Cautious Optimism

The 2018 edition of UBS and Art Basel’s annual art market report, released on March 13, brought glad tidings for many in the commercial art world. According to the study, 2017 marked a year of economic growth, bucking the trend of art market deterioration evident since 2014. However, even as art fairs continue to expand in size and number, regional and midsize galleries are reportedly tightening their belts due in no small part to rising costs of fair participation. While several fairs in the first quarter of the year reflected the growing confidence that the report suggests, galleries’ budget shortfalls—due to over participation at many fairs that fail to attract buyers—point to a future that, for some, remains shaky.

Manila

March kicked off with the