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Any deans?asnwers?.NEW YORK – Art Basel is the place to be, the best of its kind in the world. Such an event has typically drawn in-the-know collectors and a cosmopolitan crowd to search for the best work in the world and to network with the movers and shakers.
But this year, the secondary market, where collectors resell art they purchased in bulk at deep discounts – and wait for deals to get them back into the game – has returned to the spotlight. A very good thing.
Robert Mongeluzo, the scion of a prominent New York art dealer, was the big winner. For the third year in a row, and with timing to match, he acquired Maira Kalman’s painting Christo and Jeanne-Claude’s “Wrapped Mountain” that sprawls across a property in California belonging to him. The work was the top seller at the fair for $10.2 million – a record for a Kalman acquisition.
Mongeluzo, who owns his art dealer that bears his name, Art Matters, got the painting via an intermediary at a price of $24.8 million, including buyer’s premium. His first auction since his March 2015 acquisition placed the work for $35.7 million.
“I wanted the best,” Mongeluzo said about his decision to purchase the work. “I like the freedom of that.”
The 34-year-old soon-to-be father put his reputation on the line as a prospective buyer. It was a gamble. But if he’d known the cost, he said, he wouldn’t have taken on the risk.
“I’ve had a lot of luck and timing,” said Mongeluzo, a collector who picked up the work 0b46394aab