Who represents Ibero-American Art in the eyes of Art Basel?
The mother of all fairs places its trust in Ibero-American Art in 32 patrons, who will surely visit the new edition of Art Basel Miami, which closes next Sunday.
As of today, Art Basel has selected 175 individuals to form its Global Patrons Council (GPC), an esteemed international group made up of prominent collectors and patrons. These members act as goodwill ambassadors in their respective regions for what is widely regarded as the most significant and influential art fair conglomerate held in Europe, the United States, and Asia, including Basel, Miami Beach, Hong Kong, and Paris.
In examining the Ibero-American sphere, we have identified 32 individuals invited by the Swiss fair to the GPC. This representation accounts for over 18% of the benefactors of Ibero-American art within this esteemed council, highlighting an opportunity for increased engagement and support in this arts community.
The list actually included one more member: Rosa de la Cruz, the Cuban-born collector, philanthropist, and patron who passed away this February and whose collection was auctioned at Christie’s (New York) this May.
If we were to highlight a specific country among the twelve represented by the thirty defenders of Ibero-American art, Mexico stands out with seven representatives. This places Mexico on par with other artistic powerhouses like Germany, Switzerland, and the United Kingdom, which also have seven members in this exclusive group.
If we want to break it down into percentages, it’ll look like this.
Who are the individuals or groups included under the GPC coverage?
Most members of Art Basel belong to a group known as High-Net-Worth Individuals (HNW), with some categorized as Ultra-High-Net-Worth Individuals (UHNWI).
Art Basel and UBS commissioned Dr. Clare McAndrew to prepare the report "The Survey of Global Collecting 2024", which is focused on the HNW demographic.
According to the “Global Wealth Report 2023” by UBS, approximately 1.1 million individuals in Spain are millionaires, representing the country's wealthiest 1%.
However, what financial threshold qualifies a Spaniard or an American to be considered part of the wealthiest 1% in their respective countries?
A recent study by real estate consultancy Knight Frank indicates that individuals need a minimum net worth of $2.5 million in Spain and $5.8 million in the United States to be classified as part of this elite group. In 2022, 1.1% of the world's adults were millionaires, an increase from 0.6% in 2012.
The Knight Frank report also analyzes the ultra-rich elite (UHNWI). It is estimated that there are currently around 627,000 individuals worldwide within this category, and this figure has grown by 4.2% globally and 7.2% in the United States in 2023.
This growth is promising news for Art Basel if they consider adding or renewing members of the Global Patrons Circle (GPC), who help promote its mission in their countries of origin and residence.