus among galleries judging this edition as highly positive and beating all expectations

Madrid, February 16th. – If last year’s edition closed with excellent results notwithstanding the already looming clouds of economic slowdown, ARCOmadrid_2009 –held from February 11th to 16th– confirmed the power of resistance of the contemporary art market by beating all expectations. The key seems to have been a keener sensibility towards bringing high quality works in a year when the fair was under extra special scrutiny by the media looking for signs of weakness. The fair, organised by IFEMA, the Madrid trade fair institution, was opened for the first time by Their Royal Highnesses, the Prince and Princess of Asturias.

Indeed, the consensus among participating galleries to come to the fair with cautious art programmes, important pieces, young emerging talents with promising careers, consolidated artists, and a carefully orchestrated display was crucial. The 28th ARCOmadrid ended up with much better results than initially anticipated. ARCOmadrid_2009 started with a palpable sense of tension owing to the worldwide recession but ended with good sales results and widespread satisfaction about how things went, the first major international fair in 2009.

The cautiousness which is the general tonic on the international market, with a stabilisation of prices and an evidently prudent approach in acquisitions by public and private collectors, was clearly in evidence at this year’s ARCOmadrid. The situation offered a good opportunity to buyers, who reacted positively to the good quality offered by galleries, who in turn were capable of conveying a sense of confidence and serenity to a market which has never been under such a watchful eye by all the agents involved and by the Spanish and international media.

Without the shadow of a doubt, the positive results have an even greater value, if we take into account the low expectations caused by the uncertainty of the moment. They also proved useful in strengthening the spirit of the galleries, pleasantly surprised by the contacts made and the deals struck, admittedly with slighter lower sales yet regarded by most of the participating galleries as excellent given the present circumstances. In this context, ARCOmadrid wanted, more than ever, to gauge the feeling prevailing at the fair. According to a survey carried out among exhibitors, there is a practical unanimity in praising the quality of the fair and a very positive view of its organisation and spatial design, an aspect they consider has improved every year.

But to get down to the nitty-gritty of business, and notwithstanding the greater caution shown by buyers, galleries see the sales made at ARCOmadrid as very positive considering the international situation. For instance, the Paris-based LELONG gallery was positively surprised by the good result of the fair, both in terms of sales and level of visitors, and was very pleased with the organisation. They have sold virtually a third of the pieces on show at their booth, particularly those by new young talents, and also a sculpture from 2008 by Jaume Plensa titled ´Slumberland Nuria IV´ (Besalú), for €180,000.

Just like LELONG, ARARIO GALLERY claims that sales at ARCOmadrid were higher than those made at the latest edition of Art Basel Miami. These included a triptych by Miao Xiaochen: a very interesting reinterpretation of Hieronymus Bosch’s Garden of Earthly Delight acquired by a Luxembourgian collector.

Also noteworthy is the case of HAUNCH OF VENISON, whose director Adrian Sutton assessed this year’s edition as ´incredibly strong, with sales much higher even than in 2007. We are really surprised by how strong this year’s fair has been.´ This year, the gallery received visits from important collectors, mostly international, and sold, among other pieces, a video installation by Bill Viola titled ´Three women´ (2008) for €190,000 to a private collector.

Initially sce ptical, THADDAEUS ROPAC was also amazed at the results obtained at this year’s ARCOmadrid, where they established very positive contacts with many collectors. They also valued the organisation of the fair very positively. Also exceeding expectations, KRIZINGER sold much more than they dared to anticipate; for instance, a large format piece by the Danish artist Bjarne Melgaard, and a work by the Indian Sudarshan Shetty.

The New York gallery MARIAN GOODMAN explains that they “did business in Madrid, although at a rather slower pace.” This year, they aimed at Spanish collectors, a segment they view with growing interest, with sales including several photographs by Gabriel Orozco in the region of $15,000-$25,000. ALEXANDER AND BONIN expressed their satisfaction in the choice of adjectives: “the fair is working extremely well; we are totally surprised and happy. In just four hours we sold more than in five days in Miami,´ claimed Carolyn Alexander, who judges the type of public coming to Madrid as “very interesting,” and added: ´We are not doing the same type of business as we did last year, but we are very surprised at how well things are going.´ A view shared by another gallery, MAM MARIO MAURONER, who stated their satisfaction at the unexpectedly good results.

A newcomer to ARCOmadrid, the New York gallery JASON MCCOY INC. describes the organisation as “fantastic” and also the quality of the galleries and of the works on show. They judged the experience as highly positive in terms of the visits of private and institutional collectors and of their quality.

Their debut at ARCOmadrid at such a “touchy” moment as the present one has also been a pleasant surprise for IMAGO, a gallery that announced its intention of returning next year. It sold around 35% of its pieces, although at more realistic prices, demonstrating that the market is adjusting after the boom of recent years.

The views expressed by Spanish galleries also share the same combination of almost disbelief and satisfaction at the response of the market. CARRERAS MÚGICA, a gallery that claims it did not change its strategy of selecting top quality pieces to face the difficult moment, did acknowledge greater caution among their customers and a certain slowness when it comes to deciding on a purchase.

An optimism that is also shared by LEANDRO NAVARRO, a gallery which highlighted the quantity and quality of the contacts made, eventually materialising in sales to international collectors buying from the gallery for the first time. ´We had contacts with strong collectors. Once again, ARCOmadrid demonstrates its muscle and its ranking as a major international art fair,´ according to the director Iñigo Navarro. They confirmed the sale of a sculpture by Baltasar Lobo in Carrara marble titled ´Torse´ (1960-1970) for €150,000 to a Swiss collector, and an oil painting by Francisco Bores that went for €70,000. According to Navarro, most galleries at the fair are happy with how things are going.

Financially speaking, PEPE COBO also declared his satisfaction. One of the main pieces he had on show, a work from 1987 by Cristina Iglesias, was acquired by the Reina Sofía Museum, Madrid. JOAN PRATS also says that things were much better than expected. “Beforehand we were worried and geared for the worst.” They received visits from institutional and private collectors, both regulars of the gallery and new ones. Their sales include a photograph by Caio Reisewitz.

CARLES TACHÉ is also satisfied with the fair. He detected a more careful approach in buyers, something he claimed is logical if we take the financial climate into account. That notwithstanding, he viewed the general atmosphere as positive. “ARCOmadrid has demonstrated the ability to maintain a good level both in economic terms and in contacts at a particularly difficult moment,” he says.

With lots of red dots ar ound her booth, JUANA DE AIZPURU claimed: “I never thought this fair was going to be a disaster. I knew the Madrid public would respond.” According to the gallerist “luckily, in Spain we have a true collecting activity, even if it is not dominated by big fortunes.” Juana de Aizpuru says that this year she did not sell her most expensive pieces, but those with an intermediate price in the region of €10,000-€15,000. In any case, the most expensive work sold at her stand reached €32,000. Regarding visitors, she sustains that the fair “provoked a lot of interest and attracted a big influx of collectors, many of them from Latin America and Portugal, apart from the usual Belgian, German and the odd American, who never fail to turn up.”

One of ARCOmadrid’s emblematic galleries, MARLBOROUGH, confirmed the good results during the two preview days. ´We had good sales, but lower when compared to other years.´ They also sold to international collectors, some of them from Portugal and Brazil. The lists of works sold include a Luís Gordillo titled ´Rebanada de cabeza en forma de jardín´ (2007-2008) for €140,000, and three watercolours by Botero for €62,000 each.

Other Spanish galleries that have expressed their satisfaction with the fair are SOLEDAD LORENZO, ELVIRA GONZÁLEZ, TRAVESIA CU4TRO, ORIOL and GERING & LOPEZ, all of them taking part at the General Programme and with better sales than they had anticipated.

PANORAMA: INDIA
Emerging markets, with India in the lead, was particularly highly valued by the galleries as a differentiating feature at ARCOmadrid and as a demonstration of the growing weight of Asia in the international art scene.

The feeling was reciprocated. In the Panorama: India section, the satisfaction was palpable. In general, the galleries selected by Bose Krishnamachari were glad to have taken part at ARCOmadrid_2009. They were contacted by major Spanish and international collectors, and clearly noticed the public expectations India’s participation had generated. Many of them came to the fair with little expectations of selling and with the main goal of raising awareness about Indian art among the Spanish audience.

The directors of CHATTERJEE & LAL, a gallery taking part for the first time at the Madrid fair, believe that perhaps the Spanish public expected a more exotic display from India, with themes alluding to the clichés existing about that country. Nothing could be farther from the reality of India’s art production. Another gallery, SKE, did not have much hope for such an uncertain year; therefore, they were surprised at the interest in their exhibition. They sold an acrylic, pastel and conté on paper by Zakkir Hussain for €8,000, and at the time they were being interviewed they expected to finalise some other sales.

The directors of VADEHRA declared themselves to be impressed by the good organisation of the fair. This year has gone much better than they foresaw. They acknowledged a lot of interest from visitors and say that they have made many new contacts. Besides, at their booth in PANORAMA: INDIA, they sold several “banners” of the project presented at their EXPANDED BOX stand for €14,000.

One of the discoveries of the past edition was BODHI ART, a gallery that has also seen good results this year, with over 50% of the works on show sold. They view the level of the collectors that contacted them as very high. In turn, the directors of ESPACE were satisfied at the contacts made and at the interest in the works on display at their stand.

Also positive was the debut of PROJECT 88, for the first time in ARCOmadrid. Like everybody else, they came to Madrid prepared for the worst, only to find a good level of sales. For instance, they sold an acrylic on canvas by Praneet Sol, titled ´Crippled Leads the Blind´ (2008). They were also satisfied by the visits, not only of collectors, but also of c urators, museum directors and other major players.

An overview drawing a hopeful profile for ARCOmadrid, and confirming its ranking as a market platform. Quality will continue being paramount to maintain this level, as demonstrated by this edition, as well as adapting to market trends and demands. The main goals for 2010 include a reorganisation of the size of the fair, with less participating galleries and a new project that will