THE ART ADVISORY
FRED SCOTT: Much art to look forward to in 2019 despite bearish outlook
Cape Town to host many exciting art fairs, with newly established Zeitz Museum increasingly becoming a major drawcard
The general feeling from abroad is that the 2019 art market will be bearish with an expected downturn in overall sales. This view is supported by the slowing in global growth, escalating gallery running costs, as well as rising interest rates. Even political uncertainties are seen as a swaying factor that could impact the mood of the market. The tumultuous events surrounding Saudi Arabia’s crown prince, Mohammad bin Salman, may shrink the hundreds of millions of dollars per year which the Saudi Sovereign Wealth Fund pumped into art acquisitions and cultural events. For collectors, a downturn in the art market usually signals a buyers environment where works become more plentiful at lower prices. Nevertheless, we can look forward to a year of discovering and learning more about art. The 58th edition of the oldest biennale in Venice will run from May 11 to November 24 2019. Ralph Rugoff from London’s Hayward Gallery is the curator and his goal is to connect the precarious existence of...