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TEFAF, one of the fairs organized by the European Fine Art Fair foundation, has seen 266 galleries exhibiting in Maastricht, a Dutch university city located about two hours outside Amsterdam. This fair focuses on selling and preserving works by Old Masters and antiquities.
Compared to last year, TEFAF reported a similar volume of painting sales in the first days of this year’s edition. The highest-priced painting, The Virgin at Prayer by Flemish artist Michael Sweerts from the 1650s, sold for $3.8 million to a Dutch foundation. The most expensive painting sold last year, by a Dutch artist, went for $4 million. However, this year saw more mid-tier sales exceeding $1.09 million and more institutional acquisitions. All sales reported last week ranged from $544,000 to $4.35 million and were for paintings by Italian and Dutch artists.
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(The fair also includes contemporary work, but it’s not the main focus.)
Will Korner, the UK-based head of fairs for TEFAF, mentioned that the pace of big sales at TEFAF is slower compared to other similar fairs because the audience is mainly museum trustees.
TEFAF is both a foundation and a sales platform, not solely about sales, as Korner explained. The success of each fair is determined when galleries apply for the following year’s fair in June. Contemporary sales may happen faster, but it’s not the primary measure of success for TEFAF.
Dominique Savelkoul, the new director of TEFAF Maastricht, mentioned during a press dinner that the fair is working to attract younger exhibitors and collectors to increase attendance.
One way to gauge the fair’s success early on is by observing which US museums attend. The Metropolitan Museum of Art and the Art Institute of Chicago were among the institutions present this year, holding competing dinners where sales discussions continued.
Of the seven-figure works available, only two were reported sold by the end of the weekend. In addition to the Sweerts painting, Dutch gallery Bijl-Van Urk Masterpaintings sold Alfred Cuyp’s A Landscape with Riders on a Path for over $1 million to the Kremer Collection.
London-based Old Masters gallery Trinity Fine Art had two unsold seven-figure works by the end of the weekend, including a painting by Italian Mannerist Mirabello Cavalori priced at $1.2 million.
Trinity representative stated that buyers take their time making acquisitions at the fair, with many collecting for potential museum donations.
Marc-Jan van Laake, a Dutch adviser, mentioned that European dealers adjust prices for TEFAF based on which of their artists are featured in major US gallery shows. This strategy was seen with Belgian artist Léon Spilliaert, whose work was exhibited by David Zwirner in New York.
According to van Laake, prices for Spilliaert in New York could reach up to $1.5 million for drawings, a significant increase from European prices.
Gallerist David Levy, showcasing a self-portrait by Spilliaert at the fair, mentioned being in discussions with a US museum interested in purchasing the work.
Korner emphasized the competitive buying activity from collectors in a small set of countries, with the Netherlands, Germany, and the US being the most common at TEFAF Maastricht.
Marianne Boesky, a New York dealer, brought paintings by Danielle Mckinney to Maastricht this year, attracting interest from private collectors. Mckinney’s works sold at prices between $70,000 to $120,000.
Americans play a crucial role in the success of TEFAF Maastricht, according to dealers.
„Leute wachen auf, wenn amerikanische Museen interessiert sind“, bemerkte van Laake.