Gerhard Richter Painting Sells for $5.5 Million at Art Basel Miami
Art Basel Miami Beach 2025 commenced its preview days on December 3rd, becoming the highlight of Miami Art Week. This year’s fair opened with a notable surge in high-value sales, signifying a positive market outlook.
Gerhard Richter Painting Fetches $5.5 Million
One of the standout moments included the sale of an abstract painting by renowned artist Gerhard Richter, which sold for $5.5 million through David Zwirner gallery. This sale reflects the burgeoning interest in Richter’s work, especially in light of his recent retrospective at the Fondation Louis Vuitton in Paris.
Market Trends and Sales Performance
The opening day of Art Basel Miami Beach saw a wave of transactions, with several works fetching seven-figure prices. This excitement in the art market follows last month’s successful New York auctions, which generated a staggering $2.2 billion in total sales.
- Notable Sales:
- Gerhard Richter painting – $5.5 million
- $23 million Richter piece at Art Basel Paris in October
- Hauser & Wirth reported a $4 million sale on opening day
- Market Sentiment:
- Positive outlook after strong performance in New York auctions
- Sales on opening day exceeded last year’s total sales for the week at Art Basel Miami Beach
Gallery Highlights
Marc Payot, president of Hauser & Wirth, emphasized their success, stating that their sales during the first hours of the fair already surpassed 40% of their entire sales from last year’s event.
As Art Basel Miami Beach continues, the art community eagerly anticipates further sales reports. The response to the opening day underscores a robust recovery in the high-end art market.
