Brian Boucher talks to the London-based advisor to take the pulse of the global art market

Brian Boucher

‘A jpeg never can communicate a work’s true aura’: art advisor Brandy Carstens on collecting in 2023

<a href="https://theartmarket.artbasel.com/" target="_blank">The Art Basel and UBS Survey of Global Collecting in 2023</a>&nbsp;suggests a lively market, with a high level of confidence among collectors. There was robust spending by high-net-worth (HNW) collectors in the first half of the year, with median expenditure across the 11 markets surveyed standing at USD 65,000. This is equivalent to the same figure for the entirety of 2022, and points to higher spending levels this year. 
Following peak levels of global art imports (USD 30.7 billion) and exports (USD 33.4 billion) in 2022, three major international art markets saw inflows increase by double digits in the first quarter of 2023: Imports rose by 50% in Hong Kong, 38% in the UK, and 15% in the US.
For an individual perspective on the statistics, Art Basel turned to London-based curator and advisor Brandy Carstens, a veteran of galleries including <a href="https://www.artbasel.com/catalog/gallery/17827/Matthew-Brown?lang=en">Matthew Brown</a> (Los Angeles), Jack Hanley (New York and East Hampton), and <a href="https://www.artbasel.com/catalog/gallery/1292/Tanya-Bonakdar-Gallery?lang=en">Tanya Bonakdar</a> (New York and Los Angeles). Carstens sees active collecting among her clients, but not at the frantic pace that has marked previous moments in the market.

‘The collectors I work with are actively engaged but the pace of their acquisitions is a little slower recently, which I actually love,’ she says. ‘We’ve had more time from galleries to have a dialogue, and I use this as an opportunity to conduct research with my clients.’
The Art Basel and UBS report notes that galleries continue to be the preferred channel for collectors to purchase works, with some 84% of HNW collectors buying works from a dealer at their gallery or premises. More than half of collectors (58%) bought an artwork at a fair; this figure is down from 74% in 2022, but still represents an advance relative to 2021, when 54% did so. Almost half of collectors’ total expenditure (47%) was conducted through dealers, who were the dominant purchasing channel in every region.

‘Galleries are the center of the art world ecosystem, so it’s important for me and my clients to have in-depth relationships with them,’ says Carstens, who notes a renewed interest in buying in person, or having their advisor view the works on their behalf.
‘If there’s already a connection with the artist’s work or the dealer, we are still actively buying via PDF, especially when there’s extreme time sensitivity with regard to a fair. I did, however, have clients request confirmation of sale upon my seeing the work in person last week at Paris+ par Art Basel. A jpeg never can communicate a work’s true aura.’

According to the report, female artists are relatively well represented in the collections of those spending over USD 10 million per year, at 39% in 2023 (even if this represents a 3% decrease year-on-year). On her recent travels, Carstens has seen a commitment by many galleries to ‘older or historical female artists whose markets have seen major shifts in recent years,’ and highlights exhibitions by the likes of Takako Yamaguchi, <a href="https://www.artbasel.com/catalog/artist/7912/Martha-Jungwirth?lang=en">Martha Jungwirth</a>, Emily Kame Kngwarreye, <a href="https://www.artbasel.com/catalog/artist/41603/Mary-Obering?lang=en">Mary Obering</a>, <a href="https://www.artbasel.com/catalog/artist/36144/Anna-Eva-Bergman?lang=en">Anna-Eva Bergman</a>, <a href="https://www.artbasel.com/catalog/artist/28301/Leonor-Fini?lang=en">Leonor Fini</a>, and <a href="https://www.artbasel.com/catalog/artist/8005/Etel-Adnan?lang=en">Etel Adnan.</a>
Many HNW collectors actively trade from their collections; nearly half (48%) had resold works at some point, per Art Basel and UBS survey data, including more than a third (38%) during 2022 and 2023.
But investing is not the primary goal for Carstens’ clients, she says: ‘The collectors I work with are mainly interested in emerging and mid-career artists. We are focused on building dialogues from a cross-generational and international perspective. They enjoy the discovery and research that goes into curating these narratives.’

While gallery-sector statistics have been strong, auction sales moderated in the first half of 2023 compared to the same period in 2022, with aggregate sales at Christie’s, Sotheby’s, Phillips, and Bonham’s dropping by 16%. If some of the froth has come off the market, Carstens thinks, that may not be such a bad thing.
‘Recent prices that we have seen emerging artists commanding even in the primary market are quite startling, and at times irresponsible,’ she says. ‘I’ve been doing this for 15 years and have seen a number of bubbles expand and contract.’
One bubble in particular has definitely deflated. While NFTs commanded tremendous attention and news-making prices during the height of the pandemic, the report indicates a significant sell-off. In 2022, collectors had 15% of their collections in digital art (which also includes video and other mediums); that number has fallen to just 8% in 2023. Digital art accounted for only 3% of spending by the collectors surveyed in 2023.

‘I think that people are mainly interested, especially now, in the more traditional mediums,’ Carstens says. The numbers from the survey bear that out, with the majority (58%) of collectors’ expenditure focused on paintings and 13% on works on paper.
Overall, fresh from the Paris+ par Art Basel art fair, Carstens has a positive outlook. ‘Over the last weeks in London and Paris, I’ve had meaningful dialogues with artists, curators, dealers, and collectors,’ she said. ‘I’ve also discovered artists from all parts of the world who are making important work which I am excited to follow. Supporting artists and the ecosystem are worthwhile pursuits that I believe people will continue to be committed to.’
Download the Art Basel and UBS Survey of Global Collecting in 2023 <a href="https://theartmarket.artbasel.com/">here</a>.
Brian Boucher is a writer and art market commentator based in New York City. 
Published on November 3, 2023. 
Caption for full-bleed image (from top to bottom) : 1. An artwork detail in&nbsp;Stephen Friedman Gallery's booth in Art Basel 2023. 2.&nbsp;An artwork detail in Societe's booth in&nbsp;Paris+ par Art Basel 2023. 3.&nbsp;An artwork detail in kaufmann repetto's booth in Paris+ par Art Basel 2023.

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