Art Market
Arun Kakar
Installation view of Galerie Kugel’s stand at TEFAF Maastricht 2024. Photo by Loraine Bodewes. Courtesy of TEFAF.
When the 37th edition of TEFAF Maastricht opened its doors at the MECC exhibition center on March 7th, the inevitable glance of a lady wearing a headscarf followed the audience as she wandered from the venue’s Western Bar, where champagne flowed and oysters shucked. His gaze, intense and sensitive, is represented in thick brushstrokes and depicted with a powerful empathy that only Vincent van Gogh – who painted this work – could achieve. Head of a peasant woman with a white headin 1884
“Two days ago in the setup, when they were laying the carpet, all the carpet workers were coming over to see it,” said Bill Rau, president of MS Rau, which is presenting this Van Gogh at TEFAF Maastricht this week. The work is priced at 4.5 million euros ($4.9 million) and is one of several famous works on display at the gallery’s booth in New Orleans. Other works on offer include an Edgar Degas worth 18.4 million euros ($20 million), in addition to gems by Sir Winston Churchill, Claude Monet and René Magritte, among others.
The MS Rau booth reflects a common aspect of visiting TEFAF (which held its first edition in the Dutch city in 1988): encountering museum-quality works that regularly stop visitors. But it is also a reminder of the unique role that TEFAF plays in the current ecosystem of major art fairs—and the art market in general—that tends to support contemporary art.
Pre-20th century work occupies a rare position in the market today, as top supply is limited but prices are rarely show-stopping. To find the most expensive works of art in this category at auction last year, you should scroll down to slot 25: Monet Poplars on the edge of Epte, cloudy weather (1891), sold for $30.1 million at Sotheby’s.
At TEFAF, however, the works in this category are not numerous, they are also of high quality. This year’s edition, which will run until March 14, brings together around 270 exhibitors from 22 countries, and approximately half of the fair will be dedicated to Old Master paintings, antiques and classical antiquities. Therefore, TEFAF has more than 7,000 years of art history and the highlights that only really can offer under one roof. Where else would a stroll through a fair meet a 7.5 million euro ($8.2 million) Auguste Rodin sculpture, a Greek terracotta amphora from 530 BC, a double Fabergé wedding cup from 1890, a Frans Hals portrait from 1635, and $12.5 million four-volume edition of the seminal American birds (1827–38) by John James Audubon? TEFAF has become famous for its wide range of high quality and delicious products, and this is what the fair offers again in the 2024 edition.
Artemisia Gentileschi, Penitent Magdalena, more or less. 1625/30 Courtesy of Robilant + Voena.
“It’s a unique fair with a wide selection from antiquity to contemporary art, so for us it’s always the main event of the year, so we’re proud to be here,” said Robilant + Voena director Alesandro Galli. Artemisia Gentileschi presents a recently discovered masterpiece, Penitent Magdalena (about 1625/30). It is priced at $7 million, and the gallery was recently in the “Ahead of her Time” exhibition in New York.
“Artemisia was by far one of the most important female artists, and we chose the main wall [of the booth] for him and [undertook] a highly curated study of the history of painting and possible dating,” said Galli of the work that was surrounded by people from the moment the fair opened.
Robilant + Voena’s booth also represents one of the most interesting themes of the fair: presentations that mix works and movements from centuries ago. Galleries with contemporary programs sought to find a complementary balance between new and old, with TEFAF’s historical foundations providing fertile ground for intergenerational dialogue. At Robilant + Voenan, 17th-century artists Giuseppe Vermiglio and Matthias Stomer sit comfortably alongside an aristocratic portrait by Anthony van Dyck, alongside paintings by Joan Miró and Sam Francis and a dot piece by Damien Hirst.
In a similar twist, Sean Kelly Gallery’s presentation—his second appearance at the fair—puts contemporary art in conversation with historical pieces from ancient Egypt to early 20th-century painting. “We came up with the idea because we recognized that we could find some artists [historical] parallels,” explained Sean Kelly. Examples include a painting by Kehinde Wiley of a man in a suit holding an ancient sword among wildlife at William Morris (est. $650,000), 18th century. which is compared to an early 19th century sword; and a playful work by Awol Erizku (priced at $20,000), which zips the Mona Lisa’s face together with its source of inspiration, Marcel Duchamp’s readymade. LHOOQ (1919). “What excited us last year was this opportunity to show contemporary material in the context of all these different artifacts from different cultures, so it was really about playing,” Kelly added.
TEFAF has faced its own challenges in recent years, from outbreaks of COVID-19 to armed robberies. But at this year’s edition of the VIP day—full of new security measures introduced last year (Artsy saw the security dogs guarding the center)—traders and collectors were in an optimistic mood.
“We’ve been here for over two decades, and we’ve always been very successful,” said Milo Dickinson of London’s Dickinson Gallery, which specializes in Old Master, Impressionist and Modern art. “It is a great meeting place for museums and high-class collectors. We’ve already had some of the CEOs of major museums around the world asking questions about the photographs in the gallery.’ Gallery highlights were led by hypnotist Anthony van Dyck Portrait of a Carmelite monk (ca. 1618), believed to have been painted by the artist when he was in Peter Paul Rubens’ studio. The asking price is in the “region” of £4.5 million ($5.7 million), and it’s in good company with the likes of Canaletto and Edwin Landseer. “We feel very good; last year was a very strong year for us, and we think the market is pretty good for top quality stuff at the moment,” added Dickinson.
For some galleries, just hours before Thursday’s opening, optimism was already beginning to translate into sales. “We are very happy,” reports Charlotte Ketabi-Lebard, co-founder of Ketabi Bourdet. The Paris gallery is showing a series of nine chairs by Paolo Pallucco in the Focus section of the fair, dedicated to solo presentations. Based on a simple black wooden chair, the artist’s sculptural flowers bend and twist the form in various playful twists. When he spoke to the gallerist Artsy, less than an hour into Thursday’s VIP day, six of the nine pieces had sold, priced between €10,000 and €15,000 ($10,900 to $16,350). “Being at TEFAF helps us present these pieces that are really between design and sculpture,” added Ketabi-Lebard.
Installation view of Mennour’s booth at TEFAF Maastricht 2024. Courtesy of Mennour.
There was a similarly positive mood at the counter of the sturdy Parisian Mennour, where an abstract work by Joan Mitchell from 1958 rubs shoulders (and finds some common ground) with a Camille Henrot watercolor from 2023 and a lively Alberto Giacometti self-portrait on paper. “The idea was to be who we really are [as] Mennour, but also to establish that dialogue”, says founder Kamel Mennour. He points out that the presentation is not just about showing works from the 20th century, but is “creating something that I would like to have in my house… so it was really a selection of works. I do not have want to sell”. Despite his efforts, the gallerist had already sold a number of works in the first hours of the fair, including the Giacometti, which had an asking price of 320,000 euros ($350,000).
TEFAF also allows galleries to take risks with fair presentations that they wouldn’t try anywhere else. Making its debut at this year’s fair, the David Gill Gallery features a selection of sculptural and decorative furniture, set in a loft like an opulent yet cozy apartment.
“We are often known for working with architects, acrylics and the like, and [TEFAF] it gave us an outlet to show something different that people might not know about as much,” said gallery sales assistant Elliot Sterling. The elegant suite in the gallery features a number of pieces by Mattia Bonetti, including an elegant white-and-gold chest of drawers, Kawakubo (1994), and the sculptural dining table, Lola (2022), as well as works by artists Sebastian Brajkovic, Barnaby Barford and Michele Oka Doner. Bronze of Oka Doner Stool for Eve (2017) seems torn from the natural world and frozen in motion.
Contemporary galleries also highlighted the unique collector base that the fair attracts. Located between Germany and Belgium, Maastricht attracts an eclectic range of visitors from across the continents. And although contemporary art galleries make up a relatively small part of the fair, that doesn’t mean collectors aren’t interested.
“It is true that we are kind of outsiders to contemporary galleries, but at the same time we can feel that we really have a place here and it is also an opportunity to meet collectors that we are not used to meeting. in contemporary fairs,” said Pauline Chiche, CEO of Galerie Nathalie Obadia, which is exhibiting works from its entire program, including a vibrantly lyrical abstract work by Shirley Jaffe. Without a title (1961–62), and Guillame Bresson’s dramatic painting, Without a title (2023), depicting a group of figures falling behind a wave, in a style reminiscent of the Old Masters.
This mix of collectors is also important for galleries that are geographically further away. At Gana Art’s stand in the Seoul gallery, Lee Ufan’s imposing painting with minimal brushwork The conversation (date unknown), priced at $1.1 million, offers a noteworthy presentation that includes works by Oh Sufan, Sukwon Park, and Rim Dongsik, who may not be as well known among the TEFAF population. Dongsik’s figurative paintings in particular were among the booth’s highlights, attracting the mesmerizing gazes of the fairgoers.
A vision of the TEFAF Maastricht 2024 facility. Photo by Jitske Nap. Courtesy of TEFAF.
“TEFAF Maastricht is a European cultural hub where there aren’t many Korean or Asian galleries,” said gallery consultant Yookwoon Kim. “We try to represent our modern and contemporary Korean artists to European audiences. [and] presenting them is a new step.”
And collectors are visiting. By the end of the opening day, the fair had grown by 20% compared to last year. This was reflected throughout the day, from the early hours of queuing an hour before the doors opened at 11:00 a.m., to where the aisles were almost unmaneuverable. While this hallowed fair continues to bring in works of such range and pedigree, that is likely to change soon.
Arun Kakar
Arun Kakar is the Art Market Editor at Artsy.