VIP’s prepare to enter at Art Basel, via Daniel Creahan for Art Observed

Another year of Art Basel Miami Beach is officially in full swing after a bustling first day of sales, exhibitions, installations and parties has wrapped up.   The crowds were out in earnest for the press and VIP previews yesterday, as the convention center opened its doors to welcome in a swarm of interested collectors who made no delay in picking up some of the most significant pieces.  Collectors and art advisors could be seen frantically talking to cell phones, and dealers jotted down quick figures as the first hours of the fair counted up a solid series of sales.

Anish Kapoor at Lisson Gallery, via Daniel Creahan for Art Observed

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The European Fine Art Fair, which opened its doors to VIP buyers today in the Netherlands, is offering over $5.2 billion in museum-quality artwork and antiques this year, including a “reasonable” $14 million painting by Velzaquez.  “Collectors, or more generally rich people, will continue to buy what the market considers are the best pieces,” says art adviser Henry Bounameaux. “At fairs like Tefaf, they feel secure.” (more…)