December, 2024 Fanyu Lin for Financial Times (Chinese)

Across the spectrum of the global art scene, two forces collide: one shaped by the avant-garde’s unyielding pursuit of innovation, the other pulled by the gravity of commerce, where art’s value is increasingly defined by its price tag. This tension was at the heart of the latest installment of the Global Leadership Conversation series, where I sat down with Noah Horowitz, CEO of Art Basel, during the 2024 Miami Beach edition of the world’s most influential art fair.

Noah Horowitz, CEO of Art Basel, Photo by Noé Cotte. Courtesy of Art Basel

At the fair, this duality was palpable. In one section, monumental installations aimed to address urgent global issues; in another, recognizable names sold for millions, their value arguably tied more to status than substance. I asked Noah what drives Art Basel. “The social mission is the underpinning of everything else,” he said. “Without that mission, nothing else is possible. That’s really the engine that creates the possibility of all the other metrics of success.”

It’s a striking declaration from the leader of a fair synonymous with wealth and prestige. Yet Noah is resolute in his belief that Art Basel’s role transcends transactions: it’s about fostering cultural exchange, elevating artistic voices, and shaping the discourse of contemporary art. I sought to uncover how one of the art world’s most storied brands navigates these dual forces—balancing its deeply social mission with the relentless commercial expectations of the global market. Is it possible?

A Challenging Year Ending High

“We're speaking on December 5th at the end of a pretty challenging year,” Noah reflected. “The market has been slower for the last 18 to 24 months, after a significant growth period during the Covid window. I think our galleries have had a harder, more challenging time over the course of the year, placing work, selling work, and creating energy and momentum.”

Despite these hurdles, Art Basel’s strategic focus remains steadfast. “Our priority is to ensure that we continue to root in and grow the market for our galleries and their artists,” Noah emphasized.

Art Basel Miami Beach 2024. Courtesy of Art Basel

Art Basel’s calendar began with its March edition in Hong Kong, followed by its flagship fair in Basel, Switzerland. But it was October’s highly anticipated launch of Art Basel Paris in the Grand Palais that, Noah noted, “really helped catalyze new momentum” and encouraged collectors to reengage with the market in a more substantive way.

Art Basel Paris 2024 at the Grand Palais. Courtesy of Art Basel

In the United States, the post-election landscape also played a crucial role in shaping collector confidence. “With a lot of wealth created in financial markets and the bitcoin and crypto markets—which we saw manifest in New York with the auctions—ending the year on a high and giving everybody confidence heading into 2025 is a paramount priority,” Noah shared.

Optimism at Miami Beach pointed to a brighter and more dynamic future for the art market, but the year’s challenges also raised a fundamental question: What do we truly value in the art world?

The Art Fair: Price, Status, and the Question of Value

What to expect at an art fair? Price, not worth. Value, only if backed by auction records from the Big Three. The name of the artist, but not their journey. Meanings replaced by status. Stories reduced to provenance. Who owned it matters more than who created it. How many exhibitions it appeared in counts more than how many people it moved. People wonder if it is an asset, forgetting it is also an expression of the artist’s soul. What matters is where it ranks, not what it expresses, anyway.

But is that all? Or is there a deeper mission?

Art Basel co-founder Trudl Bruckner, Photo by Kurt Wyss. Courtesy of Art Basel

Art Basel in the 1970s. Courtesy of Art Basel

Founded in 1970 by Basel gallerists Ernst Beyeler, Trudl Bruckner, and Balz Hilt, Art Basel was conceived as a platform to celebrate modern and contemporary art—a space where artists, galleries, collectors, and audiences could converge, exchange, and trade. Over the decades, it has grown into a global powerhouse, expanding to Miami, Hong Kong, and Paris, anchoring the art world’s calendar. This expansion reflects broader forces of globalization that have reshaped the art world, where financial metrics increasingly overshadow art’s cultural and intellectual essence.

This complexity is not lost on Noah, a savvy businessman and passionate art historian. Far from viewing art merely as a financial commodity, he examines the systems that commodify it in his book, Art of the Deal: Contemporary Art in a Global Financial Market. Originally his Ph.D. dissertation at the Courtauld Institute of Art, the book reveals how financial structures, value creation strategies, and market dynamics influence the art world today.

Noah’s dual role as both a market leader and cultural thinker offers a unique perspective—one that refuses to let artistic merit be eclipsed by market value or the art history of our time be reduced to the art market story.

The Social Mission as the Engine

Art Basel’s efforts to broaden access to contemporary art take many forms: introducing diverse galleries, expanding education programs, launching an AI-powered digital app in partnership with Microsoft that enhances discovery and creates an archive extending beyond the temporality of the fair, and commissioning artists like Paulo Nimer Pjota to create limited-edition works for the Art Basel shop.

“As a fair, we take great pride in creating opportunities for artists. I met Paulo…I can never pronounce his last name,” Noah laughed warmly before continuing. “Paulo has been showing with Mendes Wood in São Paulo and François Ghebaly in Los Angeles. We commissioned him to do this capsule collection for us. He is here with his wife and kids this week. I met them, and it’s just so beautiful because it’s such an important marker in his career to be part of the Art Basel journey this way. Our hope is that this creates more visibility for him, more opportunities with institutions, and so on.”

Paulo Nimer Pjota in the studio, Photo by Isadora Arruda for Art Basel. Courtesy of Art Basel

The Art Basel Shop, T-Shirt by Paulo Nimer Pjota. Courtesy of Art Basel

The retail platform democratizes engagement—but does it risk reducing the “avant-garde” to the “kitsch”? Or might it serve as a remedy for today’s segmented art market, where artists are confined to a rigid hierarchy of value? At the top, blue-chip names dominate, while mid-tier galleries and marginalized voices struggle for visibility. The question is not just about art’s position in society but about who gets to participate in shaping its future.

Nimer Pjota, who grew up in São José do Rio Preto, a quiet town in São Paulo state, represents an emerging voice. His commission is a deliberate embrace of commercialism. And isn’t he the perfect artist for their latest editions? After all, collaborations between artists and powerful brands have long been proven strategies to enhance both cultural and commercial value. Here, Art Basel is the powerful brand.

For Noah, the power of Art Basel lies not in headline-grabbing sales but in the human stories that bring the fair to life.“It's just been really rewarding to see a whole new leadership team come into place within our organization and imbue each of the fairs with their own unique bells and whistles. Here, I’m thrilled to see Bridget, our director for Miami Beach, in her new role.” He spoke of Bridget Finn and her efforts to broaden the fair’s scope with over 30 new galleries, many from Asia.

Roberto Huarcaya, Photogram from the series Amazogramas, 2014-2024. Courtesy of the artist and Rolf Art

The revitalized Meridians sector offered highlights with bold, large-scale installations, including Roberto Huarcaya’s Amazogramas. This artwork serves as an urgent environmental commentary, confronting viewers with the beauty and fragility of an ecosystem under threat. Monumental photograms, created by placing light-sensitive paper directly onto the Amazon forest floor, allow the jungle to imprint itself—leaves, branches, and the passage of light becoming the forest’s own voice, if only we choose to listen.

In another powerful moment, Arms Open Wide features a feather-laden seat, adorned with real bird feathers shot by Indigenous artist Brian Jungen using his hunting bow. The work captures the layered tensions between environmental conservation and cultural autonomy. While U.S. laws protect endangered Bald and Golden Eagles, they also bind the hands of Indigenous communities, restricting access to materials deeply entwined with their spiritual and cultural heritage. Arms Open Wide—is it a gesture of welcome? A stance of resistance? Whose arms should be open, and to whom? It compels us to reflect not only on the stories that art tells but also on the voices we choose to invite into the narrative.

Art Basel’s success carries a critical responsibility: to transcend the market and touch something deeper.

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