The man who spent nearly half a million dollars in the first hour of Art Basel Miami 2010 is missing from the action this year. Steven Cohen, founder of SAC Capital Advisors, may be taking a break due to recent legal trouble. Though Cohen has not been charged, his employee Mathew Martoma was accused of insider trading while working at SAC, and there are rumors the government will parlay their Martoma accusation into a charge against Cohen. Galleries to whom Cohen is especially loyal will miss him this year, and David Zwirner of the eponymous gallery told the New York Times, “We would absolutely hate to have him not active in the market, I can wholeheartedly say that. I think the art world is rooting for him. I’m rooting for him. I wish he were here right now.” (more…)

Art Basel Miami Beach VIP Preview Entrance, all photos on site for Art Observed by Erica Schwartzberg

On Wednesday, December 5th, 2012, Art Basel Miami Beach hosted its 11th annual VIP Preview at the Miami Beach Convention Center. Organizers claim Art Basel Miami has surpassed its Swiss sister Art Basel in size and popularity, though it has yet to surpass attendance figures (62,500 people in 2010). This year, 680 galleries competed to show at Art Basel Miami and 257 were selected. More than 2,000 artists are represented and attendance is expected to top last year’s 55,000 figure. Though definitive sales reports are difficult to pin down (Art Basel Miami never releases official records), $2.5 billion worth of art was on offer in 2011, and several galleries reported record sales. VIP guests include business magnates Steve Wynn, who purchased a Roy Lichtenstein, and Eli Broad, who purchased a Jeff Koons sculpture. Newsprint mogul Peter Brant gave Owen Wilson a tour, and Will Ferrell ceded the stage to his wife Viveca, who sits on the board of the Los Angeles County Museum. Also spotted: Sean “Puffy” Combs purchasing an Ivan Navarro sculpture, Diane von Furstenberg, comedian/actress Chelsea Handler, and music mogul Russell Simmons. The following is a photoset from the 2012 Art Basel Miami Beach VIP Preview.

Jesús Rafael Soto, Cubo de Roma, Galeria Elvira Gonzalez

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All photos on site for Art Observed by Erica Schwartzberg

UNTITLED. art fair is celebrating their first year at Art Basel Miami. Under the art direction of New York-based curator Omar Lopez-Chahoud, a beachfront pavilion was designed by architecture firm K/R (John Keenen and Terence Riley) to house a collection of international works by contemporary artists presented by 50 invited galleries. The space aims to emphasize the viewer’s experience  while creating context for the works. “It is about creating a conversation,” says Lopez-Chahoud, “and thereby offering collectors a sense of discovery, diversity, and quality with an international perspective.” UNTITLED. is open through Sunday, December 9th.

Paco Cao, mid-session of a seance, Eternal Rest at (Art) Amalgamated

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